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CINCINNATI, Ohio -- KSS Retail, a dunnhumby company, and global provider of price modeling, optimization, and customer insight solutions for the retail, unveiled the latest version of its PriceStrat solution, which now features customer segment-based modeling and optimization.
"Our customer-first strategy is dependent on a deep understanding of our shoppers, knowing why they buy what they buy, and how to serve them better " Chris Hjelm, senior vice president and CIO of The Kroger Co. said in a released statement. "Using the KSS Retail tool, we will now have the ability to model prices and promotions across customer segments, to make sure that we deliver a superior shopping experience."
Last month, KSS Retail, acquired by dunnhumby in early 2010, announced a strategic plan to further expand and accelerate its software and data analytics expertise for the development of packaged shopper insight applications offerings for its retail customers.
"Retailers have historically priced items within traditional store/zone constructs based on physical location, demographics, competitive landscape, etc.," Yael Cosset, CEO of KSS Retail said in a released statement. "With retailers now focusing more on using shopper insights to define specific customer segments within their business, the challenge has been incorporating these segments into the daily merchant workflow of pricing and promotions. With the upgraded version of PriceStrat, in addition to simulating the effects of regular and promotional pricing scenarios in real time, retailers can now generate optimized prices, and model category performance, by customer segment. This capability will allow retailers to fully integrate segment behavior into their pricing and promotion decisions to ensure they are meeting their customers' needs to enhance their shopping experience."
KSS Retail provides regular and promotional price optimization, market basket analytics, out-of-stock detection and other services to leading retailers including 7-Eleven, O'Reilly Auto Parts, McKesson, Sonae, Raley's and Price Chopper/Hen House, among others, the company reported.