The competitiveness and attractiveness of retail players is based in particular on their price positioning. The latter indeed holds a predominant place in the choice of consumers. Already, a survey conducted in 2019 by Ipsos noted that nearly six out of ten French people (58%) do their shopping to within ten euros, and that one out of eight French people (14%) would be within one euro. More than ever, knowing how to determine the right price is essential. With Optimix Pricing Analytics, Optimix provides retail players with an ergonomic solution to achieve this.
A modular suite to cover the business issues of pricing at 360
Developing an optimal pricing strategy means mastering all the issues involved in pricing: competitive pressure, price positioning, purchasing power, margins, etc. To do this, a retailer must provide answers adapted to these issues. In doing so, it has access to accurate and consistent data in relation to the latest market developments. The analysis of this data is the sine qua non for designing a highly effective pricing strategy. It also allows for more reliable forecasting of results, to ensure that the defined strategy will be the most effective.
To better meet the needs of the retail industry, Optimix has developed XPA (OptimiX Pricing Analytics), a complete software suite in SaaS mode, which is ergonomic and modular. It consists of nine interconnected modules, each of which provides a specific solution to a pricing issue:
- Online competitive data capture (Web Data Collect)
- Offline competitive data capture (Scan In Store)
- Chaining of competing products (Matching)
- Management of internal range consistency (Linking)
- Definition, execution and optimization of pricing strategies (Pricing)
- Promotions management (Promotions)
- Markdown management (Markdowns)
- Provision of advanced functions based on AI (Intelligence Modelization Platform) algorithms, including :
- Evaluation and integration of sales elasticity;
- Calculation of cannibalization between brand types;
- The proposal of automatic price updates under constraints;
- Business Intelligence and reporting tool (Dashboard Design Studio)
An omnichannel and all-in-one software suite, adapted to each situation
Our ambition is to offer a complete and omnichannel solution. Optimix Pricing Analytics can be adapted to :
- All channels: online and offline
- All pricing methodologies: at the point of sale, by price range or by group of points of sale, etc.
- All sectors: food, bazaar, do-it-yourself, perfume, parapharmacy, toys, etc.
- All types of organization: centralized, decentralized or mixed
- And all types of structure: branch, franchise, etc.
The Optimix Pricing Analytics suite is currently used in about 20 countries. It controls the sales price of more than 5500 stores. Customers such as Sephora, Beauty Success, Les Comptoirs de la Bio, Pharmacy, Boticinal, Auchan, Casino, Bricomarché and Bricorama use our suite on a daily basis.
Our software already includes the best practices of the market in its standard. If necessary, they can be completely customized. The objective is to adapt to the context of the store and the user: formulas, treatments, algorithms, ergonomics, vocabulary, etc.
Quick to learn for immediate results
For our customers, the added value of Optimix Pricing Analytics is twofold. First of all, it is a technical added value, because the suite allows to manage large volumes of data in a flexible and ergonomic way. The suite also has a functional added value. Indeed, the 360° coverage, the modularity and the Best Practices supported by the standard allow a fast time-to-market. In addition, the dynamic workflow facilitates decision making and operational reactivity for users who design and deploy the pricing strategy.
A retailer that uses our solutions to design and optimize its pricing strategy can see immediate ROI, as well as short-term performance gains on all of its KPIs – sales, margin, positioning index, market share. For example, a major food retailer told us that it had gained 2.2% in sales in 3 months on 45 points of sale and €4 million in margin in 6 months on 15 points of sale. The rapid deployment of the solution and its ergonomic handling make it possible to observe these improvements as soon as possible.
In these conditions, Optimix Pricing Analytics allows to deploy a quick weapon against the competition. The software suite relies heavily on artificial intelligence and advanced features, such as elasticity and cannibalization, to maintain retailers’ competitive edge. It impacts sales, margins, indices and market share.
By bringing together human and artificial intelligence, Optimix Pricing Analytics supports better commercial decision-making, with more accurate data and more reliable sales forecasts, ensuring immediate reactivity and a very short-term ROI.