Predictix is excited about the competitive advantage our retailers will achieve by using 360pi's data in our forecast and optimization models.
Ottawa, Canada (PRWEB) January 13, 2014
Predictix and 360pi today announced they have formed a strategic relationship, bringing together two of the retail industry's top providers of cloud-based, analytic solutions. Predictix is now incorporating 360pi's robust price intelligence data to increase the value of its retail solutions, used by leading retailers to forecast base-level and promotional demand to support better decision-making in merchandising, planning and supply chain.
With the continued rise of online shopping and consumer price transparency, developing effective pricing and demand management strategies is a strategic priority for retailers. The increased frequency of consumer price changes means that retailers must develop new pricing and promotions strategies that incorporate the latest competitive pricing information to maintain margins and a positive consumer perception. For example, 360pi determined that Amazon changed prices on almost a third of its merchandise on Black Friday, and changed prices multiple times throughout the day—underscoring the need for nimble pricing strategies.
"Traditional retail pricing solutions try to calculate how demand varies at different price points based on history," said Iain Watson, EVP of Product Management, Predictix. "But that approach, regardless of sophistication, has been made obsolete by the rise of online price checking by consumers, and the rapid-fire price level adjustments being made by retailers."
"360pi's price intelligence provides critical information that enables retailers to understand exactly how their prices compare, and develop the best possible pricing strategies," said Ron Menich, EVP and Chief Scientist, Predictix. "Predictix is excited about the competitive advantage our retailers will achieve by using 360pi's data in our forecast and optimization models."
"Predictix has established a strong reputation for its demand forecasting and price recommendation solutions,” said Alexander Rink, CEO, 360pi. "By incorporating 360pi intelligence into Predictix solutions, retailers gain new and valuables insight into how they measure up to their competitors today, and are empowered to develop winning strategies."
Predictix and 360pi will demonstrate their solutions at the National Retail Federation's Big Show, January 13 and 14 at the Javits Convention Center, booth #1017 (Predictix) and booth #221 (360pi).
360pi helps top retailers compete and win in an increasingly price transparent environment. 360pi actively monitors millions of products from hundreds of retailer websites and delivers price intelligence for exact and similar matched products with unprecedented accuracy. 360pi's customer base of "brick & mortar", e-commerce, and multichannel retailers accounts for over $US100 billion in annual retail sales and includes Ace Hardware, Best Buy Canada, and Overstock. 360pi clients gain real-time visibility into the market and full awareness of the competitive pricing landscape to "right price" to consumers. Ultimately, 360pi's customers make smarter pricing decisions that drive increased conversions, revenues, margins and customer loyalty.
Predictix solutions are helping retailers make better decisions for billions of SKU/location combinations generating $167 billion in annual sales. We’re the foremost provider of predictive analytics solutions for retailers, harnessing the unlimited computing power and elasticity of the cloud to solve the toughest problems in planning, merchandising and supply chain. Predictix applications were designed and built from the ground up to take advantage of big data and the latest high-performance retail science. The results are changing the way leading retailers do business. Our unified decision support platform enables real-time, accurate insights that shape better decisions, improve agility, and reduce risk. Learn more at http://www.predictix.com.