"Big data is a game-changer for omni-channel retailing but not the complete solution," said Jim Sills, CEO for Clear Demand. “The complete solution requires new capabilities which interpret big data and generate actionable intelligence for merchants."
Scottsdale, AZ (PRWEB) June 19, 2013
Clear Demand, retail pricing strategy leader, announces the first omni-channel retail pricing solution, architected on big data and delivered as a multi-tenant Software-As-A-Service (SaaS) solution on the cloud (private or public) for minimal disruption to retail business process. Clear Demand’s omni-channel retail pricing solution addresses the complete lifecycle of pricing from everyday price through promotions and markdowns and uses price optimization and other innovations specifically designed for competitive and rule-based pricing, both online and in-store.
Clear Demand has published a white paper on Clear-Demand.com entitled “Big Data Converges with Omni-Channel Retailing for Competitive Advantage” to provide clarity on the two timely concepts together with guidance for merchants to compete more effectively.
According to research published by McKinsey & Company, “big data is a Top 10 corporate priority; will become a key basis of competition and when fully utilized by retailers can increase operating margins by more than 60 percent.” This and other research underscores the timeliness of big data in retail and creates an opportunity for nimble companies to innovate and deliver value.
Clear Demand believes that retailers should approach their big data initiatives within the broader context of their omni-channel strategies. According to Greg Girard, of IDC Research in his research report entitled The Renaissance of the Store, “they're [Omni-channel retailers] employing a bevy of technologies, revamping enterprise processes across marketing, ecommerce, stores, supply chain, and fulfillment, managing reams and streams of digital content and big data, and re-skilling their associates with a single intent - embrace and enhance their customers' online inside experience as an integral lane in their Omni channel path to purchase.”
Clear Demand, leveraging more than 15 years in the pricing technology space, has responded with a new generation of omni-channel pricing architecture based on big data.
"Big data is a game-changer in omni-channel retailing but it is not the complete solution," said Jim Sills, CEO for Clear Demand. “The complete solution requires new capabilities which interpret big data inter-connections and generate actionable intelligence for merchants. We are pleased to be leading the industry with pricing solutions that facilitate the shift from “more data” to “more business information” delivered “at the point of decision”.
Clear Demand’s pricing solutions leverage big data in order to answer vexing omni-channel retail strategy questions such as:
1. How can you better understand your customer through big data analytics?
2. How do your prices compare with competitors and when should they?
3. How do you interpret pricing rules and strategy from your data?
4. How can an understanding of omni-channel data drive incremental sales?
5. How do you support an interconnected customer experience through your pricing?
Clear Demand has delivered within their solution a number of industry-firsts to satisfy emerging business needs for strategy and pricing rule management inside omni-channel pricing. Supported by multiple patents-pending these innovations include:
- Omni-Channel Analytics which use unstructured data generated online - including metrics for conversion, abandonment, duration and page visits - to inform pricing, promotions and markdowns and enhance retail marketing effectiveness and increase conversions;
- Omni-Channel Competitive Surveillance which monitors competitive pricing data, compares this with the retailers’ pricing rules and provides daily alerts for merchants when prices are out of compliance with rules;
- Intelligent Rules which reverse engineer pricing rules from sales data and identify inconsistencies in product line relationships and national brand vs. private label relationships;
- Force Diagrams which reveal the pricing forces exerted on current prices to comply with the retailers’ rules and explain the direction for recommended prices; and
- Compliant Optimization which uses optimization science constrained by omni-channel rules to produce strategy options from which retailers can decide revenue and profit trade-offs.
Clear Demand's four “guiding technology principles” are focused on enhancing value and reducing risk:
- Integrate to legacy IT with limited business process disruption;
- Blend structured databases with unstructured (big) databases for maximum data granularity;
- Scale processing capacity on-demand as requirements dictate; and
- Deliver “high availability” solution access.
About Clear Demand
Clear Demand is the first company to deliver an omni-channel retail pricing solution which synchronizes prices, promotions and markdowns online and in-store to produce a consistent brand and shopping experience. Architected on big data and delivered as a multi-tenant software-as-a-service (SaaS), Clear Demand’s pricing solutions can be administered from a public or private cloud. Clear Demand’s rules-based pricing approach uses innovations which simplify adoption and use while allowing retailers to see value in just weeks with more transparency and minimal disruption to existing business. For more information contact sales@Clear-Demand.com or visit us on the web at http://www.Clear-Demand.com.