Symphony EYC G.O.L.D. Price Optimization
Symphony EYC G.O.L.D. Price Optimization : Symphony EYC, the leading provider of software and services for retailers, wholesalers and manufacturers, announced G.O.L.D. Price Optimization, a new software offering that helps retailers establish a pricing policy and then optimize SKU pricing across multiple channels. Designed to increase sales and profit by setting the most advantageous price at the perfect time, G.O.L.D. Price Optimization delivers the speed, omni-channel consistency, and flexibility needed to apply pricing policies in a dynamic market.
G.O.L.D. Price Optimization leverages customer information to provide key insights into micro and macro trends regarding consumer purchasing. A rules engine allows retailers to set individual pricing policies, which are then executed via optimization algorithms based on demand curve and elasticity models. Once retailers have defined their category goals on margin and sales volume, G.O.L.D. Price Optimization will propose the optimal price for each SKU while respecting the pre-defined rules. This intuitive pricing process allows retailers to adapt to rapidly changing markets with automatic price corrections.
With G.O.L.D. Price Optimization, retailers can streamline the pricing process with an intuitive user interface, improve coherence within the organization, predict the ideal price with scenario-based analysis, ensure consistency across channels, and ensure pricing policies are implemented correctly across all channels.
“Retailers have always found it difficult to implement pricing policies fast enough to keep up with changing trends from consumers, suppliers and competitors,” said Donal Mac Daid, vice president supply chain, Symphony EYC G.O.L.D. Solutions. “With G.O.L.D. Price Optimization, Symphony EYC is providing a tool to help them set omni-channel pricing policies, increase sales and margin, reduce errors, costs and lead times while enhancing consistency and control.”
G.O.L.D. Price Optimization is available as a complement to the G.O.L.D. Price Management and Price Execution modules within G.O.L.D. Merchandise Management, or may be installed as a stand-alone module. G.O.L.D. Price Optimization data also can be combined with G.O.L.D. Assortment Management and Space Planning in order to align pricing more closely with customer demand.
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