Blue Ridge announced today the launch of its cloud-based Price Optimization solution, which leverages advanced science to quickly identify opportunities and simulate pricing strategies for peak margin, profits, revenues and sales.
Blue Ridge Price Optimization quickly identifies both overpriced and underpriced products while providing accurate recommendations for aligning prices across products, channels and price points including wholesale, list and customer segment. The solution provides daily alerts on competitive price changes, as well as recommendations on reducing excess inventory to increase revenue and profit margins up to 30 percent.
“Retailers, distributors and manufacturers have a unique challenge in that manual or ‘cost-plus’ approaches to pricing lack the flexibility required to compete and are disconnected from customer willingness-to-pay,” said Cliff Isaacson, Blue Ridge Executive Vice President of Product Strategy. “Price Optimization analyzes both fast-selling key items and infrequently sold, long-tail assortment items across all channels to help determine the max profit point and make pricing decisions with confidence.”
Blue Ridge Price Optimization provides:
- Comprehensive Pricing Strategy: Simulate different pricing scenarios and predict the impact of a price change before implementing it.
- Competitive Positioning: Respond immediately to price changes from competitors, as well as supplier rules, segmentation, positioning and price change frequency.
- Intelligent Analytics: Purpose-built for the distribution and retail industries, Price Optimization’s intelligent science learns from price changes and results over time to steadily improve price recommendations.
- Customer Segmentation: Identifies customer performance, discounting and pricing opportunities based on willingness-to-pay and past performance.
- Rapid Results: In under 90 days, businesses can have intelligent Price Optimization recommendations for achieving both short-term and long-term S&OP goals, continually refined year after year.
Price Optimization joins Blue Ridge’s suite of Supply Chain Planning solutions, which help customers increase forecast accuracy, improve customer satisfaction, and assure product availability to customers without creating a costly inventory surplus.
“Price Optimization combined with Supply Chain Planning solutions creates a huge financial game changer for retailers, distributors and manufacturers in today’s volatile market,” said Jim Byrnes, Blue Ridge Chief Executive Officer. “It uniquely blends science and synchronization to solve our customers’ biggest problem – what they don’t know. With Price Optimization, our customers have the insight to pivot quickly and grab significant near-term savings; shape and align longer-range S&OP processes; and consistently deliver pricing that’s both competitive and profitable.”
