Best Yet Market Ups Price Optimization
Best Yet Market, a 10-store family-owned independent grocer chain based in Melville, N.Y. and operating on Long Island, has selected BRdata's Price Optimization module.
"We've had the BRdata Host and Store systems in place since 1997," noted Steve O'Connor, director of MIS at the chain's corporate office, in a statement. "What we like about BRdata's Price Optimization module is that it's incorporated right into our existing back-end system. It's not add-on software; it's not something we have to maintain separately from an IT standpoint, with a separate database and such. It's nothing in addition to our current operations -- no extra overhead, no subscription-based outsourced service where our confidential data exists somewhere else."
The Price Optimization module uses sophisticated algorithms in formulating pricing strategies that maximize profit margins while keeping prices competitive and demand for the items high.
"We get the best of both worlds, now," explained O'Connor. "We get all the benefits of the new Price Optimization module -- the ability to view all the information in one customizable grid -- and, on top of that, we can do all the reporting with our existing reporting packages. We've already been running our movement reports, but now we get to run it, use the information we're grabbing from Price Optimization, and see the results."
Best Yet said it mainly uses price optimization to optimize prices for its wholesaler items while tracking targeted competitors to ensure that its price changes remain competitive in its market. However, efforts are underway to include competitive comparisons of the grocer's large private label offerings with national brands, as well as to incorporate DSD vendor items into the process.
"We've had the BRdata Host and Store systems in place since 1997," noted Steve O'Connor, director of MIS at the chain's corporate office, in a statement. "What we like about BRdata's Price Optimization module is that it's incorporated right into our existing back-end system. It's not add-on software; it's not something we have to maintain separately from an IT standpoint, with a separate database and such. It's nothing in addition to our current operations -- no extra overhead, no subscription-based outsourced service where our confidential data exists somewhere else."
The Price Optimization module uses sophisticated algorithms in formulating pricing strategies that maximize profit margins while keeping prices competitive and demand for the items high.
"We get the best of both worlds, now," explained O'Connor. "We get all the benefits of the new Price Optimization module -- the ability to view all the information in one customizable grid -- and, on top of that, we can do all the reporting with our existing reporting packages. We've already been running our movement reports, but now we get to run it, use the information we're grabbing from Price Optimization, and see the results."
Best Yet said it mainly uses price optimization to optimize prices for its wholesaler items while tracking targeted competitors to ensure that its price changes remain competitive in its market. However, efforts are underway to include competitive comparisons of the grocer's large private label offerings with national brands, as well as to incorporate DSD vendor items into the process.