Software That Figures Out The Right Price
Smart-pricing technology is helping retailers extend inventory margins as much as possible.A wide range of applications that help to automate pricing are making their way through retail operations. And its hardware improvements that are the technology enablers, with the number-crunching power to analyze warehouses of constantly changing products only recently becoming practical. ProfitLogic and J.C. Penney are two good examples of retailers who have been pushing markdown optimization. ProfitLogics software, for example, takes all the myriad pieces of information generated by each cash-register transaction and, by applying sophisticated number-crunching, "finds patterns of consumer demand in the data," says Scott Friend, president and co-founder.
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