The smart retail optimization system collects and converts consumer habits into better prices, leveraging information from 10 billion data points including seasonality, promotional activity, inventory levels, price elasticity of demand, assortment rotation, etc
Austin, Texas (February 17, 2022) - Azbuka Vkusa is delighted to announce that it has recently implemented a smart pricing system to help serve its customers better. The system, which was developed by the SaaS company, - GoalProfit, predicts customer demand for specific product groups in real-time, based on big data. The model focuses on such demand drivers as seasonality, promotional activity, inventory levels, price elasticity of demand, assortment rotation, etc. And at the same time, takes into account the costs of store re-evaluation, with more than 40 pricing rules and competitor data.
The pilot project with GoalProfit was launched in January 2021, and in November, it began to be scaled up to all of the chain's stores. Azbuka Vkusa's pricing team experts worked with GoalProfit to develop the system and test hypotheses. More than 10 billion data records over 2 years were used to create the platform, including product, store, price, inventory and assortment data.
The goal of Azbuka Vkusa is to automate price formation and move to data-driven decision-making. The company maintains that the speed of price changes in the market, as well as constant fluctuations in customer demand, require a shift to more dynamic and differentiated pricing. Positing that a smart pricing approach helps keep inflation in check and keep products affordable for customers, without losing sales.
In addition to recommending price changes, the platform offers quick access to several years of financial data, an interface with reporting capabilities, a demand forecasting model based on historical sales data, a business process for price reconciliation between departments, and a simulator of different pricing strategies. The low-code platform is easy to use and capable of flexible customization, without long development cycles.
"We selected GoalProfit as the fastest and most flexible solution for pricing and product analytics. It allowed us to build our own efficient process with the unique, customer-centric business model of Azbuka Vkusa," comments Denis Sologub, president of the Azbuka Vkusa retail chain.
About Azbuka Vkusa
Azbuka Vkusa is a clear market leader in the high-quality food segment of Russian retail, with RUB 74.6 bn of sales in 2020 - placing it high up in the list of Russia's 50 largest retailers. The omnichannel grocery retailer takes pride in its diversified portfolio of formats which include: 113 city supermarkets Azbuka Vkusa, 60 convenience stores AV Daily, and online platform AV.RU. Azbuka Vkusa boasts of a sophisticated product range of 18,000 SKUs, including 4,500 unique SKUs, of which 18,9% of sales are from its production.
About GoalProfit
GoalProfit is a global SaaS provider of a low code retail optimization platform empowering retailers to build customized intelligence applications. GoalProfit is on a mission to make big data solutions available for all retailers and help them to survive in a new post-covid reality. Created by retail industry experts, GoalProfit cloud-based SaaS solutions deliver amazing return on investments with truly tailored-made user experience.
Better Prices. Higher Profits.
