The new system enables retailers to achieve financial objectives
DemandTec, a provider of on-demand optimization services, has announced that Office Depot, a specialty retailer of office products, has renewed its subscription to its Everyday Price Optimization and Everyday Price Management software services.
Office Depot cited several factors in renewing its relationship with DemandTec, including growing consumer price sensitivity due to recent macroeconomic conditions.
DemandTec reportedly helps the retailer address the challenges they face in managing a diverse product assortment with complex pricing relationships, by providing rules engine and optimization approach.
According to DemandTec, Everyday Price Optimization and Everyday Price Management are component services of its Lifecycle Price Optimization system, a comprehensive system for managing and optimizing pricing across the entire store.
The system, which also includes Promotion Planning & Optimization and Markdown Optimization services, enables retailers to understand, predict, and influence consumer demand to achieve financial and price image objectives.
Steve Mahurin, executive vice president of merchandising for Office Depot, said: We are extending our relationship with DemandTec because Office Depot’s long term strategic direction is to be consumer-centric in terms of assortment, store layouts, new service offerings and compelling pricing that sends a positive value message to our customers. DemandTec’s optimization engine and advanced analytics enable us to gain insight into consumer demand and set prices that benefit Office Depot customers.