7-Eleven Selects KSS Retail
Retailer to leverage predictive customer insight for price, promotion optimization
Published in CSP Daily News
DALLAS -- 7-Eleven Inc. has selected KSS Retail for its price modeling, forecasting and optimization solution for 7-Eleven stores in the United States and Canada.
7-Eleven will use KSS Retail's PriceStrat and Heartbeat systems to conduct extensive market-basket analytics and affinity analysis to drive more effective promotions. The convenience retailer will also deploy PriceStrat's cigarette buydown capabilities to manage this high-volume category at both the store and headquarters level.
PriceStrat is KSS Retail's integrated software application that manages both [image-nocss] regular and promotional pricing. The solution also enables retailers to model "what-if" pricing scenarios, thus facilitating pricing decisions that are more timely and effective in optimizing sales and value for customers.
The Heartbeat solution will give 7-Eleven near-real-time views of customer purchasing behavior, which it will use with price optimization to better understand its customers.
"7-Eleven does phenomenal work in understanding its customers and how to best serve them," said Lance Jacobs, CEO of KSS Retail. "PriceStrat is [a] tool for modeling retail pricing and promotions and will provide 7-Eleven with greater insight into how customers shop their stores."
The chain previously used SAP for price optimization.
Florham Park, N.J.-based KSS Retail, a dunnhumby Ltd. company, provides regular and promotional price optimization and customer insight solutions for the grocery, convenience, chain drug, general and online retail industries, including retailers such as Kroger, O'Reilly Auto Parts, Raley's, Sonae Portugal, McKesson, United Supermarkets, BI-LO, Brookshire Brothers, Continente, dabs.com, ABC Fine Wine & Spirits and many others.
Dunnhumby is an international marketing consultancy headquartered in London.
Dallas-based 7 Eleven operates franchises or licenses approximately 8,200 7-Eleven stores in North America. Globally, 7-Eleven operates, franchises or licenses more than 38,000 stores in 16 countries. During 2009, 7-Eleven stores worldwide generated total sales of more than $58.9 billion.