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Convenience store operator, franchisor and licensee 7-Eleven Inc. plans to deploy a price modeling, forecasting, and optimization solution for its stores in the U.S. and Canada.
The retailer will use the PriceStrat and Heartbeat systems from Florham Park, N.J.-based KSS Retail to conduct extensive market-basket analytics and affinity analysis to drive more effective promotions. It will also deploy PriceStrat’s cigarette buy-down capabilities to manage the high-volume category at both the store and headquarters level.
“7-Eleven does phenomenal work in understanding its customers and how to best serve them,” said Lance Jacobs, CEO of KSS Retail. “PriceStrat will provide 7-Eleven with greater insight into how customers shop their stores.”
PriceStrat is KSS Retail’s integrated software application for managing both regular and promotional pricing, and enables retailers to model “what-if” pricing scenarios to drive pricing decisions that are more timely and effective in optimizing sales and value for customers.
Dallas-based 7 Eleven operates, franchises, or licenses close to 8,200 7-Eleven stores in North America.