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SPOKANE, Wash -Yoke's Fresh Markets here plans to deploy a Web-based price optimization solution to enhance its regular and promotional pricing companywide.
The community-based independent said it will use PriceStrat, a hosted pricing solution from Florham Park, N.J.-based KSS, developed to leverage historical point of sale data to model and forecast consumer reaction to pricing.
"The solution will give us a much deeper look into how to leverage pricing to drive demand," Joe Hanson, Yoke's v.p. of operations, told Progressive Grocer. "Previously, our pricing was rules-based and driven from cost, with some competitive analysis. This solution uses scientific analysis to deliver a more comprehensive look at how consumers react to different retails, as well as the relationship between products and pricing throughout the store."
Employee-owned Yoke's Fresh Markets operates 13 stores in Washington and Idaho.
-- Joseph Tarnowski