Warehouse club retailer expanding use of RELEX to optimize pricing processes, marking a significant shift from manual processes to innovative automation.
PriceSmart Inc., the largest operator of membership warehouse clubs in Central America, the Caribbean, and Colombia, announced an addition to its use of solutions provided by RELEX, a provider of unified supply chain and retail planning solutions.
In September, PriceSmart began implementing RELEX for advanced forecasting, replenishment, and promotion planning across its extensive network of clubs. Soon after beginning that process, the company also sought a solution to unify and improve its pricing and promotion strategies and selected the recently unveiled capability from RELEX.
The company’s move from a self-developed process to the RELEX unified pricing and promotion planning platform is a significant step towards automating what was once a time-consuming task. With RELEX, PriceSmart will also be able to improve the management of fluctuations in pricing based on currency changes in the various countries in which they operate. This transition exemplifies PriceSmart’s forward-thinking approach to retail management, enhancing accuracy, consistency, visibility, and control over pricing strategies.
“The integration of RELEX unified forecasting, replenishment, pricing, and promotion planning technology is an exciting step in our continued emphasis and work on enhancing our back-office productivity and process efficiency for our teams,” said David Price, Chief Transformation Officer at PriceSmart. “It moves us beyond the limitations of our old processes, providing us with real-time data integration, enhanced visibility, and control over our pricing strategies. We are particularly excited about the improved accuracy and consistency this technology brings, aiming to align our pricing and promotional activities seamlessly. This is a strategic step towards continuing to improve how we deliver on our mission to enhance Member value and offer a curated, high-quality experience in each region in which we operate.
“At RELEX, we understand the critical role of pricing and promotion alignment in today’s dynamic retail environment,” said Keith Adams, Senior Vice President of North America at RELEX. “Our collaboration with PriceSmart showcases how our technology can transform retail operations, offering a unified approach to pricing and promotion planning. This advancement is crucial in helping PriceSmart manage the entire pricing lifecycle more effectively, from initial pricing to promotions. We’re proud to support PriceSmart in this new phase of merchandising excellence, enhancing their efficiency and customer experience.”
Join the conversation with RELEX and Wayne Sadin, EVP and CIO of PriceSmart, at NRF’24 Retail’s Big Show, Jan 15, for the RELEX Big Ideas panel, 12:30 – 1:15 p.m., Level 3, Stage 3.