KhiMetrics Inc., developer of a revenue management solution specifically for the retail industry, and Retek Inc., provider of value creation solutions for the retail industry, announced the signing of a letter of intent to offer a comprehensive pricing solution. The combined offering will be available immediately to traditional, multi-channel and Internet retailers and is designed to accelerate pricing strategy development and implementation and maximize revenue and profits. "Based on our commitment to providing an end-to-end, integrated solution that supports every phase in the retail business cycle, we saw KhiMetrics and retail revenue management as an essential building block in our mission to drive value and optimize processes for the entire retail community," said Vicki Raport, vice president of merchandising solutions at Retek. "This alliance means retailers now have a single solution for optimizing and executing pricing so that revenue and profitability are enhanced."
KhiMetrics` patented Retail Revenue Management Application Suite simplifies the management of complex price offerings by first developing a price image relative to competition, then measuring how customers value products using price elasticity developed at the store/SKU level and finally optimizing prices consistent with enterprise goals for profit, revenue and competitive position. Retek`s Price Management(C), an enterprise-wide price setting and management solution for grocers and other retailers, allows store level execution of corporate pricing strategies, which eliminate inefficiencies, reduce high labor costs and reduce the potential for operational pricing errors. The combined solution will allow retailers to elevate pricing to an enterprise-wide strategic initiative that can be evaluated and executed efficiently at the store/SKU level. Current KhiMetrics customers include, OSCO Drug (division of Albertsons), H.E. Butt Grocery Company, Safeway, Tops Markets (division of Royal Ahold), Internet superstore buy.com plus limited engagements with a variety of other leading retailers.