Leading specialty retailer plans to implement merchandising optimization software chain-wide
SAN CARLOS, Calif. – September 20, 2004 - DemandTec, the leading provider of Consumer Demand Management (CDM) software for retailers and consumer products firms, announced that Best Buy has chosen DemandTec’s CDM software to align merchandising decisions for each of its 600-plus stores nationwide with a greater understanding of consumer demand in order to achieve revenue, volume, and profitability objectives.
Best Buy, North America`s leading specialty retailer of consumer electronics, personal computers, entertainment software and appliances, generated more than $24 billion in revenue in its fiscal year ending February, 28, 2004, nearly doubling its revenue over the last four years. The company recently has launched a company-wide initiative to deeply understand and more broadly satisfy the needs of its customers across a variety of customer segments.
“We expect DemandTec’s software and science to provide us greater insight into the needs of our customers and be a key enabling capability in realizing our overall merchandising strategy,” said Kathy Persian, vice president of information technology for Best Buy.
The Consumer Demand Management applications offered by DemandTec include DT Price™, DT Promotion™, and DT Markdown™. Together, these applications allow a retailer to optimize and manage merchandising decisions and activities across the complete product lifecycle, from new product introduction through end-of-life. These applications are supported by the DemandTec CDM platform with DT Openlink™ integration technology, providing a single view of consumer demand and automated integration with legacy systems and data repositories.
“We are delighted that Best Buy, named Forbes Company of the Year, has chosen DemandTec for Consumer Demand Management,” said Dan Fishback, CEO of DemandTec. “Using our CDM software, leading retailers such as Best Buy can deliver better value to their customers by making the best possible merchandising decisions, accurately forecasting the perfect balance of price, promotion and markdowns to reach their business objectives.”
DemandTec`s patented Consumer Demand Management applications offer a powerful way for retailers and manufacturers to accurately forecast consumer demand on hundreds of thousands of items simultaneously and to execute marketing and merchandising strategies that meet business goals for sales, profit, and price image. RIS News ranked DemandTec #1 in Strategic Value among the top 45 software vendors in retail. DemandTec products include MyDemandTec, DT Price, DT Promotion, DT Markdown and the DemandTec CDM platform with Openlink integration technology. DemandTec customers include Best Buy, RadioShack, H-E-B Grocery Co., Longs Drugs, Brookshire Grocery Company, Duane Reade and B&Q; plc. DemandTec software is provided via the IBM OnDemand program. For more information, please visit www.demandtec.com.