Retailers shift their ad spending from TV, radio and print ads to digital ads.
Tomax says the new event planner module automates the planning, execution and evaluation of price-setting and the activities that affect prices, such as advertising campaigns and special promotions.
Tomax Corp., a provider of web-based systems for retailers, has added an event planner module to the Retail.net suite of retail management applications, the company announced this week. Tomax says the new module automates the planning, execution and evaluation of price-setting and the activities that affect prices, such as advertising campaigns and special promotions.
Tomax says the event planner allows retailers to define items to be included in each pricing activity, designate participating vendors, track vendor allowances and bill backs for purchase and sell through, create advertising reports to analyze item performance during the pricing period and generate vendor performance statistics.
"The Retail.net suite offers multiple tools that enable central management of pricing strategy for promotional campaigns delivering projected probable outcomes and alternative scenarios," the company says. "This will allow the retailer to execute price changes and manage pricing at each store using the rules-based Retail.net Advanced Pricing application."
"We work with retailers every day who struggle with the complexities of managing pricing and promotions for large, regionally diverse store locations," said Virgil Fernandez, chief technology officer of Tomax. "The Retail.net suite allows them to analyze, plan and execute price strategy in a holistic manner, rather than treating each activity in a vacuum. This approach is designed to improve margins and profitability while erasing the unwieldy ad hoc pricing mechanisms most retailers are forced to endure."