Online retail giant The Very Group will continue to enhance its pricing strategies with DemandTec Markdown Optimisation. The Very Group’s three-year renewal expands upon their collaborative relationship with DemandTec, which extends back to 2015.
The Very Group carries products in an array of categories, including toys, sports, electrical, beauty, gifts, jewellery, and accessories – many of which are seasonal items that must be sold by the end of the season to make way for the next season’s items.
With DemandTec’s science-based markdown optimisation, The Very Group’s pricing team receives recommended markdown plans that enable them to optimally balance goals of achieving financial targets as well as sell-through objectives.
“We use DemandTec’s markdown science to optimally manage markdowns across items’ entire lifecycle and across multiple categories. This enables us to take a controlled approach to profitably moving clearing items, meeting our target sell-through goals while delivering healthy margins,” said Tom Goulden, Retail Product Director for The Very Group.
Niranjan Chandrasekaran, VP, Worldwide Services, Customer Success and Support for DemandTec, stated: “It’s exciting to partner with a true innovator that continues to grow in the sophistication of its use of markdown science to unlock increasing value and ROI for its business.”