The Project: Roll out smart-pricing technology in 280 clothing stores to pick the perfect price for each item in every store.
The Payoff: The Canadian company expects to post its first profit in three years, thanks to the pricing technology.
Few retailers can match Northern Group Retail Ltd. for a payoff from tech. The Canadian company credits its first profit in three years to smart pricing technology it rolled out in its 280 casual clothing stores a year ago.
The Web technology, from startup ProfitLogic Inc., sifts through databases that combine the latest sales data in each store with the inventory in stores and warehouses. The system digests that info to spit out pricing suggestions for every item in each store. Since installing the software, inventory turns are at an all-time high.
By Heather Green