|
For Immediate Release
Contact: Scott Krugman or Kathy Grannis (202) 783-7971
Email:
krugmans@nrf.com or
grannisk@nrf.com
NRF-ARTS Announces Newest RFP
-New ARTS/NRF Initiative Helps
Retailers Employ Price Optimization to Improve Margin-
Washington,
DC, January 12,
2006--The Association for Retail Technology Standards (ARTS) today announced the
release of the Standard Request for Proposal (RFP) for Price Optimization
applications. Price Optimization has become a must-have tool for retailers who
use it to maximize profit margins in today’s competitive environment. This is
the sixth in a series of Standard RFP templates developed jointly by ARTS and
the National Retail Federation (NRF).
Price Optimization
applications help retailers establish initial prices and manage their markdown
cycles. These packages are intended to maximize profit margins while managing
information about price changes due to competitor price changes, cost increases
or inventory aging.
This RFP describes the
complete Price Life Cycle from new item pricing through final clearance pricing
including the functionality needed for pricing, promotions, markdowns,
optimization, and demand forecasting. Retailers who implement price
optimization applications are able to establish prices based on historic,
competitive and customer demand information, as well as other analytical factors
provided by the selected vendor.
The key to successful use
of NRF-ARTS RFPs is to tailor the standard RFP to the retailer’s specific
business model. ARTS will present an educational session on how to correctly
use RFPs on Sunday, January 15 at NRF’s 95th Annual Convention and EXPO at the
Jacob Javits Convention Center from 10:15 a.m. to 11:45 a.m. in room IE15/16.
The session, Everything You Wanted to Know About RFPs (But were afraid to
ask), will be led by the developers and users of NRF- ARTS RFPs.
"The
Price Optimization RFP is a very complete document" said Ron McEvoy, COO of Soft
Solutions - USA. "This Standard RFP will guide retailers to the right solution
for their business, and when the selected pricing application incorporates ARTS
standards, it can be implemented quickly and at a lower cost.”
An
introduction to Price Optimization systems and an overview of the Price
Optimization RFP will be presented in the ARTS Update Session,
Monday, January 16 from 11:00 a.m. to 12:15 p.m. at NRF’s 95th Annual Convention
and EXPO in Big !deas room 3D04 on the Exhibit floor of the Jacob Javits
Convention Center.
The Price Optimization
RFP was developed by a committee of retailers, vendors and consultants based on
documents used by multiple retailers to select their price management
applications. The committee, chaired by Ann McCool of RadioShack, included
members from Bearing Point, Clicks and Mortar, CSK Auto, DemandTec, El Corte
Ingles, Khimetrics, SAS Institute, and Soft Solutions.
There are now six RFPs
available for download (POS, Workforce Management, Loss Prevention, Signature
Capture/Online-Offline Debit Devices, Warehouse Management Systems, and now
Price Optimization). More standard RFPs will be developed in 2006. NRF and
ARTS RFPs are available free to members at
www.nrf.com or
www.nrf-arts.org. RFPs are available for purchase by non-members for $5,000.
The Association for
Retail Technology Standards (ARTS) is an international membership
organization dedicated to reducing the costs of technology through standards.
Since 1993, ARTS has been delivering application standards exclusively to the
retail industry. ARTS has three standards: The Standard Relational Data Model,
UnifiedPOS and IXRetail. Membership is open to all members of the international
technology community- retailers from all industry segments, application
developers and hardware companies.
www.nrf-arts.org.
The National Retail
Federation is the world's largest retail trade association, with membership
that comprises all retail formats and channels of distribution including
department, specialty, discount, catalog, Internet, independent stores, chain
restaurants and grocery stores as well as the industry's key trading partners of
retail goods and services. NRF represents an industry with more than 1.4 million
U.S. retail establishments, more than 23 million employees - about one in five
American workers - and 2004 sales of $4.1 trillion. As the industry umbrella
group, NRF also represents more than 100 state, national and international
retail associations.
www.nrf.com.
###
| 