The Monastyrev pharmacy chain has launched a project to implement a data-driven dynamic pricing system on the SmartPricing platform

2022: Start of data-driven dynamic pricing project

The Monastyrev pharmacy chain has launched a project to implement a data-driven dynamic pricing system on the SmartPricing platform. This became known on August 1, 2022.

More than five years ago, the Monastyrev company began a serious internal project to create its own pricing system based on the rules. Pricing experts MyRetailStrategy were surprised by the functions of the Monastyrev system when they first met it in January 2021. The system supported pricing under rules and restrictions, competitive pricing, the formation of several types of retail prices, working with several types of purchase prices, clustering revaluations, support for pricing online sales, etc.

But the retail industry is rapidly developing: the tasks in pricing have seriously changed, the need for the frequency of revaluations has increased, there are needs for new tools, new challenges in pricing. After conducting a successful pilot, the management of Monastyrev decided to take a step forward and switch to more developed tools and a data-driven approach to pricing on the Smartpricing platform, without losing the functions and features of the existing pricing system, such as multi-price support and bespoke pricing.

Within the framework of the project, it is planned to introduce and adapt the main modules and functions of the Smartpricing system to the Monastyrev business model:

• Regular pricing
• Competitive pricing
• Cart Management and KVI Optimization
• Pricing of new products and CTOs
• Price optimization based on elasticity and probabilities
• Omnichannel pricing
• Managing Events and Revaluations

All these modules use a special industry solution for Pharmacies and online sales, which takes into account rare sales, government restrictions on prices for VEDs, batch size and several options for calculating purchase prices, as well as sales on order.