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Yes, Kronoscope, in its Events & Promotions module, allows demand planners to add events individually or bulk upload event plans, capturing data on the impact on SKU segment, event type, event treatment, and date range. Kronoscope’s AI engine utilizes an ensemble of multiple algorithms to factor in historical events data and future events calendars to find similar types of events and then predicts the demand uplift in the event period.
Kronoscope provides insights on a granular scale; once the historical event data and future promotions calendar is captured into Kronoscope, demand planners get a promotional uplift chart that showcases a baseline and forecasted demand for a particular SKU for an upcoming event. They also have an option to use their business know-how and judgment to refine the system's suggested recommendations.
Kronoscope’s AI engine has the capability to calculate price sensitivity at the most granular levels and forecast future demand based on such uplifts. This is done by establishing a price sensitivity curve established for each SKU, and geography combination to determine the impact of price change. Users with Kronoscope can formulate a strategy for the coming time period directly by editing the predictions chart. They can edit the price point and see what the adjusted demand would look like.
Additionally, Kronoscope can calculate and recommend price points based on a company’s wallet share/revenue targets, and margin constraints in order to maximize and meet revenue targets. It also recommends the percentage target that can be achieved with optimized pricing.
Traditional rule-based pricing algorithms take into account only historical data to arrive at dynamic pricing. It does not factor in factors like seasonality, cannibalization, stockouts, holidays, weather, or competitor information to predict demand at various price points.
Furthermore, most pricing algorithms do not consider price elasticity, future revenue targets, or the maximum margin hit a business is willing to take to develop the most optimised pricing strategy that maximizes profits.
Yes, Kronoscope’s AI engine has the capability to calculate price sensitivity at the most granular levels and forecast future demand based on such uplifts. This is done in the pricing and promotions planning module by establishing a price sensitivity curve established for each SKU, geography combination is used to determine the impact of price change.
Yes, Kronoscope helps identify the crossover impact of promotions on any one SKU/menu item/category to other associated SKU/menu item/categories and establishes a visual correlation between the impact of promotions and demand making it an ideal demand planning platform for businesses.
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