Party City analyzes pricing data for optimal decisions
Party City Holdings Inc. is enlisting a consulting and analytics firm to help ensure it understands its pricing as thoroughly as possible.
The specialty party supply and novelty retailer is partnering with The Parker Avery Group, initially focusing on rolling out Party City’s price optimization capability by leveraging the consulting firm’s Enterprise Intelligence analytics platform.
Party City decided to utilize technology and consulting services from Parker Avery based on the company’s willingness to specifically tailor its holistic price optimization solution methodology to meet the retailer’s distinctive strategic and operational needs.
In addition, the retailer is employing Parker Averys deep analytics capabilities in an effort to obtain insights that will contribute to informed decision-making and improved outcomes across its entire enterprise, as well as enhanced pricing.
“We are excited about the partnership with Parker Avery as their approach perfectly aligns with our business strategy,” said Joel Carbaugh, Party City senior director of pricing and business analytics. “The end solution will play a crucial role in optimizing our pricing and achieving a balanced trade-off to meet category and corporate goals.”
“We are thrilled to be working with Party City and contributing to their success,” said Sam Iosevich, Parker Avery chief analytics officer and managing partner. “Our team is dedicated to providing a tailored price optimization solution that aligns with Party City’s goals, and we look forward to a long and fruitful partnership.”
Party City reduces supply chain costs by millions
In other efforts to improve its visibility into valuable enterprise data, Party City has been deploying the CBX suite from supply chain management solution provider TradeBeyond to improve operational efficiency across inventory management, end-to-end merchandising and vendor compliance.
In an exclusive interview with Chain Store Age, Party City COO Peter Smith said in its first full season of using TradeBeyond, the retailer achieved 94% on-time-in-full x-factory performance, a significant improvement over the prior season. He also said Party City has successfully reduced millions in year-over-year supply chain expenses, partly attributed to Trade Beyond and other real-time visibility solutions, and anticipates a decrease in the total cost of ownership associated with its product acquisition activities.
Based in Woodcliff Lake, N.J., Party City operates across multiple businesses within its retail division and consumer products division. On the retail side, Party City runs more than 750 company-owned and franchise stores, as well as Halloween City seasonal pop-up stores.