FORT LAUDERDALE, Fla. (November 13, 2012) – With a focus on pricing strategies through analytics for small and medium-size retailers, CustoLogix has launched a patented new product, RapidAnalytix, to provide mathematics-based strategic pricing recommendations. RapidAnalytix is available at a fraction of the cost paid by major retailers for similar pricing optimization services.
According to CustoLogix CEO Kiran Gange, RapidAnalytix retailers will learn the answers to these and other key questions:
- What is the correct price for each product in each of my store locations?
- How can I compete effectively with large retailers and online retailers?
- How can I be prepared for the various seasons with the right assortment, pricing and promotions that my customers will like?
- At what price should I introduce new products into my assortment?
- How satisfied are my customers and what drives their satisfaction and loyalty to my business?
CustoLogix is rolling out RapidAnalytix through several of its consulting partners, which specialize in services to small and medium-sized retailers but don’t provide retail analytics solutions, because in the past they have been priced out of reach of all but the largest retailers. The consulting partners and their resellers have eagerly embraced RapidAnalytix.
Before founding CustoLogix, Gange worked for many large retailers or product manufacturers, including Fry’s Electronics of San Jose, Calif., and Masterfoods USA of Los Angeles. After receiving his MBA degree at Pepperdine University in Malibu, he spent more than two years as a lead business analyst at San Francisco’s DemandTec, which provides retail analytics solutions to mega-retailers and was purchased by IBM late in 2011. Gange has consulted with mega retailers including Target, Safeway, Circle K and Wal-Mart.
Before now, small and medium-sized retailers, including chains with less than 100 locations, have rarely had access to retail analytics solutions.
Many retailers don’t know they need it, said Gange.Retail is so margin based,a two percent increase or decrease in price impact profitability by 10 to 15 percent in either direction.
A retailer should always ask, ‘How do I position my pricing within the product category based on brands, size and features?’ He or she can’t do all of these calculations in real time, every time, especially when a competitor’s prices may be changing weekly. A slight price change makes a big difference, said Gange.
CustoLogix uses data obtained from a client’s POS system on a daily basis to optimize prices for a set of products,” said Gange. Its staff strategists set up the parameters for price optimization, with the overnight number crunching performed by CustoLogix data analysts in Bangalore, India. Gange developed his company in India over the past four years, until he opened a United States office earlier this year in South Florida.
Our company has a solid foundation anchored by several key individuals who have worked with me from the outset, said Gange. “Among the CustoLogix leaders are CMO Lohith Amrendra and COO Muniraju.K.S and especially my wife, Shaveta Gange, who has spent countless hours working to develop RapidAnalytix.
CustoLogix business analysts work closely with retail clients to help them actually optimize their pricing, because some of their retail analytics calculations are complicated. Retailers learn how to sell more products within an existing space, without taking more money from their customers. And the customers get more of what they want at prices they want to pay. “At the end of the day, nobody wants to go to a retailer who is not efficient,” said Gange.
Early interest in the new RapidAnalytix product is strong.The dynamics of retailing have changed, said Gange.Regardless of a retailer’s size, he or she now has to compete with Amazon.com,like it or not.
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