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Florham Park, NJ – Aug. 11, 2009 – KSS Inc. today announced that it has received a patent from the U.S. Patent and Trademark Office for the intellectual property and processes behind its RackPrice fuel price management system for fuel wholesalers.
The patent includes RackPrice algorithms, calculations and formulas that help fuel wholesalers visualize competitive landscapes for each fuel site; review historical pricing data; and analyze that information in real-time to measure the optimal fuel price that will maximize demand and improve profits for any location at any given time.
“Receiving a patent for our RackPrice intelligence and processes demonstrates the uniqueness and foresight that our software brings to fuel wholesalers and to the fuel industry overall,” said Bob Stein, president and chief executive officer of KSS. “Like our PriceNet system for fuel retailers, RackPrice was built from the ground up using unparalleled, advanced scientific and mathematic formulas at the core of the application. That system was then applied to the fuel pricing process to give wholesalers, jobbers and marketers the automated tools and information needed to efficiently and accurately set competitive wholesale fuel prices.”
RackPrice is an end-to-end wholesale pricing solution that helps wholesalers meet volume targets at the maximum possible margin by improving its pricing processes and responding more rapidly and effectively to market moves. The system includes modules for price generation automation, reporting/analysis, competitive price prediction, price-volume modelling and price optimization.
RackPrice 2.0 was released in February 2009 with new enhancements that focus on increased user-friendliness, pricing efficiency and functionality. The new features help fuel wholesalers continuously review their competitive landscape and make quick and optimal pricing decisions to improve gross profits.
PriceNet is KSS’ pricing solution that supports key tasks and stakeholders involved in retail fuels pricing – from capturing field-based intelligence at the site level, to the generation of price proposals via comprehensive pricing rules or price optimization, to consistent and timely implementation. High levels of automation and an ‘exception-based’ approach ensure a rapid response to competitors and market conditions, thus allowing pricing analysts to leverage the power of pricing analytics.
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