Phantom Fireworks Expand Scan Based Trading Program to Include Additional Retail Partners
Scan Based Trading, Visibility & Analytics Solutions to Increase Visibility and Sales, Reduce Shrink
Jun 3, 2009 8:27:00 AM
Copyright Business Wire 2009
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View Additional ProfilesPARK CITY, Utah--(BUSINESS WIRE)-- Today Park City Group (OTCBB: PCYG), announced that B.J. Alan, d.b.a. Phantom Fireworks, one of the nation's largest importers, retailers and wholesalers of consumer fireworks, has expanded their Scan Based Trading (SBT) program to include three new retail partners, a national mass merchandising chain, convenience store chain and Northeast grocery chain. Phantom Fireworks is a long time customer of Park City Group, utilizing both Scan Based Trading and Visibility & Analytics solutions to gain visibility into product shrink, inventory and sales. Park City Group, which provides innovative solutions and services to retailers and suppliers, recently acquired Prescient Applied Intelligence.
SBT is a process which enables suppliers to maintain ownership of their inventory until that inventory is scanned at point of sale. Park City Group's SBT has allowed Phantom Fireworks to expand retail partnerships and win new business while improving overall business results (sales and profitability) through improved visibility to, and management of, inventory including shipping costs.
Improved Visibility, Accurate Ordering
Fireworks require special shipping arrangements, which is a very costly part of a fireworks program. And with Phantom Fireworks being responsible for the return shipping costs of unsold fireworks, accurate ordering is a necessity. Before SBT, Phantom Fireworks used to calculate orders based on previous year gross sales, but with SBT they can calculate orders using previous year sales on a store-by-store and item-by-item basis. This has allowed for more tailored ordering, optimizing inventory and greatly reducing shipping costs.
"We have seen the many benefits SBT provided with our current retail partners, and expanding the program was an easy decision with these additional retail partners," stated Mike Koocher, Phantom Fireworks Director of IT. "Phantom Fireworks believes investments in technology and new creative business solutions are core to moving our business forward, and have always felt investing in Park City Group is a sound investment in growing our business."
Controlling Shrink
Phantom Fireworks has also been utilizing Park City Group Visibility & Analytics (V&A), a web based business intelligence tool, to help gain visibility to and improve their shrink with each of their retail partners. It has provided Phantom Fireworks a greater visibility into detailed shrink information at item and store level, leading to a deeper understanding of their root causes of shrink which they can then share with their retail partners. They have used this insight to reduce shrink, increase collaboration with their retailer partners and alter ordering and replenishment at the store level.
"Park City Group does not just provide business software, we provide new business process that improves profits. The continuing success B.J. Alan has seen with SBT and V&A shows that when you invest in a Park City Group solution you are investing in business solutions, but you are also gaining a partner who is committed to the long-term success and profitability of your company," commented Randall K. Fields, Chairman & CEO of Park City Group.
About Park City Group:
Park City Group is a trusted business solutions and services provider that enable retailers and suppliers to work collaboratively as strategic partners to reduce out-of-stocks, shrink, inventory and labor while improving profits, efficiencies, and customer service. Our innovative solutions provide trading partners a common platform on which they can capture, manage, analyze and share critical data, bringing greater visibility throughout the supply chain, and giving them the power to make better and more informed decisions. For more information, go to www.parkcitygroup.com.
Park City Group recently acquired Prescient Applied Intelligence, click here to read more.
Source: Park City Group
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PR Contact:
Park City Group
Courtney Behrens
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cbehrens@prescient.com
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Terri MacInnis
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