(Authored by: Dick O’Brien, Director of Product Marketing at Revionics)
This is a disruptive era in retailing. There is no question that the structure of retailing has changed dramatically and shopper behavior with it. We now are competing in an omnichannel market, selling to informed and empowered shoppers. At the same time, a beneficial convergence of social media and omnichannel retailing has finally occurred. The challenge facing retailers is how best to capitalize on this fortuitous event.
(Authored by: Kathy Beck, Senior Director of Product Marketing for Revionics)
Today’s hyper-competitive environment is a zero-sum game in which one retailer must lose market share for another to gain. Winning this game requires a retailer to focus every action in every area of the organization on earning shopper loyalty - because the continued downward spiral of price matching is a strategy in which every player loses.
These blog articles were developed in partnership between Revionics and Retalix to provide retail industry trends and insights. This is Part 1 of a blog series and Part 2 can be found here. Retalix and Revionics will be participants in the upcoming NGA 2013 trade show in Las Vegas. Stop by our booth #500 to discuss how our respective solutions can help your business.
Extreme Weather Has Become the New Normal: Do You Have the Right Retail Strategies in Place to Sustain Profitability?Tuesday, 23 October 2012 00:00
(This is the second blog in a two part series that provides retailers with the retail strategies necessary to navigate the global retail industry’s New Normal, which is expecting and preparing for extreme weather worldwide that will substantially impact their costs)
As we pointed out in the first blog of this series, with extreme weather becoming the New Normal for the retail industry it is important that retailers are able to respond and prepare for this type of weather volatility with price, promotion, space allocation and assortment strategies and tactics. This will enable retailers to maximize return on investment, respond to the inflationary impact and address the subsequent changes to consumer demand patterns.
Extreme Weather Has Become the New Normal: Do You Have the Right Retail Strategies in Place to Sustain Profitability?Thursday, 11 October 2012 00:00
(This is the first blog in a two part series that will provide retailers with the retail strategies necessary to navigate the global retail industry’s New Normal, which is expecting and preparing for extreme weather worldwide that will substantially impact their costs)
It was a rough summer for many areas of the world. Extreme weather affected several parts of the world including the U.S., which experienced the worst drought in 50 years, the UK had its wettest season in 100 years and both North and South Korea experienced the worst drought conditions in more than a century.
Insight 2011: Empowering Retailers to Climb to New Heights with Price Optimization By Jason Gatoff, Senior Director of Product Marketing Last week was our annual Customer Forum – Insight 2011 – and based on the initial input from attendees it was a great success. It was the first Revionics Customer Forum that I had the opportunity to be a part of as a member of the Revionics team and wanted to share some high level observations and information about the event:
Next week Revionics will be in the audience, proudly watching our customer and partner, Mark Kelso of Pamida, present at the 2011 Retail Technology Conference. Mark has a great presentation lined up that speaks to Pamida’s strategy and related results of their test-and-control price optimization initiative. Retail technologists should take note, as this is a rare opportunity to hear first-hand how a technology investment drove significant increases in sales and margin dollars in a difficult economy.
By Jeff Moore, Revionics Vice President of Science and Analytics
Retailers are still reeling from the commodity inflation experienced in 2007 and 2008. Many attempted to hold prices to compete against the big box stores, as consumers became more value-conscious in the wake of the recession. The result for many retailers using legacy pricing technology was margin erosion and damaged customer loyalty.
Retailers are facing a new wave of cost increases due to commodity and gas price increases. Today’s challenge is compounded by a forever-changed, price sensitive consumer. Harry Balzer, chief industry analyst at NPD and author of Eating Patterns in America, stated:
By Richard Huston, Director of Solutions Consulting, Revionics Inc.
Markdowns are sometimes seen as a way to just push out unwanted inventory and clear space for more desirable products. Here are some questions and thoughts to consider…
Do you have thoughtful merchandising strategies for markdowns?
By Dan Muldowney, Strategic Account Executive
One common characteristic I have found with many retailers that I have worked over the last six years is that category managers spend far too much of their valuable time on price maintenance. Strategy often takes a backseat to other priorities such as shifting costs and competition. In many instances where the category managers have pricing analysts to assist, the majority of their time is spent on price oversight and approval as well as negotiating promotional events with vendors and still not strategic.