Links to Event Information:
The Future of Consumer Loyalty (Gartner)
In order to stay relevant and solvent, companies are investing in the retail value chain of the future.
These investments include specialized mobile devices, kiosks, cool physical gadgets as well as online apps. Unfortunately a majority of these investments will fail to yield the desired consumer loyalty. Kevin will reveal recent research uncovering practices retail leaders are using to delight consumers today and far into the future. He will also share the enabling capabilities retailers must begin to develop today to prepare for the shape of retailing tomorrow. Using these capabilities, leading retailers are achieving accelerated revenue growth, 20% improvement on inventory turns, and dramatic ROA compared to their peers.
If it Weren’t for the $%*! People…Maximizing your Investment in Technology Would be Easy (Accenture)
Today’s non-stop customers are online, on the go and in touch with social media networks. In this seamless world, they have more tools than ever to learn about products, compare prices, gather insights, and transact. You feel confident about your new technology decisions to better combat competitors and meet the needs of the customer, but are you confident your organization and business processes are aligned or are those $%*! people holding you back?
Selecting and implementing the right technology and tools are not enough. Retailers must take a hard look at their capabilities and ask themselves: Now that I’ve got the right tools and support - Do I have the right roles and skills to survive—and thrive –? How can we organize to meet consumers’ evolving needs and enhance our competitive position without adding cost and complexity? How do I sustain the initial momentum with the business and leadership teams? Navigating these types of decisions can be overwhelming, but retailers can employ talent and organizational change management techniques to build the right skills, gain adoption and sustained ownership and establish organizational accountability to maximize your investments.
In this session three Accenture professionals from Accenture’s Retail practice with experience in over twenty Top 50 retailers on managing business and organizational change will discuss best practices on leading change management within your organization as well as techniques to increase your chance of success and common pitfalls to avoid.
Customer Case Studies:
The Journey to Locally Relevant Pricing
Walgreens, the nation’s leading drugstore chain at “the corner of Happy & Healthy” for everyone in America, embarked on its Price and Markdown Optimization journey with Revionics just over two years ago. In this presentation, they will share insights on their move up the maturity curve to take greater advantage of optimization technology, specifically in the area of store zoning. They will discuss how they used optimization to drive store clustering for their 8,000 stores, the analytics that helped define the new zones, and the change management process they used to get buy-in from all levels of the organization.
After Price Optimization Maturity – Avoiding Plateau through Business Process Metamorphosis and Increased Granularity
Big Y World Class Markets, an early adopter of Price Optimization, has successfully used Revionics to combine shopper insights and competitive data to strengthen their price image and drive loyalty while exceeding profit objectives.
They decided it was time to drive additional benefits by analyzing shopper response at a more granular level so they kicked off a Recharge in May of 2013. This effort inspired new uses of price review, what if scenario simulation and PI reporting – and uncovered an opportunity to create a new, collaborative business process with Category Managers. This presentation follows Big Y’s journey from implementation to Recharge with a major focus on their business process evolution.
Best Practices Sessions:
Unlocking Bigger Insights from Price Review
With Revionics Release 5.5 came big changes in base pricing Price Review capabilities that substantially enhance the analytic power of the technology. These new capabilities enable a greater number of disciplines to use Price Review to analyze the impact of price change. This session will discuss the power of the new design and how to craft new managed views to enable new analysis of KVIs, product substitutability, commodity pricing and margin protection and techniques to ensure that all products are properly reviewed. The session will also discuss the new data types available including PSI, Days at Current and Unit/Revenue/Profit Impact.
An Insight favorite is back again for its third year! We will share the latest and greatest methodologies being used by our science team to measure the impact of pricing. New developments include data analysis by the degree of alignment with our recommendations as well as the KVI status. These cuts will allow you to identify the most profitable behavior in your organization and spread it further to generate more value. We will also review the automated reporting available in our PI platform.
Pricing online is changing every day. There are new competitors, new tools to enable the customer, new ways to shop, new ways to get product to the customer, and new challenges for you compete on-line. Whether you are an Omni-channel retailer or a Pure-play online e-tailer, it is important to have a pricing strategy that keeps you competitive in the market, while making you the margin that you need to grow your business. This session will explore factors that influence an on-line price strategy, explain tools from Revionics to help you compete profitably, and share our vision for the future of e-commerce pricing.
Harnessing the Full Power of What-if Scenario Planning
What If---What Now? Unlocking the power of this highly versatile tool can change the way you look at pre-planning and the delivery of value analytics across more than just a hand full of prices. Learn how you can:
- Become more proactive than reactive in moving you pricing organization forward.
- Compare not only the reaction of a single category strategy change but how multi level changes act together to drive even greater enhancement to your recommendations and results.
- Let’s not forget evaluating items roles and changes in Key Value Items, as well as forecasting against the ever changing competitive landscape.
All of this in the comfort of your own testing environment, before ever having to export a single price to a store. This will help answer that age old question: ‘You got to know when to hold em, and know when to fold em!
Building Confidence in the Price Recommendations
The key to generating value is growing adoption. One key to growing adoption is building trust among your merchant team in the quality of the price recommendations. This session will explore important steps that foster trust including: data quality stewardship; meaningful forecast accuracy methodologies, and communication to the merchant teams.
Cannibalization & Affinity: How Does the Science Work and How to Use
A price change on one item can impact other items in your assortment in positive (affinity drag along effects) and negative (substitution or cannibalization) ways. This session will explore how Revionics’ Base and Promotional pricing can model and optimize to include these impacts. Beyond our portal, Dr. Geoff Pofahl, who studied cannibalization before joining Revionics, will take us deeper into the world of science of this demand impact.
New Science Services
This session will review the Advanced Analytics available from Revionics that can help refine your pricing strategies and configuration. We will review what is new with existing services such as KVIs, Store Zone Clustering, and the E-bench. We will also introduce new services offerings such as Item Clustering which helps retailers’ group items across both base price and promotional price strategies. It can help identify items that are better positioned for an EDLP price strategy versus a hi-low strategy.
Workshop Sessions - New this year!
Workshop sessions are highly interactive, discussion and white-boarding oriented conversations between retailers with Revionics facilitating. All attending retailers are highly encouraged to actively participate in the discussion by sharing their experiences and asking questions of others. Each Workshop will be led by 3-5 retailers to get the conversations started!
Change Management across the Maturity Curve
This Workshop session led by several retailers including Walgreens, Family Dollar, Tractor Supply Co, Dick’s Sporting Goods and Big Y will explore how the ownership of and process around pricing may change over time as a retailer matures in their adoption, sophistication and maturity with price optimization. Sub-topics to be discussed from how does it look and change from “day 1” to “year x” includes: who owns pricing, who owns defining KVIs, selling value to the merchants, and improving collaboration across the organization.
Taking the Emotion out of Determining KVIs
Choosing Key Value Items (KVIs), those items that set price perception, is too often done based gut instinct and revenue contribution. This workshop session led by several retailers including Tractor Supply Co, and Family Dollar will discuss how to create a fact-based methodology and the criteria around choosing KVIs and then how to best maintain the list. Specific areas to be discussed include: how big should the KVI list be, what are the parameters and drivers, what is the strategy behind it, how does science help determine a KVI, are there online vs. in-store differences to consider, how does this impact managing the category portfolio, who should own KVI selection, how do you get buy-in across the organization, and how do you know when they need to be updated.
Making Optimal Store Zone Segmentation Decisions
Localization is the key to success! This workshop session led by several retailers including Roundy’s Supermarkets, Nash Finch and Walgreens will discuss the methodology and criteria for making optimal and executable store zone segmentation choices. Sub-topics to be discussed include: how do you know when you are ready to do Store Zone Clustering, what sort of process and the criteria should be used for initial selection, how can you ensure its executable, how do you get signoff by other areas of organization, how do you sustain and grow your sophistication, how often should you review your store zones and what is the catalyst for changing them.
Revionics Strategic Vision & Roadmap
This session will review key features delivered, the roadmap moving forward, key initiatives underway, as well leave you with an understanding of the strategic vision behind it all.
Price Optimization Roadmap and 5.6 Release Highlights
This session will review the current Price Optimization product roadmap, provide details on upcoming features, and discuss the feature highlights, benefits, usage, and configuration options being delivered in the latest release.
Markdown Optimization Roadmap and 5.6 Release Highlights
This session will review the current Markdown Optimization product roadmap, provide details on upcoming features, and discuss the feature highlights, benefits, usage, and configuration options being delivered in the latest 5.6 release.
Taking Promotions on the Fast Track
In this session you will have early visibility into the where Revionics is headed with Promotions Optimization. Promotions can be a very complex business process that spans across Marketing, Merchandising, Finance and Advertising. Get a sneak peek into the new offer management capabilities underway and learn how Revionics is leveraging science, automation, and a new user friendly UI to streamline promotional complexity while enabling a cohesive & powerful end-to-end solution.
Boost Loyalty & Undermine Your Competitors with Social Powered Rewards
Communicating and connecting with your shopper is a proven winning strategy for increasing loyalty. Doing it ‘stealthily’, which is without your competitors being aware, is even better. This session will help guide our retail partners to better understand and shape the shopper’s path to purchase: from digital engagement to social advocacy and amplification – while increasing existing shopper loyalty, driving online and offline register rings and promoting new customer acquisition. Targeted and personalized incentives and offers delivered on social and mobile touch points enables "stealth pricing" - pricing that is customized to what your consumer cares about and not visible to your competitors.
Kicking Up Assortment and Macro-Space
This session will provide you with deeper insight into the roadmap for Assortment Optimization. Learn how Revionics is continuing to invest into assortment and leverage key consumer data, attribute-based science, demand transference as well as consumer decision trees into to deliver a leading edge Assortment Optimization solutions
Understanding Performance Intelligence This session will leave you walking away with a solid understanding of the key analytics that are available within Performance Intelligence. You will learn how to gain insight and when best to apply analytics when faced with key business decisions within your organization. In addition, in this interactive session, you will gain a deeper understanding of the roadmap for Performance Intelligence and where we are headed with reporting analytics.
Retail Pricing Precision – Unlocking Your Competitive Advantage
James Dodge, VP, Managing Director at Nielsen
Today’s retailers battle intense competitive pressures as channel lines blur and more-informed and technology-savvy shoppers demand more competitive prices. For retailers to find success in today’s price transparent world, they need to systematically leverage comprehensive market insights and optimization technologies to execute impactful price and promotion strategies in market. This session will highlight the latest retail trends and how they are affecting pricing strategies before laying out the path to pricing precision. We will uncover the keys to making the right strategic and tactical life cycle pricing decisions, enabling you to compete more profitably. The session will also preview how Nielsen and Revionics are working together to enhance the future of retail pricing precision by measuring shopper response to pricing elasticity and optimization, introducing a true view of in-store and online pricing and also integrating assortment best practices to ensure the highest return on your pricing and promotion strategies.
5 Reasons Why You Need To Monitor Your Online Competitors' Prices
Volodymyr Pigrukh, CEO & Co-Founder, Profitero - Global Price Intelligence
Consumer price sensitivity and increasing price competitiveness - coupled with the growing importance of eCommerce - mean it’s more critical than ever for retailers to monitor their multichannel competition. In this session from Profitero, the leading global provider of online competitor pricing data, we outline the five key reasons why every retailer needs to track their online competitors’ prices.
- Why it’s essential to ‘price right’
- How you can win the pricing game
- Ways to turn the showrooming threat into an opportunity
- The importance of adjusting your prices 24/7 or risk sales
- How to increase sales and profit margins
The turbo boost for price optimization - Electronic Shelf Labels from iMAGOTAG
Michael Moosburger, iMAGOTAG
Cost savings, efficiency and accuracy, sale promotions and customer interaction are all reasons as to why ESLs are gaining momentum in the retail industry. Time consuming label changes as well as accurately placing labels in a suitable time on the shelf is a thing of the past. Dynamically updating prices across a retailer’s network by simply taping a key with 100% accuracy in real time is a thing of today.
iMAGOTAG's fully-automated solution guarantees its partners advance, image and efficiency gain, as well as higher customer satisfaction with the aid of the most modern technology at the point of sale.
- In this session the clients will be introduced to
- The company
- The system and technology
- The product portfolio
- Case studies
- What’s on the horizon - the future of ELS displays
The Elephant in the Grocery Store: Amazon Fresh
Alexander Rink, CEO, 360pi
Technology continues to disrupt customer purchase patterns and related retailer channel strategies, especially with respect to pricing. What can we learn about the role of Competitive Price Intelligence (CPI) from categories that have already been disrupted - like electronics, books, and toys - and apply to categories just starting their e-commerce journey. Arguably, the single largest game changing category is Food & Drug, representing over a quarter of all US retail sales last year (source: US Dept of Commerce). Amazon is poised to reinvent the retail food landscape with Amazon Fresh, making CPI an urgent necessity for grocery retailers. In this session, participants will learn:
- Best practices for real time price intelligence;
- Importance of integrating online and offline CPI to be able to “right-price” and deliver a consistent customer experience;
- Key insights into Amazon’s grocery pricing practices and competitiveness based on an Amazon Fresh “basket of goods” analysis.
Super User CERTIFICATION Training
Level 1 and 2 Price Optimization Certification Training is for Super Users. Level1 Product Certification is designed for people that have taken basic Super User training. Level 2 Product Certification is designed for Super Users that have passed Level 1 Certification Training. These sessions include hands-on labs with laptops provided. Attendees will have access to our Pricing Strategy and Science teams in an educational atmosphere. Pre-registration is required. Space is limited. Attendees agree to stay for the entire duration of the class.
Certification Training: Level 1
The retail landscape is ever changing so why should your pricing strategies stay the same? The first half of training will focus on how slight changes in configuration can create the needed changes in your pricing tactics to counter your shopper’s ever changing needs and demands. We will look at how the ongoing evaluation of current performance is the pathway to better understand what changes may be necessary to sustain/achieve
your current goals.
You will learn to better understand your current configurations, including how to access and change configuration and the impact these rule changes can create on your strategies. We will also focus on the different areas of configuration management including the “What-If” scenario planning strategies - as well as the Default configurations within the tool. Learn how our newly created Visual Analytical tools, including the Ebench™ and S2bench™ can help validate pricing intent as well as help define strategic direction at Department-Category-Subcategory levels.
At completion you will know:
- The role of each of the configuration components current available in our system
- How to understand and evaluate current strategic configurations
- How to change these configurations within the system on demand
- The KEY components that can lead to powerful strategic directional changes
- How to define and create unique customized configurations that can be applied for your specific business needs
This second half of the day will help you understand the capability you have at your finger tips to better understand and control your strategic pricing tactics and how you can plan and evaluate those solutions before taking them live into your retail stores. We will take a deep dive in the value of the “What-if” Scenario Planning module and the creation of strategy assignment at varying levels of your hierarchy. Demonstrating how you can take advantage of the seasonality of items, forecasting the impact of various strategies against the same categories, and the role our Ebench™ offering can play in the assessment, creation, and management of category level pricing tactics.
At completion you will know:
- How to create and simulate scenarios surrounding alternative strategy
- Test and compare various models to identify the best strategic direction to achieve your organizations goals
- Evaluate and measure the forecasted impact for various strategies against the same products based on your customer demand signal
- How to utilize seasonality detail when crafting cyclical strategies for varying seasons within your business.
- How to create and evaluate alternate competitive groups and indexing
- How to evaluate current KVI offerings at differing levels of strategic configurations as well as test alternative KVI group and their impacts before implementation
Please Note: We have reached capacity for Level 1 Certification Training, but we are currently accepting names on a waiting list for Level 1 Certification Training in case any seats become available.
Level 2 Certification Training is still open.
Certification Training: Level 2
Level 2 Certification is training for Super Users that have attended Level 1 Certification and allows a person to obtain advanced Certification on base price optimization.
This training class will focus on:
- Product Group use cases for base and seasonal KVIs including their analysis and configurations
- Who should be involved in and who owns the Product Group item assignment
- How frequently should they be updated and key triggers that drive an update
- How many KVI’s is the right amount - taking into account item count (too many can erode profit, too few can erode price image), revenue impact and price image
- Assigning strategies and configurations to KVIs
- How to leverage the new Price Review Columns and Views including Elasticity, Elasticity Confidence, PSI, and Impact (including Cannibalization and Affinity) to drive incremental analysis and value
- Understanding where to focus your time within Configuration Management to achieve maximum benefit, including the correct number of Ending Number strategies, and the use of Scenario Planning in testing configuration and strategy changes
- How do you best analyze and report upon changes to Configurations and Strategies
At completion students will understand:
- The roles that Product Groups (KVI’s) play within your business and the best items to achieve the goals desired
- What role the advanced configuration components play within optimization
- How to understand and evaluate current strategic configurations
- How to model and change these configurations within the system on demand using the What-if Scenario Planning capability
For more information about the Certification Training and travel information, click here.