Don’t Be That Guy: Retailers Losing Millions in Unprofitable Promotions
There were several jaw-dropping results from our recent Revionics-commissioned global shopper study by Forrester Consulting. But one finding that really jumped out at me was that 52% of the weekly or monthly promotions retailers offer go to customers who would happily have paid full price.i At a time when retailers fight for every single margin dollar, this is a stunning – and needless – cause of margin leakage.
Fortunately it’s easy to put a stop to the bleeding, starting with quick-hit Promotion Performance Analytics and progressing to full-on Price Optimization, Promotion Optimization and more. My fellow Revionics experts will engage with leading retailers at Shoptalk 2018, March 18-21 at the Venetian in Las Vegas in booth 2809, offering retailers insight into why the time is now to leverage the power of Artificial Intelligence’s (AI) machine-learning science. These proven capabilities rive optimal decisions and results for pricing, promotions and markdowns to structure a sustainable business in today’s brutally competitive environment.
With applied optimization, retailers can deliver carefully crafted, compelling prices to shoppers when and where they matter, while recovering margin and delivering to the bottom line on other items in the assortment. We’ve been THE industry pioneer in advancing AI’s machine learning solutions in pricing, and I will be exploring this topic in more depth at my Revionics Techtalk on the exhibit floor at 3:39 p.m. on Tuesday, March 20.
Stop by to meet the experts and learn how YOU can leverage solutions that blend data science, retail science, and AI’s machine learning. We help innovative retailers worldwide translate shopper insights and competitive response into high-impact results and a healthy ROI – which is critically important as the retail industry faces unprecedented upheaval. With proven algorithms that continually learn and improve, retailers can ensure their pricing, promotions and markdowns keep pace with shoppers’ ever-changing preferences and shopping behavior.
There’s a reason we at Revionics got such outstanding rankings in the 2017 RIS Software LeaderBoard. Based on survey results from retailers we were among the very best in Customer Satisfaction, Total Cost of Operation, Software Reliability, Technology Innovation, Return on Investment, Recommendation, Quality of Support and Quality of Service.
i“Demystifying Price and Promotion,” a commissioned study conducted by Forrester Consulting on behalf of Revionics, November 2017.