Price Management, Optimization & Analysis
Today's retailers face a number of challenges -- hyper-competition, heightened shopper price sensitivity and rising costs -- which are putting pressure on margins and sales growth. Rapidly shifting shopper and competitor behavior adds to these challenges and drives increased price change frequency requirements. Retailers who leverage the speed, science and strategy of demand-driven pricing now have a clear advantage over their competition.
Revionics® Price Optimization has the most installations in the retail industry, helping retailers price with confidence by leveraging demand-based science and predictive analytics to:
- Shape & predict customer behavior
- Surgically execute competitive positioning
- Automate manual pricing processes & rules
- Improve customer loyalty
- Forecast & measure price change impact
The Optimal Price
Blending data, business rules, pricing science and retailer strategy is the fundamental premise behind Revionics proprietary optimization and price management process. These optimization components work in concert to enable retailers to predict and respond to changing shopper and competitor behavior at the speed, scale and frequency required to remain competitive today.
Internal & External Data
Business Rules & Operational Constraints
Incorporates margin targets, competitive positions, private label relationships, ending numbers, price change limits, minimum pricing requirements and more
Includes shopper demand elasticity, seasonality, holidays, trends, cannibalization and affinity
Pricing Strategies & Tactics
Configure any intersection of store/product hierarchy and isolate image drivers (KVI’s) leveraging predefined or customized strategies for granular execution of business and financial strategies and objectives.
Key Solution Features
Sophisticated-yet-usable science achieves operational efficiencies with data automation and price management while providing tools for planning, simulation, analysis and measurement which enable users to be more strategic and less tactical in pricing decisions. The user-friendly interface makes it the perfect tool for pricing strategists and merchants - not just analysts or scientists!
Revionics best-in-class features include:
- Real-time 'what-if' simulation
- Forecasting & measurement
- Weekly & on-demand modeling
- Recommendation prioritization
- Actionable reporting & insight
- Pre-configured pricing strategies
- Customizable pricing strategies
- Competitive & market data integration
- Automated price management
- Target margin
- Competitive indexing
- Price Families
- Key Value Items
- Price Per Unit
- MAP, price & cost lock enforcement
- Price change limits
Easy to use screens and reports enable users to simulate alternatives, prioritize decisions and take action at speed and scale. Taking the emotion out of pricing decisions while providing transparency into the “Why?” behind any recommendation builds user trust and confidence - leading to very high levels of user adoption.
Price Optimization Benefits
Retailers who use Revionics® Price Optimization see a Return on Investment within 9 Months, 2-5% Gross Margin Gains and 1-4% Profit Improvement.
- Balances need to provide shoppers & shareholders with value
- Turns insights into actions at speed & scale
- Aligns pricing strategies & tactics with category & financial objectives
- Executes competitive positions while maximizing profit opportunities
- Automates price management by enforcing rules & constraints
- Localizes pricing to exploit local shopper & competitor behavior
- Integrates most current data & trends into pricing decisions
- Measures effectiveness & automatically adapts to changing conditions
Explore More on Price Optimization
Review this selection of thought provoking insights, customer experiences & articles to learn more.
For more information please visit our Retailer Resource Library for a complete selection of thought leadership papers, data sheets and on-demand webinars. Additional case studies can be found on our Customer Case Study page.