Revionics Extends Leadership in Life Cycle Price Optimization with Product EnhancementsNew Capabilities Enable Retailers to Better Compete in Today’s Dynamic Marketplace
ROSEVILLE, CA – October 10, 2011 – Revionics, Inc., the leading provider of retail life cycle price optimization solutions, today announced the latest release of the Revionics Life Cycle Price Optimization suite of products. The new release is the third release in 2011 and extends Revionics’ leadership by delivering functionality and usability enhancements that empower retailers to increase sales, profit, and customer loyalty in today’s dynamic and increasingly competitive marketplace.
“Leading retailers are looking to price optimization solutions to provide price recommendations based on consumer insight to increase revenue, profit and margin dollars,” said Kevin Sterneckert, vice president, Consumer Value Chain, Gartner. “Price optimization across the price life cycle – base price, promotion, and markdown - drives measurable value and delaying adoption may create a distinct market disadvantage.”
The new release provides enhancements across the Revionics Life Cycle Price Optimization suite of products – Revionics Price Optimization, Revionics Promotion Optimization and Revionics Markdown Optimization – and continues to deliver upon Revionics’ innovative ‘Optimize with Confidence’ approach.
New capabilities include:
Expanded Actionable Insight to Drive Better Decision Making and Improve ROI
- Advanced Scenario Planning to take into consideration factors including seasonality, future costs, and assortment to further strengthen the category review and pre-season planning and workflow.
- Dynamic Markdown Clustering that provides recommendations to group stores by markdown event - not by usual store zones. This enables retailers to optimize the impact of markdowns by taking into consideration factors such as competition and weather and maximize the margins on their inventory.
- Comprehensive promotion planning and optimization across all channels - including social media - to enable retailers to determine what are the right products to promote, through which promotional vehicle, at what price and when.
- Multiple reporting enhancements including the improved ability to compare forecasts to actual results in a variety of ways, accurately track how many prices buyers are taking, rejecting, etc. at the product level and allocate vendor specific sales forecasts in vendor level forecasts (by item-zone-vendor).
Increased Transparency Accelerating Confidence by Explaining the ‘Why?’ Behind all Recommendations
- Elasticity Confidence factor is provided to help retailers interpret an item’s relative elasticity value and the impact it has on pricing recommendations.
- Audit reports that track all pricing configuration changes – who changed what, when, and why.
Improved Usability to Further Increase Adoption and Productivity
- Enhanced customizable views and navigation capabilities that include drag & drop and advanced filter criteria options to make pricing reviews easier.
“The enhancements to the Revionics solution – including the what-if scenario planning capabilities and pre-season planning functionality – were particularly important and timely as we have been reviewing and managing our pricing strategies in this inflationary economy over the past year” said Steve Luoma, director of pricing, Family Dollar Stores.
“This release extends cornerstone capabilities – insights, transparency and usability – that are essential to driving adoption and value“, said Marc Hafner, president and CEO, Revionics. “Providing industry leading capabilities that empower our customers to more rapidly realize value from price optimization and compete more effectively in today’s dynamic marketplace is our primary objective.”
Revionics Empowers Retailers to Optimize with Confidence
Retailers require sophisticated, scalable tools to help them plan, execute and measure their pricing strategies. Customer-centric pricing which incorporates preferences and buying activities compels a retailer to understand how consumers are behaving by store, by channel, and how they shop by item.
Revionics’ innovative “Optimize with Confidence” approach is based on providing the industry’s most usable science and transparency on a single platform to drive unparalleled confidence in price recommendations, which accelerates adoption and ROI. The Revionics Life Cycle Price Optimization suite leverages usable science that integrates and balances retailers’ pricing rules, strategies, and operational policies with consumer demand to deliver more effective pricing recommendations that align with category plans and corporate financial objectives. Price transparency provides visibility into the “why and how” behind every recommendation, clearly exposing the contribution of each strategy objective and constraints. With Revionics, retailers can always answer the question “Why did the price change?”. The Revionics Life Cycle Price Optimization suite includes Revionics Price Optimization, Revionics Promotion Optimization, and Revionics Markdown Optimization.
About Revionics, Inc.
Revionics delivers innovative life cycle price optimization solutions to retailers, including base, promotion, and markdown pricing. The Revionics technology leverages an integrated forecast, enabling a coherent view of customer demand across all decision areas. Our proprietary approach, Revenue Bionics™, applies advanced analytics and science to predict customer behavior, empowering retailers to achieve their financial objectives, improve customer loyalty, and make better, faster decisions. Our solutions are delivered on a modern, fully scalable, software-as-a-service platform. Over 20,000 retail locations across grocery, drug, building materials, convenience, general merchandise, discount and sporting goods stores are priced using Revionics solutions. For more information, please visit www.revionics.com.