Sessions will reveal innovations and case study examples on Life Cycle Price Optimization solutions for retailers
AUSTIN, TX – (March 19, 2014) – Revionics, Inc., the global provider of End-to-End Merchandise Optimization solutions, announced today that several of their experts will be presenting on science-driven Life Cycle Price Optimization at the 14th Annual INFORMS Conference on Business Analytics & Operations Research, March 30-April 1, 2014, in Boston, Massachusetts.
This year’s conference theme is The Analytics Revolution and is focused on providing a cross-industry view of high-impact analytics applications in the real world and how they can be applied as a competitive driver. Revionics’ experts will be providing a deep dive into Life Cycle Price Optimization solutions which include base price, promotion and markdown and how advanced demand-based science and predictive analytics is enabling retailers around the world to execute shopper-centric pricing and competitive strategies to compete more profitably.
Product life cycles vary across stores, markets and channels and the proliferation of data to be analyzed is daunting without scientific solutions, which can organize the data, make inferences and create recommendations that are localized and aligned with the retailer’s brand and financial objectives. Revionics’ experts will share best practices and case study examples of how retailers have increased revenue, profits and gross margins through Life Cycle Price Optimization solutions.
REVIONICS PRESENTATION AND POSTER SESSIONS:
Track 3 | Marketing Analytics Session | Monday, March 31, 9:10-10:00 a.m., Harbor II:
Presentation:Evolution of Price Optimization Models and Pricing Principles
Speaker: Kathleen M. Egan, BS IE, MBA, Vice President of Science and Strategy Services, Revionics
This session will cover the evolution of pricing optimization and how it has become a critical part of a larger strategy supporting more shopper-centricity for retailers globally. By leveraging this big data, retailers of all sizes have seen measurable value – increased revenue, profits and gross margin – from its use. The session will cover developments such as digital shopping data growth, mobile price transparency, cloud computing and how today’s demand-based pricing models are more robust than ever and are used across the entire product lifecycle.
Poster Sessions | Tuesday, April 1, 2:45-3:35, Main Conference Hall:
Session: A Decomposition Approach to Markdown Optimization with Budget Constraints
Speakers: Jeff Moore, Chief Science Officer, Revionics; Andrew Vakhutinsky, Principal Scientist, Revionics; Cem Vardar, Senior Optimization Scientist, Revionics
This poster presentation will cover markdown optimization solutions involving multiple products and locations that are subject to individual item and budget constraints, which limit the total markdowns taken per period. We will discuss the dynamic generation of markdown price trajectories for individual items and the selection of trajectories that collectively satisfy budget constraints. This session will also cover the results of computational experiments based on real-world retail sales data.
Session: Demand Forecasting for Substitutable Products Using Discrete Choice Model
Speakers: Andrew Vakhutinsky, Principle Scientist, Revionics; Setareh Borjian, MIT/intern, Revionics
This poster presentation will present an approach to inferential modeling of product demand leveraging a discrete-choice framework. By using an attribute-based utility model, we will propose an approach for predicting sales of an item based on its attributes even if it has no prior sales history. We will illustrate some of the weaknesses of the simple multinomial logit model for this purpose, motivating the need for more sophisticated approaches including the nested logit. We will present the results of some computational experiments and examine how the approach to attribute-based demand forecasting can be extended to incorporate other choice models.
For more information on the INFORMS conference or to register, click here.
About Revionics, Inc.
Revionics delivers the industry’s most powerful End-to-End Merchandise Optimization solution, enabling retailers of all sizes to execute a fact-based Omni-channel merchandising strategy utilizing the most comprehensive set of shopper demand signals to enhance financial performance with improved customer satisfaction. Revionics’ solutions leverage advanced predictive analytics and demand-based science to ensure retailers have the right product, price, promotion, placement and space allocation for optimal results across all touch points in the Omni-channel shopping episode – online, in-store, social and mobile. Offered on a scalable, high performance Cloud-based SaaS platform, these solutions future-proof retailers from Big Data/Fast Data challenges, while providing speed-to-ROI. Over 37,000 global retail locations and $150+B in annual revenue across grocery, drug, building materials, convenience, general merchandise, discount, sporting goods stores and eCommerce sites optimize with Revionics’ solutions. Revionics has been recognized as a 2012 Deloitte Technology Fast 500™, Red Herring Top 100 Global, Red Herring Top 100 Americas and JMP Securities’ Hot 100 Software Company. For more information, please visit www.revionics.com.