Program Enables Retailers to Leverage All Sources of Competitive Data and Insights at Speed, Scale and Frequency Desired
AUSTIN, TX – (October 14, 2014) – Revionics, Inc., a leading global provider of End-to-End Merchandise Optimization solutions, announced today the launch of their Competitive Data Partner Program and the program’s inaugural members, which include many of the retail industry’s leading competitive data providers. Being introduced at a crucial time in the retail market, this new program enables retailers to seamlessly incorporate all sources of competitive data into their competitive positioning strategies at the speed, scale and frequency to capitalize on the ever-changing competitive marketplace conditions.
Today’s retailers are battling intense pressure from consumer price transparency, increased competition and informed and connected multichannel shoppers. Responding strategically to shifting shopper and competitive behavior is paramount to surviving and thriving. Results of a recent survey conducted by Revionics with over 100 leading retailer respondents, confirms that the need for competitive data and insights is critical.
Revionics Surveys Leading Retailers for Competitive Data Insights:
- 100% of respondents integrate some form of competitive data into their pricing
- 65% of respondents use more than one source for their competitive data
- 45% stated that they use three or more types of competitive data
- For retailers that use more than one vendor, 70% responded that they use three or more data types
Competitive Data Partner (CDP) Program Defined
The program introduces the industry’s first Competitive Data “Connector” which provides a simple to use, standard interface enabling competitive data providers to directly send competitive pricing data and insights to Revionics® Price Optimization. The “Connector” supports all sources of competitive data and pricing intelligence including shopped and audited data, online data intelligence, market data and Pricing Insights through the existing alliance with Nielsen. Being able to ingest data directly from a provider takes the burden off of the retailer so they can focus on more strategic activities and enables competitive data and insights to be systematically operationalized with other critical internal and external data at the speed, scale and frequency desired.
Revionics and its CDP Program members working together agree to support the “Connector” and members will pass a technical certification test. Going forward the program will be expanded to include Revionics® Promotion Optimization and Revionics® Markdown Optimization.
Intelligent Pricing – Data, Science, Rules, Strategy
Revionics Price Optimization combines data, science, strategy, business rules and operational constraints enabling retailers to execute shopper-centric, fact-based pricing and competitive strategies aligned with category, corporate and financial objectives. Through the CDP “Connector”, competitive pricing intelligence can now be easily incorporated into pricing decisions weekly, daily, hourly or even more frequently. Revionics Price Optimization benefits include:
- Image enhancing, profitable prices that achieve strategic and financial objectives
- Ability to forecast and measure the impact of price changes
- Automation of the pricing process to ensure consistency of price image while eliminating manual, error prone tasks
- Surgically execute competitive positioning while maximizing profit opportunities
- Real-time “What-if” simulation allowing alternate strategy outcomes to be compared prior to implementation
- Localizing prices based on shopper demand and competitor behavior
“Systematically incorporating competitive pricing intelligence with other critical data – such as POS, weather, loyalty – and then applying science, rules and constraints with strategy ensures retailers are making optimal fact-based pricing decisions,” said Marc Hafner, Revionics CEO. “With the continued rise in multichannel shopping and price transparency, operationalizing the use of competitive pricing intelligence at speed, scale and frequency is crucial to a retailer’s success.”
Inaugural Competitive Data Partners
The following Competitive Pricing Intelligence providers are members of this newly announced program: Brand View, Engage3, MarketYze, Nielsen, Profitero, Retail Data and 360pi.
“Reacting to pricing data that is readily consumed by shoppers, available online and often advertised by rival stores is critical. Understanding the competitive price and promotion landscape for key lines, as well as optimizing the price of all lines by category, can quite simply transform profits and sales.”
–Bruce Dove, President, Brand View
“Engage3 is innovating competitive pricing data with crowdsourcing and intent-to-buy data to bring shoppers directly into the pricing equation. We are excited to work with Revionics in the Competitive Data Partner Program to amplify shopper demand signals and enhance pricing intelligence through Revionics® Price Optimization.”
–Ken Ouimet, CEO/Founder, Engage3
“Obtaining a true view of price position across the market is critical to staying competitive in today’s omni-channel world. We are pleased to partner with Revionics to provide advanced pricing and promotion intelligence that seamlessly integrate with Revionics platform. We look forward to helping retailers understand competitors’ top-sellers and assortments, in order to make smarter decisions about their own inventories and buying strategies.”
–Onn Manelson, Founder and CEO, MarketYze
“The program builds on Nielsen’s existing alliance with Revionics. The Nielsen alliance combines our price insights and total market perspective with Revionics’ software to provide a total market picture of pricing actions. We are excited to work with Revionics and to drive better outcomes for our clients.”
–Uta Werner, Executive Vice President – Performance Management, Nielsen
“Profitero is proud to partner with Revionics, providing real-time online pricing data to its retail customers. We believe that both brick-and-mortar and online retailers stand to benefit from knowing their online competitors’ pricing data in today's hyper-competitive retail environment. Profitero collects online competitor pricing data every day, which is seamlessly delivered into Revionics’ price optimization platform for more effective price optimization."
–Vol Pigrukh, CEO and Co-Founder, Profitero
“Retail Data is thrilled to be a part of Revionics Competitive Data Partner Program! Retail Data and Revionics have enjoyed a longstanding relationship in bringing together Best of Class In-Store Data Content and Price Optimization Solutions to retail. This Agreement underscores the value that both companies, working together, bring to the industry and we look forward working closely together in the future.”
–Steve Rothermel, Senior Vice President of Sales, Retail Data
“Price intelligence is the cornerstone of leading retailer price optimization solutions, making data accuracy and reliability paramount. We are extremely pleased to work with an acknowledged price optimization leader like Revionics to deliver maximum value to omnichannel retailers."
–Alexander Rink, CEO, 360pi
To find out more about this program, please visit: http://revionics.com/pricing-intelligence.html
About Revionics, Inc.
Revionics delivers proven End-to-End Merchandise Optimization solutions, enabling retailers of all sizes to execute a fact-based omnichannel 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 omnichannel shopping episode – online, in-store, social and mobile. Offered on a scalable, high performance SaaS platform, these solutions deliver insights and recommendations at speed, scale and frequency, while providing speed-to-ROI. Over 37,000 global retail locations representing $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 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.