March 7, 2012
New capabilities enhance a retailer’s shopper-centric approach to pricing and promotions
ROSEVILLE, CA – March 7, 2012 – Revionics, Inc., the leading provider of retail life cycle price optimization solutions which are optimizing 30,000+ retail stores weekly and $73B in revenue annually, announced the release of Revionics® Workbenches, which are new solutions providing retailers with sophisticated visual and interactive predictive analytics. Retailers can leverage these intuitive solutions to more quickly identify the best opportunities to improve financial performance, make price strategy adjustments based on facts and drive incremental ROI. The company also announced enhancements to their cloud-based Life Cycle Price Optimization suite of solutions that help retailers sharpen their pricing strategies based on a “shopper-centric” approach.
Advanced Visual Predictive Analytics for Faster Decisions
The new Revionics® Workbenches are highly interactive solutions that enable retailers to visualize vast amounts of complex information at each level of the item/store hierarchy – providing a macro to micro view. This ease of use visualization has enabled Workbench beta customers to reduce decision times from a week to 5 minutes. The first two Workbenches available for retailers include:
- Elasticity Workbench (E-Workbench): Provides a visual representation of price sensitivity values and distributions, as well as revenue and profit contribution at each level of the item/store hierarchy. Using this new capability, retailers can assess the most profitable pricing opportunities across their business and quickly modify their pricing strategies. The Workbenches can also be used to help retailers better understand their mix of price sensitive and price insensitive merchandise, and how they may differ across stores and zones. The Elasticity Workbench features easy drill-down/drill-up capabilities, highly interactive graphs and the ability to identify opportunities to drive traffic, defend turf, grow revenue, adjust volume and enhance profit margins.
- Strategy Simulation Workbench (S²-Workbench): Confirms or guides retailers through the selection of the optimal price strategy through the visualization of predicted impacts on units, revenue, and profits. These predicted impacts are viewable in two ways: 1) by strategy or pricing scenario – use this view to visualize predicted impacts across numerous categories, subcategories or products and 2) by product/store hierarchy combination – see how impact predictions vary across numerous pricing strategy scenarios. The benefits of the S²-Workbench are easier and faster set-up or adjustment of pricing strategies and a deeper understanding of result drivers.
New Enhancements to Revionics® Life Cycle Price Optimization Solutions
In addition to the new Workbench solutions, the company has also announced enhancements to their cloud-based Life Cycle Price Optimization suitewhich includes base pricing, promotion, and markdown planning and optimization. The new capabilities are immediately available to the company’s customer base of 30,000+ retail locations and will enable them to better plan, execute and measure their pricing strategies using a “shopper-centric” approach to view how consumers behave by store and shop by item. New features which extend this ‘shopper-centric’ approach include:
- Business Rules: Continued advancement of the management of rules to more effectively shape and respond to shopper demand, including improved support and insight for tiered pricing.
- Softlines Capabilities: Supports initial pricing and compliance with supplier policies, including the handling of MAP (Minimum Advertised Price) and NPIP (New Product Introductory Pricing).
- Impact of Weather: The ability to plan and adjust pricing based upon climatic or seasonal changes, though Revionics’ strategic partnership with Planalytics.
- Vendor Deals: Incorporation of vendor deals to enable retailers to make more effective markdown and promotion decisions.
- Actionable Insight: Enhanced reporting and dashboards providing faster access to actionable insight and additional workflow capabilities to support business processes.
“We are addressing a strong industry need by delivering advanced visual predictive analytics capabilities and enhancements to our pricing optimization solutions,” stated Marc Hafner, Revionics’ President and CEO. “By leveraging these solutions, retailers will be able to make faster and more intelligent decisions around their pricing strategies, which will have a direct, positive impact on their bottom-line while improving customer loyalty.”
More About the Revionics® Life Cycle Price Optimization Suite
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 shopper-centric 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’s objective and constraints. TheRevionics® 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 solution leverages an integrated forecast, enabling a coherent view of customer demand across all decision areas. Our proprietary approach 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 30,000 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.