Our NRF 2019 theme, “AI Pricing: From Theory to Reality,” really resonated as Revionics experts connected with many leading industry analysts and media at NRF to provide a deep dive into the challenges retailers face today and how AI, machine learning-powered pricing, promotion and markdown solutions can help combat their challenges.
We also had two NRF Big Ideas panel discussions focused on:
- “Operationalizing AI In Pricing: Retailers Can’t Afford to Miss Shopper Signals”
- “I, Retail: AI, Machine Learning and Other Massive Price and Promotion Game-Changers”
These topics caught many of the media and industry analysts’ attention, including Agence France-Presse’s (AFP) business reporter John Biers, who interviewed Revionics’ Chief Marketing and Strategy Officer Cheryl Sullivan for his article “New Retail Tools Aim to Solve E-commerce Profit Dilemma.” Ranked as one of the largest news agency in the world, the AFP article was picked up by Yahoo Finance, UK-based Daily Mail, Germany’s TEKK.TV (in German translation), AT&T.Net news portal and many more.
In the article Biers notes, “Revionics offers programs using artificial intelligence and data analysis to help retailers identify the best price to avoid money-losing promotions.” He goes on to write, “Revionics’ software takes readings in real-time of other e-commerce vendors, analyzes price and customer data, and changes prices for individual products up to a couple of times a day if needed, a technique commonly known as “dynamic pricing.”” He quotes Cheryl saying, “’The key is to understand which competitor on which items makes a difference,’ Sullivan said. She said many promotions fail because they are on goods that are not truly price sensitive, or because they do not lead to sales on related items that make up for the discount.”
The “I, Retail” Big Ideas session included Constellation Research founder and chairman R “Ray” Wang, Cheryl, and Revionics’ customer Leo Lage, Competitive Intelligence Manager for Brazil-based Drogaria Araujo. The content and insight sparked interest from a reporter with the Minas Gerais, Brazil-focused Hoje em Dia, and he talked on video with both Carlos Rodriguez, Revionics Vice President of Latin America and our Leo Lage, about the benefits that retailers can obtain by using Revionics’ AI-powered price and promotion solutions. Outside the United States, Brazil boasts the most attendees at NRF and many of these attendees came to Revionics’ sessions and/or stopped by our booth. Click here to view Carlos’ video and click here to view Leo’s video. Several reporters and analysts attended our Big Ideas panel discussions, a further proof point that these topics are top-of-mind for both retailers, the media and analysts.
Revionics also provided commentary for several video interviews at NRF with leading media outlets including RIS News and Retail Leader. In her discussion with Retail Leader Editor-in-Chief Mike Troy, Cheryl discusses dynamic pricing, and how retailers who rely on AI-based science such as that which powers dynamic pricing are freed up to focus on strategic activities like modeling scenarios to optimize for their price strategies. They also explore how retailers can leverage promotion optimization to reduce promotional waste and reach shoppers with relevant offers in the channels and vehicles that they respond to.
Top Analysts Weigh In
We had fascinating discussions with an array of industry analysts at NRF about retail trends, the proven benefits of AI-based pricing and promotion optimization, and their track record of bottom-line impact for retailers worldwide.
We were excited to see that Ray Wang’s NRF event report identifying “Top Retail Trends for 2019.” Ray’s #1 trend for 2019 is (drum roll!) Dynamic Pricing and Pricing Optimization. AI and ML Pervasiveness is also on Ray’s list.
NRF always presents great opportunities to collaborate with retailers on how to tackle their most daunting challenges and understand the practical realities of AI, machine learning-powered pricing and promotion solutions, which help retailers compete more aggressively, obtain stronger margins/profits and ensure the strongest customer loyalty possible. We’re looking forward to many more productive media, analyst and retailer conversations at Shoptalk 2019!