Best-in-class pricing strategy and price optimization transform operations and profitability of large retailers
ROSEVILLE, CA and BANGALORE, INDIA – June 20, 2011 – Revionics, Inc., a leading provider in retail life cycle price optimization solutions, today announced a strategic partnership with Wipro Technologies, the Global Information Technology, Consulting and Outsourcing business of Wipro Limited (NYSE: WIT). The partnership brings together Revionics’ best-in-class retail life cycle price optimization solution with one of the largest service providers worldwide creating a unique offering enabling retailers around the globe to enhance the performance benefits of price optimization technology up to 50%.
“Revionics is a leading provider of life cycle price optimization solutions with a proven track record of helping retailers improve sales, margins, and customer loyalty through consumer demand driven pricing. This capability combined with Wipro’s deep analytics capabilities, quality service, support and retail domain expertise, customers can expect a fast and easy deployment that will quickly deliver a positive ROI,” said Bhanumurthy B. M, senior vice president, Retail, CPG, Transportation & Government, Wipro Technologies.
In today’s hyper-competitive environment, customer centricity is one of the key factors that allow retailers to perform better than the competition. Obtaining a 360 degree view of customers – their preferences, buying behavior and characteristics and accordingly pricing the products effectively – enables retailers to augment their strategies to increase customer wallet share.
Revionics has one of the largest install rates – over 20,000 stores – using its life cycle price optimization solution. Revionics price optimization solutions which include base price, promotion, and markdown optimization evaluates and predicts consumer shopping behavior, enabling retailers to build and execute a retail pricing strategy that improves revenue, profit and customer loyalty. Through its partnership with Wipro, Revionics is able to deliver the full range of analytical and implementation services to the largest retailers worldwide. The partnership also expands Wipro’s retail solution portfolio to their existing retailer customer base with a leading price optimization offering enabling them to accurately translate consumer behavior into better strategies, and make fact-based pricing decisions across the life cycle of an item.
"With consumers coming out of what some call ‘the great recession’ with a keener interest in value, the unprecedented transparency of price afforded by mobile search on smartphones, upward pressure on retail prices in segments like apparel, and persistent negative consumer sentiment about the economy, getting prices right is at once harder and more critical to a retailer's success," remarked Greg Girard, program director, Merchandising Strategies, IDC Retail Insights. "Developing the capacity for planning and executing adroit pricing strategies based on the adoption of advanced science and analytics requires the combined capabilities of superior pricing technologies and implementation services."
“Wipro is one of the most trusted global brands experienced in providing large retailers shopper-centric solutions and services that transform their business processes and performance,” commented Marc Hafner, president and CEO, Revionics. “Partnering with Wipro Technologies extends the value of Revionics’ price optimization technologies to new regions and new customers.”
Revionics Life Cycle Price Optimization Enables the Intelligent Retailer
Retailers require sophisticated, scalable tools to help them plan, execute and measure their pricing strategies. Shopper-centric pricing compels a retailer to understand how consumers are behaving by store, and how they shop by item.
Revionics’ innovative “Optimize with Confidence” approach, which is based on providing the industry’s most usable science and transparency on one platform, drives unparalleled confidence in price recommendations, which accelerates adoption and ROI (return on investment). Usable science integrates and balances a retailer’s pricing rules, strategies, and operational policies with optimization science to deliver smarter pricing that aligns with category business plans and strategies. Price transparency provides visibility into the “why” behind recommendations. The Revionics technology leverages advanced science and an integrated forecast on one platform, enabling a coherent view of customer demand across all decision areas, including base, promotion and markdown pricing.
About Wipro Technologies
Wipro Technologies, the global IT business of Wipro Limited (NYSE:WIT) is a leading Information Technology, Consulting and Outsourcing company, that delivers solutions to enable its clients do business better. Wipro Technologies delivers winning business outcomes through its deep industry experience and a 360 degree view of “Business through Technology” – helping clients create successful and adaptive businesses. A company recognized globally for its comprehensive portfolio of services, a practitioner’s approach to delivering innovation and an organization wide commitment to sustainability, Wipro Technologies has 120,000 employees and clients across 54 countries. For more information, please visit www.wipro.com.
About Revionics, Inc.
Revionics delivers innovative lifecycle 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, pay-as-you-go, software-as-a-service platform. Over 20,000 retail locations across grocery, automotive, drug, building materials, convenience, general merchandise, and discount stores are priced using Revionics solutions. For more information, please visit www.revionics.com.