Author: Alison Raffalovich, Senior Corporate Communications Director
Retailers are under unprecedented pricing assault from aggressive online competitors, whether new entrants like Jet.com or established behemoths like Amazon.com. And shoppers have unprecedented access to pricing on any item, anywhere, across all channels, 24 hours a day.
But innovative thinkers have paved the way to demonstrating how to implement targeted price optimization to support dynamic pricing, whether for etailers, brick-and-mortar companies, or omni-channel.
Author: Cindy Kim, Vice President Global Marketing
The democratization of data has caused a dramatic shift in power from the retailer to the consumer. 2016 must be the year that retailers restore balance.
Today’s shoppers are always on the hunt for the best bargain – regardless of where the products are being sold – online or in store. The beauty of it all for them is that they now have an infinite universe of options to buy what they want at the price they want - online or in store.
Practical Strategies for Escaping the Promotions Death Spiral: World Retail Congress Panelists Share Insights Driving SuccessWednesday, 21 October 2015 00:00
By: Karen Dutch, Senior Vice President, Marketing
World Retail Congress is always a high-energy event and this year’s conference in Rome was no exception. With a variety of insightful break-out sessions to choose from, the panel titled “Kicking the Discounting Habit” stood out as one of the most well-attended and engaging sessions of the conference. And it’s no surprise – everyone knows this is a hot topic for retailers and shoppers alike. Price is top of mind for shoppers today and a retailer’s biggest margin lever. It’s incredibly critical to get every shopper the right offer, at the right time, via the right channel. WRC retailers were hungry to hear from their peers on pricing and promotion strategies and tactics that build shopper loyalty, enable them to compete more profitably and support their brand image while escaping the ‘race to the bottom’ death spiral.
Two of Revionics’ European customers, Argos and METRO Cash & Carry, participated on the panel, as did our Chief Science Officer Jeff Moore. Forrester Research VP and Principal Analyst George Lawrie moderated the panel asking incisive questions and keeping the conversation relevant and engaging.
By Cindy Kim
The complexities of promotions have exploded – and retailers are stuck in the endless “death by discount” cycle that is destroying their margins. To help retailers turn underperforming promotions into profit generating promotions strategy, we recently teamed up with Susan Nichols, Publisher for Apparel Magazine, Brian Kilcourse, Managing Partner for RSR Research, and Mark Schwans, Senior Director of Solutions for Revionics, for an insightful webinar. In case you missed it, you can view it here on-demand: Retail Pricing in a Dynamic Promotional World.
Following the webinar, I had a chance to speak with Brian and he was kind enough to contribute additional thoughts on this very topic.
Contributed Blog by Brian Kilcourse, Managing Partner, RSR Research
Retailers are caught in a promotions spiral. Two recent trends triggered that spiral; the lingering effects of the Great Recession have caused consumers to put more weight on “low price” as a key component of “value” than ever, and the mass adoption of “smart” mobile technologies by consumers since 2009-10 has made it possible for them to find the best solutions to their lifestyle needs anytime and anywhere, from anybody.
Revionics’s Competitive Data Partner (CDP) Program continues to build momentum in the industry. Announced last October, the program was created in response to retailers’ request to “take the friction” out of leveraging competitive data and insights at the speed, scale and frequency required to price more strategically and precisely.
Today, Indix, the cloud-based Product Intelligence company that provides analytics and insights for brands, retailers and developers, is the 10th competitive data provider to join the program!
(Authored by: Dick O’Brien, Director of Product Marketing at Revionics)
It should come as no surprise to even the most casual observer of retail trends that promotional activity has increased substantially over the past few years. What may not be as apparent is that the increase in promotional activity has not had the desired results. The frenzy of promotions may, in fact, be driving retailers into a downward spiral, a vortex of increasing promotions and decreasing sales and margins.