With NRF as an inspiring springboard going into 2018, we see that critical elements of retail success and strategy are becoming even more prominent: the shopper’s experience must be more connected, more engaging and more seamless. With the shopping journey developing rapidly, price remains the key decision factor for shoppers worldwide. How can retailers – facing fierce obstacles, including digital disruption, steep competition from discounters and online giants, as well as rising costs – become smarter and faster in their pricing and promotions? Today the only answer is to leverage data science and artificial intelligence (AI).
At EuroCIS, Revionics hosts two sessions. One is a deep dive into the global shopper study “Demystifying Price and Promotion,” exploring long-standing retail myths and contrasting shoppers’ true views of their pricing perceptions, preferences and tolerances. The other session will present valuable, actionable insight on artificial intelligence/machine-learning price optimization.
AI/Machine-Learning Pricing: Why Retailers Are Saying It’s No Longer Optional
Date/Location: 28 February 2018 from 16:00 to 16:30 p.m. CET | EuroCIS Forum
Speaker: Anastasia Laska, VP of Marketing EMEA, Revionics, Inc. and Ales Drabek, Chief Digital and Disruption Officer, Conrad Electronic SE
Gone are the days of long lead times, limited data sources and success through spreadsheets. To remain relevant in today’s turbulent landscape, retailers must adopt science-based pricing. This discussion will show why AI/machine learning science-based pricing is no longer a luxury for retailers but instead is an imperative. Retailers will gain key insights into how to price more strategically, see past the myths around dynamic pricing and respond faster to shifts in competitive response, shopper behavior and market dynamics to unlock the secrets for a win/win for both you and the shopper. Conrad Electronic will testify to their experience and path to success in the challenging landscape of the consumer electronics market.
Retail Pricing Myths Debunked by Shoppers
Date/Location: 28 February 2018 from 16:30 – 17:00 p.m. CET | Omnichannel Forum
Speaker: Cheryl Sullivan, Chief Marketing and Strategy Officer, Revionics, Inc.
Recent Revionics-commissioned global shopper studies by Forrester Consulting reveal insight into shoppers’ views around different pricing and promotions practices, including their views on retailers’ use of data science to determine prices, dynamic pricing and price matching practices. The research also sheds light on shoppers’ tolerances for price increases during competitive stock outs, what drives their loyalty, key factors they look for when selecting where to shop and how they view and respond to spot offers. This session reveals surprising findings from both studies at a global and by-country level, including Germany, the U.K. and France, providing key insights that can be leveraged to hone pricing strategies, more effectively engage your shoppers, and successfully compete in today’s shopper-centric world.
Stand C36/Hall 9: Revionics will be demonstrating its consumer-focused, data-driven SaaS solutions
Revionics’ will have experts at Stand C36/Hall 9 to demonstrate why science-based price and promotion optimization are no longer luxuries, but instead a critical part of a retailer’s overall business strategy to drive growth, earn shopper loyalty and deliver optimal business results. At the stand, Revionics will feature its Price, Promotion and Markdown optimization solutions, including the new Promotion Performance Analysis (PPA) that leverages machine-learning science to measure the true effectiveness of a retailer’s promotions.
We at Revionics hope to see you at EuroCIS, 27 February – 01 March 2018 in Dusseldorf, Germany. To make an appointment to talk to our experts, please click here.
i Understanding Retail Customers’ Pricing Expectations and Tolerances, May 2017 and “Demystifying Price and Promotion,” September 2017, commissioned studies conducted by Forrester Consulting on behalf of Revionics.