What Revionic’s annual pricing conference revealed about the state of retail and pricing today
This year, Revionics Insight, our premier pricing event, looked a little different. Although the pandemic kept us from meeting in person and instead pushed the conference online, one thing remained the same – the sharing of knowledge and expertise from retail and pricing experts across the industry.
With many of our team members attending or leading sessions, we wanted to know what stood out to them the most this year. Here’s what a few of our speakers had to say.
“I heard a few instances of the old adage that ‘change is constant’ and this is just another change, albeit a major, unprecedented one. Because of that, there was a lot of discussion focused on strategically pivoting versus having hasty, emotional reactions, as well as managing the most important needs of the customers. Retailers are managing all this while sticking to the core principles of the merchandising and pricing strategy, which is competitively priced products that create value and a positive experience for customers.” – Edward Kuehnle, Revionics Customer Success Director
“When you look at the market, what stands out is just the sheer magnitude of change and the pace of change that we’re all living. Our lifestyles have shifted so much that [retailers] are now thinking about that constrained consumer, the need to do more with less, about that homebody economy. And that’s ringing very true across a lot of product categories, from the DIY projects, to pet grooming at home, to self-grooming at home. But then you know that the timing on all of these changes is happening at a pace that we’ve never seen before.” – Scott McKenzie, Nielsen Intelligence Unit Global Head
“I think the main focus was on how to understand what’s happening and how to understand what parts of strategy and operations should be revised and adapted – whether that’s a store format, or revising the approach to analytics, or re-shaping the organization.” – Katja Langensteiner, Customer Success Director
“Another point that really came through was how well we partner with our customers to solve retail challenges. We were grateful to have so many of our customers join the event to speak, and it was evident in the way they talked about working with Revionics that our guidance and cooperation is an important part of their pricing success. It’s always encouraging to talk with our satisfied customers and hear how they have driven a lot of value due to our partnership.” – Matt Pavich, Revionics Managing Director, Global Strategic Consulting
“I thought our customer Leonardo Cyreno with Leroy Merlin made an excellent point about how to build a pricing fluent team. He said, ‘You need to make sure people have the right skills, are engaged, are flexible with the approach, and can influence others.’” – Aditya Rastogi, Revionics VP Managing Partner, Global Strategic Consulting
“The biggest takeaway I noticed was how retailers had to quickly adjust to the pandemic and shift their merchandising and pricing strategy with very little or no A/B testing. Having Revionics data analytics and AI solutions was critical to these retailers for validating those changes and quickly taking action as customers’ preferences were shifting.” – Juan Jose (JJ) Thorne, Revionics Customer Success Senior Director
“Whether the discussion was around post-COVID analytics, new omnichannel strategies or major and minor demand transference in the marketplace, it really was all about Business as Unusual. It definitely helped to reinforce that things have changed and that having the right analytics, strategies, consulting and adaptive platforms helps retailers survive in this ‘new normal’ of retail.” – Matt Pavich, Revionics Managing Director, Global Strategic Consulting
“It was clear that retailers need data analytics platforms to better can understand the shifts in customer demand right now. With such tools they can navigate the right definition and execution of a pricing strategy that builds up customer trust with regular prices, for a world of uncertainty, and creates excitement with promotion, for a depressed climate.” – David Chaudey, Revionics Customer Success Director, EMEA
Want to learn more? Register now to view all of our Insight sessions on demand.