At Revionics, we provide retailers with clarity and confidence on the lifecycle pricing optimization journey. To continue doing so now and in the future, we are proud to announce an ongoing partnership with Google that will give us access to some of the most advanced solutions on the market and empower us to innovate at an even faster pace.
In working more closely with Google, we will not only be leveraging some of its leading technology solutions like Looker and Google Cloud Platform but also sharing insights and expertise around how technology can best meet retailers’ needs today and moving forward. That makes Revionics the only retail pricing provider that can call Google a strategic partner.
Together, we can accelerate the speed of innovation and bring pricing insights to our customers faster than ever before.
The technology transformation in retail is very real. As retailers adjust to new ways that shoppers can buy items, previously widely held truths and models are eroding margins. For instance, one estimate suggests retailers have been losing 3% annually in margins since 2020. Online shopping is also growing rapidly in certain segments and regions. In Germany, for instance, online shopping grew 20% from 2019 to 2020 compared with only a 3% growth in offline sales.
This omnichannel environment better meets shopper needs, but it also becomes another challenge in a long list of pricing challenges and disruptions that retailers are already dealing with. Our partnership allows us to offer our retail customers the ability to move as retail moves and continue to price with clarity and confidence in an ever-evolving landscape.
Partnering with Google means an even more prescriptive and adaptive modeling platform. By standardizing our platform under one infrastructure provider, we can easily update products to insert new parameters and variables and find the best data models.
The Google platform also enables Revionics to leverage a data mesh that can process data faster, scale rapidly, improve data observability, and shorten implementation times. For starters, we’ve already seen some job performances improve by as much as 100 times. Ultimately, what this all means is that our customers will be able to move even faster and unlock more dynamic pricing.
By making Google an extension of our product development team, we’ll be able to improve the time-to-market of certain products and features. This partnership gives us access to some AI-based retail projects from Google that we can eventually offer to our customers. Some are still in research and development, which prevents us from publicly discussing them. However, from what we’ve seen, we’re excited about the future roadmap for our customers.
Lastly, Revionics will also be listed in the Google Marketplace, making it easier for retailers that already have a relationship with Google to find the market’s leading price optimization solution. As Google’s ecosystem grows and more applications can communicate with one another, data will flow more seamlessly to allow for analyses to be run faster than ever before.
The pace of retail will never go back to what it was before. The last couple of years of changes and challenges have made faster innovation critical for retailers to be able to forecast accurately and price optimally.
At Revionics, we are always exploring the latest technologies and strongest partners to bring alongside us to ensure we continue to give our customers the best pricing solution on the market, no matter what retail brings.
We look forward to working with Google to continue our mission of empowering strategic pricing decisions powered by our industry-leading AI. We’ll share additional updates as they become available but, in the meantime, reach out to learn more about innovating your pricing with Revionics.
Aditya Rastogi specializes in Retail Pricing Strategy and Advanced Analytics. He partners with retailers to define pricing strategies and integrating science-backed insights into the business processes. Aditya brings extensive experience in retail merchandising, promotional planning and process governance.