With challenges like inflation, supply disruptions, fierce competition, omnichannel growth and more, retail may be as difficult today as it ever has been. When it comes to pricing, all these challenges make it especially complicated to understand how to find balance and achieve positive outcomes. To drive positive impacts for both customers and the business, retailers need clarity and confidence behind their pricing decisions.
That is exactly what we do at Revionics and have been doing for more than 20 years. With industry-leading science and experienced pricing people, we partner with retailers around the world to give them the clarity and confidence they need to drive powerful, impactful, positive pricing decisions.
If you are thinking, “Sounds great, but what does that actually mean?” then read on to see what clarity and confidence mean to us, and how they benefit retailers like you.
Pricing teams need clarity to understand and anticipate how consumers will react to each price change. So first, let’s look at the five major ways Revionics provides retailers with clarity:
True transparency moves beyond black boxes to provide visibility into the decision-making data behind each pricing recommendation. We give our customers a view into the levers and rules applied to recommendations, as well as access to key demand science parameters and certainty levels, so they can easily understand where a price recommendation is coming from and which factors influence that recommendation.
This transparency helps them make better-informed pricing decisions and gives them the understanding they need to communicate the what, why, how and when to the rest of the business.
With 20+ years of AI learning, our models lead the industry. In a world of uncertainties and unknowns, our smarter data science simplifies the complexity of pricing to give clear guidance on what moves to make across base, promotional and markdown pricing.
That means it’s easier to make pricing decisions aligned with your goals and implement strategies to improve sales, revenue, profits, market share and price perception.
Market conditions are moving faster than ever. Staying ahead requires the most up-to-date data on market trends, competitive shifts, consumer behavior and more. Revionics provides near real-time data updates so you can know what moves to make and the right time to make them, as well as when to act against competitors and when not to.
Our customer success and support teams are made of pricing strategists and data scientists, not just tech support. They not only teach you how to get the most out of the system, but also walk alongside you on the lifecycle price optimization journey to help you understand how to achieve your strategic pricing objectives.
Many of our people have a background working for retailers like Albertsons, Target, Tractor Supply Co. and more. They’ve been in your shoes, and they understand the priorities, pressures and challenges of your role.
Our experts are respected thought leaders published across the industry in trade publications, blogs and national media outlets. To our customers, they are a personal source for practical, informative content, actionable insights, and honest, expert advice – there’s no holding back the secrets from our customers.
We value open dialogue with our customers. From surveys to dedicated account management to regular council meetings with sophisticated users, we consistently take feedback from our clients to shine light on how our solution can better meet the needs of retailers today and to keep our roadmap on track.
We also try to create spaces for our customers to learn from each other, whether through virtual speaking engagements, customer conferences or face-to-face workshops.
And when it comes to the sales cycle, what you see is what you get. We only sell features and functions we already have available or that are actually coming soon on the roadmap. We don’t make opaque claims full of marketing jargon or false promises we won’t deliver on.
With industry-leading technology and expert pricing strategists guiding your way, you’re not just making profitable pricing moves for now, but creating a pricing organization built for long-term success.
With Revionics, you can make pricing decisions that align with your short-term goals, while keeping on track with long-term objectives. The flexible solution creates a clear path to adapt to changes in the market (like inflation), without abandoning long-term strategies (like establishing a favorable price perception).
We also help bring best practices to your pricing processes and organization. And while change management can be difficult, transparent science, clear pricing direction and comprehensible data all help drive adoption organization-wide.
And since we are always seeking improvements and advancements to the solution, investing in Revionics is investing in your data and pricing technology for the long run. Our clients sustain adoption and value with our continuous evolution and a system built on the latest technology also leveraged by top companies like LinkedIn and Airbnb.
With clarity into how consumers will react to pricing changes, retailers can have the confidence to make pricing decisions that maximize impact. There are five main ways Revionics gives retailers that confidence:
Revionics is powered by over 20 years of AI learning. As pioneers in AI retail pricing, our data science has seen more and learned more than any other solution out there. So no matter how retail changes – inflation, omnichannel demands, consumer behavior fluctuations – our models learn faster and already know how to adapt to steer you successfully.
While the current levels of inflation may be setting records in recent history, inflation itself is not new. We’ve already helped retailers in Russia, Brazil and other parts of Latin America navigate inflation, and every bit of that experience is built into our models and helping more retailers face the high inflation of today.
Think about it like a self-driving car. Would you rather have the novice model built on test data that has only ever been around the block? Or the time-tested, real-data-fed model with experience driving all around the world?
What all of this really means for you is peace of mind. Wild swings in the market won’t throw off the science. You can trust in the models and have confidence in the outputs.
Decades of experience also means decades of tweaking and improvement. If our time in the industry has taught us anything, it’s that retail never stops, so neither can we. We’re always assessing what’s available in the tech world and bringing the best back to retail.
But change without vision doesn’t help anyone. We focus on innovating for the real-life use cases and pain points retailers face every day – or will face as retail continues to evolve.
Revionics is the global leader of AI-driven lifecycle pricing solutions. We address the full breadth of base, promo and markdown pricing, as well as competitive and omnichannel impacts, with a strategic, consumer-centric approach.
Our solution is built on industry-leading Google AI and ML, informed by decades of learning. Our experiment-led evolution provides a broad toolbox for faster, frictionless scenario simulation, while flexible enhancements allow you to quickly leverage a broad range of ML methods. With next-gen accuracy, we set a higher bar for forecast accuracy and confidence, and intelligent automation shifts to fit lifecycle changes and adaptive trends automatically.
All this means our cutting-edge platform is flexible, adaptable and extensible – built to move as consumers move and help you address retail’s continually evolving challenges. And our scalable architecture means you won’t be out there looking for the next solution in three, five or even 10 years.
Revionics consistently ranks among the top retail price optimization solutions and most recently ranked #1 in both customer impact and technology excellence across all pure-play price optimization vendors in the 2021 Quadrant SPARK Matrix: Intelligent Retail Pricing and Promotion Optimization.
So when we say Revionics is leading the market, we can actually back it up. And when you use Revionics, that brings confidence to you and your whole organization that you are going to get better results faster on the path to pricing excellence.
While crystal balls don’t exist, Revionics is about as close as you can get. AI can account for all the factors that influence demand – price elasticity, cannibalization, affinity, seasonality and more – to determine accurate demand forecasts for any price change at any stage of the product lifecycle.
Accurate price scenario planning allows you to test out different simulations and get answers to the “what ifs” and “why nots” of pricing.
These tools provide a powerful view into the future so you can make pricing decisions with confidence of the outcomes and find the best pricing path to achieve your desired objectives.
Not only can the system help you evaluate your current options, but also help you identify additional opportunities you may not even have considered. Our predictive capabilities can show you where your set strategies, rules and constraints may actually be holding you back from greater value generation potential.
And when something unexpected does come your way, Revionics shows you how to course correct to get back on track with your objectives.
Our list of customers is unmatched by any other retail price optimization solution. We’ve partnered with over 100 leading retailers worldwide in a variety of industries, including grocery, home improvement, pharmacy, convenience and more.
Our diverse clientele is your advantage. Our reach gives you access to knowledge from numerous verticals and global regions. With Revionics, you are tapping into the global collective wisdom, universal pricing best practices, and sweeping retail trends before they even hit your shores.
Top brands like Ahold Delhaize, Dick’s Sporting Goods, Family Dollar, Leroy Merlin, OXXO, Sally Beauty Supply and many others have trusted us with over $400 billion of revenue annually under Revionics management.
And because we are 100% retail-focused, our customers are confident that both our product and our experts stay up to date with the latest needs, challenges and opportunities of retail.
As analytical types, we live in data. And that includes data around the value we drive for our clients. Without measurable results, what kind of data-science solution would we be?
On average, our customers see a 5-9% profit lift after implementing Revionics. And it doesn’t take long for the system to begin generating value. Most of our customers break even shortly after launch and see 8-10x ROI year after year.
Overall, we have a 90% customer renewal rate, which means overwhelmingly our clients can confidently point to the value Revionics brings them. Most of our retail customers have been with us for over five years, and some clients have even been getting value from Revionics for more than 10.
So what does making pricing decisions with clarity and confidence look like practically? It looks like our customers’ making a positive impact with their pricing, even amidst historic inflation.
In 2021, while inflation averaged 7%, our clients actually reduced prices and raised profits. In the U.S., 39% of our customers’ pricing changes were decreases, while overall profit increased 7.2%. In Europe, 43% of our customers’ pricing changes were decreases, and yet, overall profit increased 4.0%.
But the best part is, clarity and confidence do so much more than just increase profits. They also help improve the effectiveness of your pricing strategies, and ultimately, they significantly improve the effectiveness of your pricing teams.
Want to know more about how Revionics can guide you to make pricing decisions with clarity and confidence? Reach out to our team today, and we’ll show you how to achieve more positive impacts for your customers and your business with Revionics.
Maisie is a content marketer and copywriter specializing in B2B SaaS, ecommerce and retail. She's constantly in pursuit of the perfect combination of words, and a good donut.