Sweden’s Largest Private Pharmacy Chain Builds on Increased Pricing Agility to Enhance Promotion Effectiveness
AUSTIN, TX – (July 24, 2019) – Revionics, Inc., a leading provider of AI science-based pricing and promotions, announced today that it has embarked on a rapid implementation of Promotion Performance Analysis for Apotek Hjärtat, Sweden’s largest private pharmacy chain. During the last two years, Apotek Hjärtat has undertaken a phased adoption of increasingly sophisticated pricing capabilities, beginning with Revionics Competitive Insights then moving to rules-based Price Management and most recently Revionics Price Optimization.
As a result, the company has enhanced execution of their pricing strategy while offering more targeted pricing against both online and physical store competitors. Apotek Hjärtat now seeks to deliver more value across their promotion campaigns and initiatives and focus on those promotions that maximize shopper engagement while delivering optimal business results.
Part of the ICA Gruppen family of companies, Apotek Hjärtat has nearly 400 pharmacies across Sweden. Since selecting Revionics Competitive Insights and AI-based Price Optimization in early 2017, they have adeptly leveraged these capabilities to more effectively monitor competitive prices and offerings while enhancing their agility in responding to shopper, customer and competitive changes. Their sister company Rimi Baltic also recently selected Revionics Price Optimization to enhance customer engagement and deliver business impact.
“We are excited to further extend our productive partnership with Revionics by taking a data-driven approach to analyzing our promotion effectiveness,” said Anders Nyberg, managing director at Apotek Hjärtat. “It is critical to our ability to deliver insight, structure and analysis to support strategic decisions and deliver strong ROI for our company.”
Having leveraged price science to create trust with their shoppers, Apotek Hjärtat can now to turn to analyzing promotions to focus on those that create excitement. Revionics will enable them to identify targeted promotional offers that factor in seasonality and that engage shoppers while avoiding cannibalization of other profitable items, including private-label items, while improving business performance.
“We are gratified to further extend our strategic relationship with Apotek Hjärtat, and we look forward to continuing to build their competitive edge in pricing while giving data-driven insights into promotion effectiveness at a granular, actionable level,” said Revionics Chairman and CEO Marc H. Hafner. “As a much-loved Swedish business focused on being a pharmacy with a heart, Apotek Hjärtat is committed to delivering pricing and promotions that are meaningful to their customers across the country, and we are honored to contribute to their success.”
About Apotek Hjärtat
Apotek Hjärtat is Sweden’s largest private pharmacy chain with some 390 pharmacies and over 3,000 employees. Together with its customers and employees, they develop the pharmacy of the future.
Apotek Hjärtat’s ambition is to provide each customer with better health and well-being through personal service, broader selection and expanded services.
Apotek Hjärtat has pharmacies throughout Sweden – in big cities, in rural areas and in sparsely populated areas. They are nationwide with locations all over the country.
About Revionics, Inc.
Revionics is a global SaaS provider of science-based pricing, promotion, space and competitive insight for innovative retailers.
Revionics helps retailers around the world gain a competitive edge by managing and optimizing their pricing, promotions, markdowns, and space. Created by retail experts, Revionics’ cloud-based SaaS solutions deliver amazing year-over-year ROI with an attractive total cost of ownership.
Embracing the retail and science in its core DNA, Revionics delivers machine learning solutions that retailers use to translate shopper insights and competitive response into high-impact results. With Revionics, retailers gain leading-edge capabilities, an invested partner and an evolving solution for today’s dynamic retail landscape.
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