Revionics solutions are helping Farmacorp increase profits, grow market share and strengthen competitiveness
AUSTIN, TX – (March 2020) – Revionics, a provider of retail pricing, promotions, markdowns and advanced analytics solutions, announced today their customer Farmacorp, Bolivia’s fastest growing and most recognizable pharmaceutical retail chain, has renewed a multi-year software agreement for Revionics Price Optimization solution. A Revionics customer since 2014, Farmacorp decided to continue this partnership due to the strong results they have obtained from the solution such as improving revenues in 2019 by close to 20%, a profit lift of 7% and strong market share growth.
Andreas Valdivieso, CIO of Farmacorp, stated: “After close to six years of leveraging Revionics science-based Price Optimization solution, we have built an extremely strong and successful pricing strategy, which is flexible and can adjust to our growth plans, market conditions, consumers behavior and competitive landscape. This has resulted in higher profits and revenues and taken our competitiveness to new levels.”
Valdivieso has been impressed with the Revionics pricing team’s unique partnering approach and how they work with Farmacorp’s team to ensure the pricing efforts are aligned with the company’s overall business and financial goals. He stated that Revionics solutions stood out among other software vendors in the market due to the following features:
- Strong product functionality: Farmacorp has a large pharmacy product assortment with many products that are very price sensitive, so Revionics’ advanced product functionality ensures Farmacorp’s pricing is customer-centric, resulting in stronger customer satisfaction and loyalty.
- Science-driven solutions: Revionics solutions are backed by science and one of the most valuable parts of this for Farmacorp is the price elasticity analysis and scenario planning capabilities, which allows for precision pricing and the ability to test the pricing before rollout.
- Key Value Item (KVI) pricing strategies: The solution has helped Farmacorp set effective pricing strategies for its KVIs. The solution enables them to differentiate products within a category that may have different consumer demand characteristics. The technology identifies these KVIs and allows them to be priced differently for optimal results.
“Farmacorp’s renewal is a testament to our unique partnering approach and our ability to adjust our solutions to meet our customers’ pricing needs based on shoppers’ demands and market changes,” said Revionics Chairman and CEO Marc H. Hafner. “We are proud that our solutions have helped Farmacorp grow market share, improve profitability and strengthen their brand image.”
About Revionics, Inc.
Revionics is a global SaaS provider of science-based pricing, promotion, 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 advanced analytics. 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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Farmacorp is a national pharmaceutical retail chain in Bolivia. It is currently the nation’s largest, fastest growing and most recognizable pharmaceutical retail chain with 87 locations and plans to open an additional 20 more this year. Farmacorp pioneered the pharmaceutical market by giving its customers a perfect level of service for the past 75 years based on a combination of values, work, commitment and dedication. Farmacorp is constantly working to expand its mission of service excellence to help make life easier for its customer, by providing modern and innovative pharmacies and services nationwide.