Drive Engagement and Amplify Customer Conversations
Today’s shoppers are interconnected and informed like never before. To remain relevant, retailers must build digital bridges to their shoppers and engage them when, where and how they want. With Revionics Social Commerce retailers can:
- Deepen engagement and enhance loyalty through social rewards
- Convert loyalty into social actions that power acquisition and increase ROI
- Move beyond price competition and build stronger customer relationships
through conversation and conversion while leveraging this information to
optimize pricing, promotions and assortments
Assortment and Space Optimization
Integrate Space & Assortment Decisions to Increase Sales
The Need For Predictive Assortment-aware Store Space Optimization
Today’s retailers are challenged to meet the demands of customer-centric localization by “right-sizing” store formats, customizing assortments, increasing inventory productivity/in-stock levels and laying out stores for customer convenience – while maximizing return from every product carried.
Revionics® Assortment & Space Optimization is the only solution available today that simultaneously optimizes and balances the impact of the factors driving assortment and space adjustments while maximizing performance of merchandise and space in alignment with business objectives and strategies.
Life Cycle Price Optimization
Increase Pricing Precision thru Rules, Science & Strategy
Product life cycles vary across stores, markets and channels and the proliferation of data to be analyzed is daunting without scientific solutions which can organize the data, make inferences and create recommendations that are localized and shopper-centric. Image enhancing, profitable prices that achieve strategic and financial objectives
- Image enhancing, profitable prices that achieve strategic and financial objectives
- Targeted, loyalty building, measurable promotions that incentivize omnichannel shoppers to buy more and buy more often
- Effective end-of-life and end-of-season markdowns that clear inventory at the highest possible margin – not giving away too much too soon or too little to late
Base Price Strategy, Simulation, Execution & Measurement
Transform Performance with Strategic Right Pricing
Today’s retailer faces a number of challenges including hyper-competition, margin erosion, increased price sensitivity and omnichannel shopper behavior. Winning retailers are gaining a clear competitive advantage by leveraging demand-based science and predictive analytics to determine optimal localized pricing. Revionics® Price Optimization is proven to achieve loyalty, market share and margin objectives by empowering retailers to strategically position for the future.
Revionics optimization process integrates internal and external data, business rules and operational constraints with price image, strategic and financial objectives, enabling retailers to rapidly adapt to constantly changing shopper and competitor behavior.
Advanced Analytics for Price Optimization
Data Mining Optimization Configurations & Strategies | Accelerate Implementation & Increase Sophistication Over Time
Revionics® Advanced Analytic services enable retailers to jump start their Price Optimization implementation with deep insight into channel, location, competitor and product price elasticity.
Once retailers get the right start, these services provide additional value by permitting clients to increase pricing sophistication and solve complex problems as they move up the maturity curve. Evaluating elasticity at the outset permits initial system configurations that maximizes the effectiveness of:
- Key (Known) Value Items
- Item Investment Classification
- Store Zone Clustering
- Competitive Positioning
- Category & Sub-Category Strategies
Promotion Strategy, Planning, Simulation & Measurement
Maximize Campaign Effectiveness with Shopper-Centric Promotions
Hyper-promotional activity is the new normal as retailers continue to discount in order to drive loyalty and traffic. Pressure from vendors, omnichannel shoppers, proliferating touchpoints and organizational siloes add to the complexities of promotion planning and execution.
Startlingly, many retailers are incapable of quantifying the effectiveness of promotional events and are hard-pressed to adapt historical campaigns utilizing factual strategic insight into shopper response and promotion effectiveness.
Revionics® Promotion Optimization enables the planning and execution of optimized, relevant offers that provide a high perceived value to the shopper and bottom-line results for the retailer.
Markdown Optimization for Short Life Cycle Products
Prioritized, Localized Markdown Recommendations
Balances Desired Stock Positions, Exit Dates & Budget Priorities
Escalating markdown budgets have challenged retailers to pare down bloated inventory positions while still presenting fresh assortments on-time and as-planned. Across-the-board markdowns have exacerbated the financial impact by further hemorrhaging margin. Decisions are often emotional and typically do not achieve their objectives because:
- ‘Too much too soon’ causes stock outs & margin loss
- Too little too late’ causes excess stock & impacts sales of new products at full price
- ‘Too everywhere’: Enterprise-wide markdowns cause sales & margin loss Revionics® Markdown Optimization supports merchandise and assortment plans, tailoring suggested timing, cadence and frequency of markdowns
Markdown Optimization for Long Life Cycle Products
Markdown Planning, Strategy, Simulation & Measurement
Maximize Sell-through & Profitability with Localization
Stop leaving money on the table by taking enterprise-wide markdowns or making suboptimal decisions for timing, cadence & depth. Revionics® Markdown Optimization empowers retailers to clear inventory while meeting sell-through & profitability goals. Not just for seasonal or discontinued items anymore, retailers’ can leverage optimization for category resets, overstock reductions, aged packaging, & date-coded product.
Optimization Monitoring & Measurement
Actionable Business Insight Facilitates Planning & Execution
Retail is a highly distributed, dynamic environment that requires making rapid decisions, based on actionable insights, which hone in on opportunities and highlight exceptions.Time is money. Every sluggish reaction can impact shopper perceptions of your brand. Every analytical inefficiency is a costly waste of inventory, space and people productivity.
Revionics® Performance Intelligence enhances our End-to-End Merchandise Optimization suite by seamlessly integrating and analyzing high volumes of low level data, from multiple data sources, in order to provide actionable business insight.
Market Basket Analysis
Deep Insight into Shopper Behavior
Impacting Forecasts, Recommendations & Decisions
Retailers leverage Revionics® Market Basket Analysis to provide a window into shopper behavior, revealing how they select products, make spending trade-offs and group items in a shopping cart. Understanding how baskets are built can help retailers merchandise more effectively by leveraging market basket dynamics in pricing and promotion decisions.
Store Cluster Analysis
Deep Insight into Local Shopper & Competitor Behavior
Localizing Pricing Strategies & Competitive Positions
Retailers serve a diverse consumer population across their many stores. Store-level competition, personal income, population density, cost-to-serve, and many other factors vary from store to store, leading to differences in how retailers price and how shoppers respond to those prices. Retailers who leverage Revionics® Store Cluster Analysis will gain a clear understanding of differences in shopper behavior and can then align stores and price strategies to deliver the optimal shopper-centric pricing.
Key Value Item Analysis
Scientific Insight into the Items that Drive Price Image
Impacting Pricing Strategy & Competitive Positioning
Revionics® Key Value Item Analysis and identification empowers retailers to create focused pricing strategies for groups of items that are the most price sensitive to shoppers. Retailers can efficiently focus their competitive pricing efforts with the greatest leverage against the competition. By aggressively pricing true KVIs, retailers are able to:
- Influence consumer price perception
- Drive store traffic
- Compare competitive prices more strategically
- Gain market share against their competitors
- Maintain profitability on less price-sensitive items in their stores.