Leading Baltic Grocer Moves Toward More Strategically Aligned, Performance-Driven Pricing
AUSTIN, Texas – (February 13, 2019) – With more than 12,300 people employed Latvia, Lithuania and Estonia, Rimi Baltic is a dominant grocer in the Baltics. Part of the ICA Gruppen family of companies, Rimi Baltic embarked on a quest to select a more analytics- and data-driven approach to pricing, leading to the selection of Revionics’ AI-based price optimization solution. Like grocers everywhere, Rimi Baltic faces a challenging and fast-changing retail landscape including the proliferation of discounters, increasingly price-sensitive shoppers and fierce competition from online competitors.
The three-year contract for Revionics Price Optimization, which is also used by Rimi Baltic’s sister company Apotek Hjärtat, will enable Rimi Baltic’s pricing and category management teams to deliver prices that shoppers want on the items that matter most to them, while leveraging sophisticated science to recover margins elsewhere and positively impact the bottom line. Rimi Baltic has extended its focus on private label, fresh and non-food items in its category mix, and the team is well-situated to take their pricing to the next level with cutting-edge optimization capabilities.
“Based on the needs of our customers and organization, we developed detailed, sophisticated requirements and tasked the Revionics team with demonstrating a strong business case on an aggressive timeline – and they have delivered,” said Judit Campos, Assortment and Buying Director for Rimi Baltic. “We value Revionics’ deep science and strong commitment to productive partnering. Rimi Baltic is excited about leveraging Revionics’ AI pricing capabilities to deliver the win-win: better pricing for our customers while enhancing our overall business performance.”
“Revionics is pleased to deepen our partnership with the ICA Gruppen family of companies by embarking on price optimization for Rimi Baltic,” said Revionics Chairman and CEO Marc H. Hafner. “We are excited to help Rimi Baltic extend its market leadership, improve customer focus and accelerate its business success in the competitive Baltic landscape with AI-based price optimization.”
About Rimi Baltic
Being part of ICA Gruppen, Rimi Baltic is one of the fastest-growing retailers in the Baltic states. It operates more than 250 Rimi stores across 3 Baltic markets in Estonia, Latvia and Lithuania. The company employs more than 12,300 people in the three Baltic countries.
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.