Base Price Management, Simulation, Optimization and Review
Today's retailers face a number of challenges such as rising costs, hyper-competition, consumer price sensitivity and pressure on margins. Retailers who leverage the science of demand-driven pricing now have a clear advantage over their competition.
Revionics® Price Optimization has the most installations in the retail industry, helping retailers price with confidence by leveraging predictive analytics to:
- Predict customer behavior
- Achieve financial objectives
- Improve customer loyalty, and
- Automate manual pricing processes
The Optimal Price:
Blending pricing science, business rules, and retailer price strategy is the fundamental premise of Revionics proprietary optimization science:
- Pricing Science Includes price elasticity, seasonality, trends, cannibalization, and affinity.
- Business Rules Incorporate margin targets, competitive position, private label relationships, ending numbers, price change limits, and more.
- Pricing Strategies Configure to any level of store or product hierarchy, leverage predefined strategies or customize for more granular execution of price image.
Key Solution Features:
Revionics best-in-class features include:
- What-If simulation
- Forecasting and execution
- On-Demand optimization
- Pre-configured pricing strategies
- Customizable pricing strategies
- Automated price management
- Competitive positioning
- Price image alignment
- Price Family management
- Key Value Item management
- Good-Better-Best automation
- TPR optimization and management
- Actionable reporting and insight
- Aligns pricing strategies and tactics with category and financial objectives
- Executes competitive positions and desired price image
- Localizes pricing to exploit local shopper behavior
- Automates price management by enforcing business rules and operational constraints
- Measures effectiveness and automatically adapts to changing conditions
Retailers who use Revionics® Price Optimization see a Return on Investment within 2 Months, 1-4% profit improvements, and 2-4% gross margin gains. Read our Price Optimization case studies to see how we've helped retailers succeed.