Revionics’ goal at NRF this year was to give retailers a competitive edge in the increasingly intense race for relevance, as always-on customers surf all channels while both online and brick-and-mortar competitors grow more aggressive on price, shipping and promotional offers. In the course of some 150+ in-depth discussions in private meetings with retailers at NRF, we heard loud and clear about the need for smarter, more focused pricing, promotion and markdown solutions – that leverage science and analytics to implement the changes that matter while steering clear of a disastrous race to the bottom driven by knee-jerk competitive price responses.
A personal highlight for me was our Big Ideas panel that I participated in along with Farmacorp CIO Andres Valdivieso and John Fleming, formerly Global CEO of Ecommerce at UNIQLO and EVP/Chief Merchandising Officer for the Wal-Mart Stores Division, moderated by EKN’s VP Research, Sahir Anand. The session, titled Facing the Future: Trends in Pricing and Promotions for 2017, drew a standing-room-only crowd with great discussion from the panelists and so many audience questions that we finally had to cut them off to make room for the next panel.
Panelists discussed 2017 success strategies for retailers including:
- Recent market research from EKN and Revionics that shows where successful retailers are making strategic investments, including dynamic pricing, localized pricing and promotions and competitive price trends analysis
- Leveraging science-based insights to help retailers price with agility and effectiveness on those items that matter to customers
- How to counteract the deal-dependency without dropping prices below profitability
- How implementing machine learning-based insights with price optimization helped Farmacorp deliver double-digit revenue, and cutting prices on targeted items while recovering margins on other items to drive profit at 108% of plan
Our customers know that we work hard, but we also like to play hard at Revionics. On Monday evening, we hosted a memorable networking experience for some of the top retailers from around the world. We dined rooftop at the Monarch Lounge, taking in panoramic views of the city including the Empire State Building. The evening ended with our CEO Marc Hafner on guitar closing out the Rock & Roll Retail event at the Hard Rock Café in Time Square. Thank you to everyone who joined us for this memorable experience. It was great seeing old friends and making new ones!
It’s no secret that the retail environment is turbulent and challenging. But more importantly, I have personally worked with retail innovators to craft, implement and thrive by managing and optimizing their pricing, promotions, markdowns, and space. If you didn’t get a chance to talk to our team of experts at NRF, I invite you to learn how we are helping retail innovators to yield better profits and faster ROI. Learn more.