Transforming Retail: Highlights from the Best Yet Revionics Insight!

Transforming Retail: Highlights from the Best Yet Revionics Insight!
October 20, 2017 Alison Raffalovich - Senior Corporate Communications Director

Hundreds of retail IT executives from around the world, plus Revionics technical experts and executives along with industry analysts and luminaries came together for Revionics’ 8th Annual Insight 2017, which attendees said was the “best ever” Insight! Close to 100% of attendees surveyed indicated that they were “very satisfied” with this event. During Insight attendees enjoyed plenary sessions from world-renowned retail experts from Constellation Research, Forrester, RSR Research, Shop Direct and Walgreens.

Attendees also attended highly relevant educational sessions, fireside chats with retailers and analysts, engaging social and networking events and high-energy interactions with their retail peers throughout the event, including the ability to connect on-demand with a mobile app, which clocked close to 10,000 engagements.

To view photos from the event, click here for the Facebook albums. Here are some brief highlights:

The Plenary Sessions Were Powerful

Each plenary session speaker rocked it! Touching on trends, research, best practices and strategies for price, promotion and markdown in retail, some high-level takeaways from these sessions included:

Sam Perkins, Group Merchandising Director for Shop Direct, on how they are winning “The Race to the Future”
  • Anticipating future fashion trends and consumer preferences is critical for success
  • Civic engagement is very important to the Shop Direct team, and Sam shared how they helped Children’s Charity Alder Hey hospital with a  patient engagement application
  • Another critical key to success for Shop Direct has been empowering your pricing team and finding the RIGHT technology partner such as Revionics

Luke Rauch, Senior Director of U.S. Insights at Walgreens, presented on “Competing in the Age of Amazon”

  • Your value strategy must match up to a clear and targeted corporate and brand strategy
  • To ensure success, retailers must have data-driven insights into market dynamics and the potential headwinds
  • Private label is a great way to differentiate on value while still protecting margins
  • KVIs should be unique to your store, should align to your brand value and stand out

Ray Wang, Principal Analyst, Founder and Chairman of Constellation Research, provided a high-powered session on “Demystifying the Future of Retail”

  • It’s critical for retailers to anticipate trends and seize their future to ensure success
  • Transformation innovation disrupts markets and tech convergence powers digital disruption
  • 60% of mission critical data will reside outside of your four walls by 2020

George Lawrie, Vice President, Principal Analyst, Forrester, guest speaker George Lawrie, Vice President, Principal Analyst, Forrester, guest speaker on “Shoppers Bust Myths about Price Value,” which provided some highlights from a shopper-focused retail study commissioned by Revionics*

  • Shoppers will wait for the right price and they trust data science more than manual resources to determine retail price changes
  • Shoppers are most motivated to purchase by the perceived value and quality  of products
  • Retail shopper research shows that price, quality and faster delivery drive online loyalty
  • Shoppers want to see promotions but the right timing can help lead to a purchase
  • More recent research reveals that retailers often leave valuable margins on the table with poorly targeted promotions, with more than half of shoppers reporting they receive promotions at least monthly on items for which they would have paid full price

* Understanding Retail Customers’ Pricing Expectations and Tolerances, a May 2017 commissioned study conducted by Forrester Consulting on behalf of Revionics.

Brian Kilcourse, Cofounder and Managing Partner at RSR Research, talked about “The Transforming Retail Model” 

  • The new customer is forming — like most of the global population, consumers are moving closer to urban centers, and in the U.S. 89% of the population will be non-rural by 2020
  • Retail shoppers top value propositions are Low Price & Convenience
  • In order to survive and thrive, it’s critical that retailers develop innovative products that speaks to shoppers

This event was a resounding success and we look forward to next year’s Insight where Revionics will bring together the retail community to learn about the latest innovations, product roadmap and strategy, as well as best practices and retail-driven use cases. For those retailers just embarking on transformation projects, Revionics offers an exclusive opportunity to hear first-hand experiences of long-standing partners of Revionics to help you fast track your journey to profitable pricing, promotions, and markdowns.

Look forward to seeing you next year!

* Understanding Retail Customers’ Pricing Expectations and Tolerances, a May 2017 commissioned study conducted by Forrester Consulting on behalf of Revionics.