Price Suite: Strategic Right Pricing
Price Yourself into Their Hearts
Price is and always will be one of the most critical factors influencing the shopping journey. Winning retailers have moved beyond price matching and margin rules. They dynamically craft prices that are strategic, impactful and relevant for shoppers. Revionics Price Suite enables retailers to drive improved performance and a sustainable competitive advantage with rules-based pricing, simulation and dynamic pricing. Watch this video to learn more.
People have an infinite number of choices of where and how to shop. The convergence of channels exposes retailers’ pricing flaws, but it also provides an opportunity for other retailers who know how to speak customer.
It is critical to price intelligently, strategically, and dynamically for the entire category—to be responsive to consumer demand and behavior.
Price too high and you risk missing a sale, price too low and you risk leaving revenue and profit on the table. Price too slowly, and competition will tear you apart.
Revionics Price Suite helps retailers of all sizes from all verticals increase sales, improve gross margin, gain efficiencies, strengthen relationships with customers, and crush competition.
Regardless of how you currently price today, Revionics delivers results--fast. Whether you are struggling to adhere to rules and vendor constraints, improve your overall pricing with consumers, differentiate against other retailers, simulate and compare multiple strategies, or become more dynamic and surgical in your responses to competitors’ constant price changes--Revionics can help and has helped others.
Anyone can achieve results by just raising prices, but Revionics doesn’t do this. You craft your prices with Revionics. Driven by your business strategies and category roles, consumers demand, market and competitive conditions, and a multitude of other factors such as weather, seasonality, and day of the week.
Revionics recommends prices that register with your consumers, reflect your brand, and achieve financial results. The self-learning science never becomes stale and since the solution is transparent and explains why things happened, in terms that people understand, people become more confident, more knowledgeable, and more in control of their prices.
Revionics empowers retailers to always deliver the best price with surgical intra-day pricing, while avoiding margin loss through rampant price matching. With Revionics, retailers can be assured that they are priced strategically in the moment, online and in-store.
It gathers competitive price data, forms it into visual insights, re-optimizes, automatically approves while alerting users for those that require additional attention. All of this is in real-time. Additionally, Revionics solutions think like customers.
The competitive price data algorithms mimic user searches and the re-optimization considers both price and competitive elasticity. Or to put it simply, Revionics considers how consumers react to both yours and others price changes.
With increasing competition, it has become apparent that not all retailers are created equal. Some greatly affect customer demand while others have almost no effect at all. As price changes become more frequent it is important to distinguish between the two.
Along these lines, successful retailers know that customers’ reactions to price vary by product; vary by situation; vary by market; and vary by individual.
So not only is it important to understand which competitors influence demand, it is important to know which items, and how they vary by location.
Retailer’s price, promote, and markdown items within the category all the time. Revionics Price Suite is part of Unified Pricing Platform along with Revionics Promotions and Revionics Markdowns. With the unified, integrated platform, users can seamlessly manage prices and be aware of other promotions or markdowns. This avoids lowering prices too much, price conflicts, and wasted work, while providing a more accurate forecast of the effect on consumer demand.
Revionics helps retailers separate the signals from the noise, add science to intuition, and highlight influencing factors, so retailers have more facts to drive their business.
Gone are the days of waiting to find out what your competitors are doing and how customers are reacting. Gone are the days of choosing between your intuition and science. Today you can react faster, more accurately, and more strategically than you ever have while leveraging your experience with every decision.