Revionics-Commissioned Analyst Study and Promotion Performance Analysis Reveal Why Science-Based Pricing, Promotions and Markdowns are Must-Haves for Retailers
Recent results from a Revionics-commissioned global shopper study by Forrester Consulting revealed that 52% of the weekly or monthly promotions retailers offer to go to customers who would happily have paid full price – a stunning cause of lost margins that retailers can ill afford.
Revionics experts will engage with leading retailers at Shoptalk 2018, March 18-21 at the Venetian in Las Vegas, to give retailers insight into why the time is now to leverage the power of Artificial Intelligence‘s (AI) machine learning science to drive optimal decisions and results for pricing, promotions and markdowns to structure a sustainable business in today’s hyper-competitive market. Today retailers must deliver compelling prices to shoppers when and where they matter while recovering margin and impacting the bottom line on other items in the assortment. Revionics, which has been a pioneer in advancing AI’s machine learning solutions in pricing, will explore the topic in its talk on the exhibit floor at 3:39 p.m. on Tuesday, March 20, as well as providing solution demonstrations at booth #2809 throughout the event, including its recently introduced Promotion Performance Analysis offering.
Revionics’ experts will explore how leveraging solutions that blend data science, retail science, and AI’s machine learning help innovative retailers worldwide translate shopper insights and competitive response into high-impact results and a healthy ROI – which is critically important as the retail industry faces unprecedented upheaval. As shoppers’ preferences evolve at the speed of social media, competition across all channels is becoming fiercer, profits are shrinking and shoppers enjoy a growing range of options from Amazon and discounters. It’s imperative that retailers ensure their pricing, promotions and markdowns keep pace with shoppers’ ever-changing preferences and shopping behavior.
The quantitative results Revionics’ solutions deliver drive recognition like its rankings in the 2017 RIS Software LeaderBoard, where Revionics was ranked among the top vendors, based on survey results from retailers, in Customer Satisfaction, Total Cost of Operation, Software Reliability, Technology Innovation, Return on Investment, Recommendation, Quality of Support and Quality of Service.
As RIS News editorial director Joe Skorupa explains, the LeaderBoard results are a ‘Data-Based No-Spin Zone’: “While other industry reports are based on analyst votes, the LeaderBoard uses an independent research firm to aggregate the hundreds of retailer evaluations and then delivers a summarized report to RIS…. Congratulations are due to Revionics for its many achievements in this year’s LeaderBoard. Perhaps one of the voters in the survey said it best in a comment made to explain why he voted the way he did: ‘Revionics is what SaaS should be like. SERVICE in capital letters. They have a very user-centric approach and deliver incredible ROI in an easy to digest manner.'”