AUSTIN, Texas--(BUSINESS WIRE)--Revionics, Inc., the leading global provider of End-to-End Merchandise Optimization solutions, announced today that Market Basket Grocery Stores, a privately-owned grocer with 34 full-service supermarkets in the East Texas and Louisiana region, has renewed and expanded their agreement for Revionics® Life Cycle Pricing Optimization. They expanded the agreement to also include Revionics® Advanced Analytics services – such as the Key Value Item (KVI) Analysis, which will enable them to leverage science to better align their KVI’s with shopper behavior and the competitive landscape.
“As a Revionics customer since 2009, I can’t emphasize enough how satisfied we are with the results driven from Revionics’ solutions and how much we appreciate their strong partnering approach,” said Skylar Thompson, President of Market Basket. “Since implementing Revionics, we have seen a significant ROI in profits. In addition, we have experienced improved visibility and management of our pricing efforts which has enabled us to become more efficient and execute a consistent price image.”
Market Basket initially leveraged Revionics Price Optimization to compete more profitably against several large, dominant competitors. Having successfully executed this strategy over the past years, their current focus is on using optimization to grow market share.
“Our team is proud that Market Basket has experienced such a high ROI from our solutions,” said Marc Hafner, CEO of Revionics. “Their success is yet another proof point highlighting the importance of using optimization to unlock the power and profits in Big Data, which delivers high value to our customers’ shoppers and shareholders.”
Revionics Price Optimization Drives Measurable Value Through Shopper-centric, Fact Based Pricing
Retailers require sophisticated, scalable tools to help them plan, execute and measure their pricing strategies. Shopper-centric pricing compels a retailer to understand how consumers are behaving by store and how they shop by item.
Revionics’ optimization process integrates internal and external data, business rules and operational constraints with price image, strategic and financial objectives, enabling retailers to rapidly adapt their pricing strategies and tactics to constantly changing shopper and competitor behavior. Benefits include:
- Image enhancing, profitable prices that achieve strategic and financial objectives
- Ability to forecast and measure the impact of price changes
- Automation of the pricing process to ensure consistent execution of business rules and price image while eliminating manual, error prone tasks
- Surgically execute competitive positioning while maximizing profit opportunities
- Localizing prices based on shopper demand and competitor behavior
Revionics® Advanced Analytics complements the software solution by leveraging deep retail domain expertise and science to create actionable insight. Revionics KVI Analysis uses scientific insights into the items that drive price image. The proven methodology utilizes demand models to identify KVIs based on price sensitivity, sales volume, and the role and prevalence of the item in the market basket when coupled with Market Basket Analysis.
About Revionics, Inc.
Revionics delivers proven End-to-End Merchandise Optimization solutions, enabling retailers of all sizes to execute a fact-based omnichannel merchandising strategy utilizing the most comprehensive set of shopper demand signals to enhance financial performance with improved customer satisfaction. Revionics’ solutions leverage advanced predictive analytics and demand-based science to ensure retailers have the right product, price, promotion, placement and space allocation for optimal results across all touch points in the omnichannel shopping episode – online, in-store, social and mobile. Offered on a scalable, high performance SaaS platform, these solutions deliver insights and recommendations at speed, scale and frequency, while providing speed-to-ROI. Over 37,000 global retail locations representing $150+B in annual revenue across grocery, drug, building materials, convenience, general merchandise, discount, sporting goods stores and eCommerce sites optimize with Revionics’ solutions. Revionics has been recognized as a Deloitte Technology Fast 500™, Red Herring Top 100 Global, Red Herring Top 100 Americas and JMP Securities’ Hot 100 Software Company. For more information, please visit www.revionics.com.
About Market Basket
In 1961, Bruce Thompson opened the first Market Basket grocery store in Groves, Texas. Today, Market Basket remains a privately-owned grocer serving the East Texas and Louisiana region with 34 full-service supermarkets. Market Basket supermarket stores offer outstanding value on grocery foods including fresh produce, quality meats, delicious bakery goods and beautiful floral arrangements. We also provide pharmacy services in select grocery store locations. Currently, Market Basket employs more than 2,000 supermarket associates. To serve our valued customers well, Market Basket provides innovative supermarket solutions and a full assortment of grocery products to keep pace with your evolving needs.