AUSTIN, Texas--(BUSINESS WIRE)--Revionics, Inc., a leading provider of End-to-End Merchandise Optimization solutions, announced today that they have entered into a multi-year agreement for Revionics® Price Optimization and Revionics® Promotion Optimization with REMA 1000, a leading Scandinavian multinational supermarket chain. The solutions will be leveraged in all product categories across all of their retail stores.
After an in-depth industry search, REMA 1000 chose Revionics’ life cycle pricing solutions due to the solutions’ proven ability to help retailers make data-driven pricing and promotion decisions at the speed, scale and frequency necessary to capitalize on today’s ever-changing marketplace conditions. Three trends have elevated the importance of life cycle pricing precision – value oriented shoppers, easy access to information and the expanded range of competitors and channels they can shop. Leveraging advanced science and predictive analytics, REMA 1000 will be able to strategically manage pricing and consistently align it with their brand image, offer promotions that are compelling and profitable and more accurately forecast and measure key financial metrics.
“REMA 1000 prides itself on selling high quality products at the lowest price in the market. Revionics was selected for their ability to be both consumer and competitive responsive with a quick turnaround. This gives us the security of always having the lowest price in the market,” said Stian Mårdalen, Head of Pricing at REMA 1000.
“Revionics welcomes REMA 1000 as a customer and partner. Revionics has demonstrated to retailers of all sizes and types around the world that our SaaS-based optimization solutions drive both shopper and shareholder value. Understanding shopper and competitor behavior at a granular level and being able to rapidly and strategically respond is paramount for success in today’s marketplace,” said Marc Hafner, Revionics CEO.
Revionics’ Price and Promotion Optimization solutions enable retailers to improve margins, competitiveness and shopper loyalty by systematically operationalizing internal and external big data and blending science and strategy with operational rules and constraints. Recent enhancements include the ability to add competitive elasticity, which enables retailers to price even more precisely and avoid the downward spiral of pricing competitively against competitors that don’t impact their shopper behavior.
Powerful simulation capabilities allow retailers to compare and contrast alternative price and promotion strategies prior to implementation in order to make the best, fact-based decisions. Key advantages of using price and promotion optimization include:
- Systematically execute competitive positions and desired price image
- Align price strategy with category and financial objectives
- Price at a level that exploits local shopper behavior
- Execute relevant and profitable promotions
- Rapidly fine tune strategies as market conditions change
- Measure pricing and promotion effectiveness
About Revionics, Inc.
Revionics is a proven leader in End-to-End Merchandise Optimization solutions. Over 40,000+ retail locations around the world optimize with Revionics across 18M+ products and 2.2B+ sku/store combinations are modeled weekly. Revionics empowers retailers around the globe to profitably execute a data-driven omnichannel merchandising strategy by utilizing one of the most comprehensive set of shopper demand signals to increase financial performance and improve customer satisfaction. Revionics’ solutions are powered by unmatched demand-based science and advanced predictive analytics to help ensure retailers have the right product, price, promotion, placement and space allocation to drive business performance and seamless shopper experience – online, in-store, social and mobile. Delivered on a scalable, SaaS-based platform, Revionics solutions offer real-time insights and dynamic decisions at speed, scale and frequency, while providing fast ROI. Revionics has been recognized as a Deloitte Technology Fast 500™and JMP Securities’ Hot 100 Software Company. To learn how you can compete more profitably, please visit www.revionics.com.
About REMA 1000
REMA 1000 is part of Reitangruppen, and is the leading retailer and one of Norways strongest brands. We sell high quality groceries, to lowest prices, sold by friendly and skilled people. We work hard and continuously to reach our vision of becoming Scandinavia’s most value driven company. This is achieved through cultivating our business ideas and by maintaining and amplifying a culture based on our eight values. Our values govern everything we do – and they define who we are.