AUSTIN, Texas--(BUSINESS WIRE)--Revionics, Inc., a leading provider of End-to-End Merchandise Optimization solutions, announced today that it has entered into a multi-year agreement for Revionics® Price Optimization and its Advanced Analytics solutions with Reitan Convenience, a leading franchise of convenience stores throughout Europe. Reitan Convenience is part of the Reitan Group and includes the retail banners Narvesen, Pressbyrån, 7-Eleven and R-kioski.
Leveraging the Price Optimization solution along with Advanced Analytics – specifically the Key Value Item (KVI) Analysis and Store Cluster Analysis – Reitan Convenience will be able to adopt a more disciplined, data-driven approach to pricing to:
- Execute better competitive positions and desired price image
- Price at a level that exploits local shopper and competitor behavior
- Automate pricing rules
- Forecast and measure their pricing effectiveness
“After an extensive analysis of vendors in the space, we found that Revionics’ highly scalable solutions offer every aspect of what we were looking for in a pricing optimization and predictive analytics solution,” said Joachim Paulsen, Head of Pricing for Reitan Convenience. “Revionics’ science-driven solutions will take our pricing strategies to the next level and help us localize pricing based on our shoppers’ behavior. We are also impressed by their partnering approach and retail expertise, and their tool’s demonstrated ROI at peer retailers.”
Reitan Convenience’s decision to select and implement a price optimization solution with advanced analytics is consistent with broader market trends. In a Gartner report titled “Market Guide for Unified Price, Promotion and Markdown Optimization Applications,”1 Research Director Robert Hetu wrote, “Technologically empowered consumers have propelled retail pricing from a fairly simple calculation based on a typical category markup with consideration of vendor funding or price support, to a highly sophisticated scientifically and algorithmically-driven business strategy. To a large extent, pricing is no longer controlled solely by the retailer, rather responding to immediate pressure from a variety of digital and physical forces, including price comparison sites, social media and increasing use of smartphone apps that include special offers.” The report continues, “In this environment, pricing must be strategically driven and technologically enabled, no longer reactive to the constant change, but predictive of desired outcomes.”
“We are pleased to welcome Reitan Convenience as a customer,” said Marc Hafner, CEO of Revionics. “They are a proven market leader focused on consistently delivering real value to their customers and shareholders. Our solutions will enable them to gain deeper insight into shopper demand and set prices that are aligned with their price image, competitive positioning and financial goals.”
Revionics helps retailers price with confidence by leveraging demand-based science and predictive analytics. With one of the largest SaaS-based merchandise optimization install bases – over 40,000 retail sites globally – retailers around the world recognize the value in using Revionics’ solutions. Revionics’ customers typically see a 2%-5% increase in gross margin, a 2%-7% increase in sales and on average a $10 return on every dollar invested.
Other benefits include the ability to:
- Automate manual pricing processes and rules
- Respond more quickly to capitalize on market conditions
- Simulate different strategies and outcomes in near real-time before implementing
- Accurately forecast and measure price change impact
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 Reitan Convenience
Reitan Convenience comprises Narvesen in Norway, Latvia and Lithuania, Pressbyrån in Sweden, 7-Eleven in Norway, Sweden and Denmark, R-kioski in Finland, R-kiosk in Estonia and Lietuvos Spauda in Lithuania. Reitan Convenience has a leading market position in all its countries. The number of outlets at 31 January 2015 was 2,418, and Reitan Convenience had in 2014 a turnover of NOK 14.7 billion (€1.5 billion). The company is headed by Magnus Reitan.
1 Gartner Inc. “Market Guide for Unified Price, Promotion and Markdown Optimization Applications,” November 19, 2014, Robert Hetu.
