Revionics, Inc., a leading profit optimization company, announced the debut of its prestigious Elevate Retail Award program at Revionics’ 7th annual retail conference, Insight 2016. Notable Revionics customers received the award, which recognizes innovative retailers who have generated significant ROI and performance improvements through the effective use of Revionics merchandise optimization services and solutions.
Delhaize America, one of the U.S.’ largest supermarket operators and a Revionics customer for more than two years. Two of this retailer’s banners – Food Lion & Hannaford – each have a distinct identity and brand image. The company adopted Revionics Price and Markdown Suites to drive a shift towards a more customer-focused pricing strategy while aligning to each banner’s unique identity. Leveraging these solutions, Delhaize America has also enhanced visibility into business performance and increased store traffic.
“We created the Elevate Award program to recognize retailers who are true game-changers through their effective use of innovative merchandise optimization solutions,” said Marc H. Hafner, CEO of Revionics. “These customers are winning in a race for relevance with their unwavering commitment to leverage the technologies necessary to drive strong business performance, strengthen customer loyalty and compete in the marketplace.”
The companies’ nominations were judged on their strategic business goals, the challenges they faced, the Revionics solutions they utilized and the results that they achieved.
Dick’s Sporting Goods, a Fortune 500 leader in the sporting goods and retail industries. Dick’s partnered with Revionics beginning in 2011 to enhance their pricing disciplines, leveraging Revionics’ Price and Markdown Suites along with its Analytics Services. Dick’s rolled out the solutions across a broad array of hardlines and apparel categories over time, which have enabled more surgical, data-driven pricing decisions and are a key component of Dick’s strategic initiatives to drive improved gross margins.
Farmacorp, a Bolivian pharmacy and consumer goods chain. Farmacorp continually seeks to deliver growth and innovation in a market that is rapidly embracing technology. To support this growth, they chose Revionics Price Suite in 2014 for its cloud-based approach with powerful science-driven analytics. Using Revionics, the pricing teams are better aligned with Farmacorp’s business units in pharmacy, convenience and private-label. The results were powerful – Farmacorp achieved profit and revenue targets including double-digit year-over-year revenue growth while meeting profit targets. Their price infrastructure is ready to rapidly scale up with 30 new store openings planned in the next 18 months.
Holiday Stationstores, a convenience store chain. A Revionics customer for six years, Holiday Stationstores sought out Revionics Price Suite to move away from reactive pricing, with a state-of-the-art pricing team and improved automation, workflow and processes. Revionics’ solutions have given the pricing team better visibility into the factors that influence the bottom line, and the team has helped drive both profit improvement and recouped the cost of their investment several times over.
MGM Resorts, a global hospitality and entertainment company and a Revionics customer for more than three years. With more than 150 retail outlets throughout its properties, MGM needed a pricing solution that factored various pricing scenarios for particular types of properties, consumers, events, wants and needs. Revionics Price Suite enables them to provide highly-targeted price recommendations, along with what-if scenario analysis to demonstrate the impact of recommended price changes. Today the pricing team is a valued, strategic partner to the merchandisers. The pricing team reached a breakeven with the technology investment within months, exceeding the original projected ROI by 3x. The team is now piloting the Markdown Suite in fashion merchandise.
PetSmart, the largest pet specialty retailer in North America. Dedicated to its vision of becoming the trusted partner to pet parents and pets in every moment of their lives, PetSmart began collaborating with Revionics to create a more strategic, data-driven approach to its pricing. The retailer adopted Revionics Price and Promotion Suites, along with strong training and process improvements, to enhance its promotions, track the effectiveness of these programs and create a better overall experience for its customers.