[August 12, 2014] |
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Market Basket Renews and Expands Agreement with Revionics to Unlock Additional Profits in Big Data
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 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
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Surgically execute competitive positioning while maximizing
profit opportunities
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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 (News - Alert) 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 (News - Alert) 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.

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