OXXO, Shop Direct and MDI Recognized for their Innovative Price Optimization Initiatives
AUSTIN, TX, Oct. 29, 2019 – Revionics, Inc., a leading provider of AI science-based pricing and promotions, announced a high-energy and very successful 10th Annual Insight Forum, held September 15-18 in La Jolla, CA.
A highlight of the event was the revealing of the Revionics Elevate Award Winners. The award recipients included OXXO, Mexico’s number one convenience store chain, Shop Direct, the UK’s largest integrated pure play digital retailer and financial service provider, and Merchant Distributers (MDI), a privately-owned wholesale grocery store distributor.
These winners are recognized for their innovation and ability to achieve significant ROI and efficiency improvements through the use of Revionics solutions. The winners were recognized at Revionics Insight 2019, which was successful in attracting retail executives, innovators and thought leaders from around the world.
“I am excited to recognize the 2019 Revionics Elevate Award Winners, who embody the powerful business results retailers can achieve by strategically leveraging AI-based price, promotion and markdown solutions,” said Marc H. Hafner, Chairman and CEO of Revionics. “This year’s Insight theme, Adapting to the Velocity of Change, truly resonated with our attendees, who like other retailers are hungry for insight, education and best practices on how to leverage AI and machine learning to help them better engage their shoppers while sustaining healthy revenues, margins and profits.”
The 2019 Elevate Award Winners: Setting the Stage for Success
As the number one convenience store chain in Mexico with 11.8 million customers served daily, OXXO wanted to improve price perception, have a more automated, data-driven and customer-aware pricing strategy, and enhance margins, revenues and sales units. By leveraging Revionics Price Optimization, Key Value Item Analysis, Elasticity Workbench and Store Zone Clustering Analysis, they are achieving improvements in margins and revenues, and in both the first and second years they achieved a price recommendation adoption rate of over 90%.
As UK’s largest integrated purely digital retailer and financial services provider selling 49 million products every year, Shop Direct first adopted Revionics Price Optimization and is now implementing Revinoics Promotion Optimization. Shop Direct chose these solutions to have world-class pricing, which improves price perception. They also wanted to transform and align pricing with strategy, organization and governance. By leveraging these solutions, Shop Direct’s pricing is more relevant to customers. They are using advanced capabilities such as scenario modelling to improve their key performance metrics and to quickly adapt to the pace of change in a competitive market.
Merchant Distributors (MDI)
Supplying over 600 retail food stores with food and non-food items throughout the U.S., MDI chose Revionics Price Optimization as the basis for its Price Optimization as a Service offering to regional grocers throughout the Southeastern United States. Using Revionics, MDI enables grocers to develop more surgically focused KVIs, deliver stronger customer-focused pricing and forecasts and improve pricing effectiveness.
Save the Date for Insight 2020
Mark your calendars for Revionics Insight 2020 which will be held in Miami, Florida on October 4-7. For more information, click here.
About Revionics, Inc.
Revionics is a global SaaS provider of science-based pricing, promotion, space and competitive insight for innovative retailers.
Revionics helps retailers around the world gain a competitive edge by managing and optimizing their pricing, promotions, markdowns, and space. Created by retail experts, Revionics’ cloud-based SaaS solutions deliver amazing year-over-year ROI with an attractive total cost of ownership.
Embracing the retail and science in its core DNA, Revionics delivers machine learning solutions that retailers use to translate shopper insights and competitive response into high-impact results. With Revionics, retailers gain leading-edge capabilities, an invested partner and an evolving solution for today’s dynamic retail landscape.