Retail Profit Optimization Workshop in Santiago, Chile
I recently returned from Revionics’ Retail Profit Optimization workshop in Santiago, Chile, where our team co-presented with a customer of ours from one of Latin America’s largest grocery chains. Their Manager of Pricing did an incredible job presenting with the Revionics team on “Advanced Strategies for Profit Optimization”.
My co-presenting colleagues included Adyta Rastogi, Director of Global Science Services for Revionics, and JJ Thorne, Senior Manager of Pricing Strategy for Revionics. These are outstanding technical experts who did an outstanding job sharing their expertise.
The workshop turnout was gratifying and reflected the hunger for successful price optimization strategies among Latin American retailers as they face mounting pressures from the growth of retail discounters and Amazon’s expansion into Latin America. With the Latin American ecommerce sector expected to reach $85 billion in sales by 2019 at annual growth rates of 17% (source: Business Insider’s “Latin America Ecommerce Report”), retailers need to take decisive action to inspire customer loyalty yet protect margins and profits.
Retailers must combat these pressures head-on. And no one knows this more than our customer’s Manager of Pricing who presented on how they are leveraging Revionics’ predictive analytics, competitive insights and demand modeling to drive stronger pricing and promotional strategies, which in turn helps them obtain – and maintain – a competitive advantage.
Our customer specifically pointed to the value of Revionics’ approach of blending data, science and art. Benefits his company obtains from these solutions include:
- Improving their price and promotional strategies and management
- Decreasing manual processes and potential errors around pricing and promotions
- Providing insight into which KVIs need more, or less, attention
- Helping them better align their price strategies to overall business and revenue goals, which improves sales and margins
- Enabling them to become more competitive at a regional level
My team and I look forward to continuing to work with innovative retailers across Latin America to enable them to not only survive in today’s retail age, but to thrive! To discuss how we can help you craft winning strategies, I invite you to please contact me.