Global Retailers Come Together to Advance Their Pricing Intelligence Strategies
Recently I had the pleasure of joining my Revionics colleagues and our Germany-headquartered partner, Strategix Enterprise in hosting a series of workshops on “Pricing Right” in Germany, Russia and Poland. The turnout and participation were very exciting – in all, 65 retailers joined the event to get actionable education on applying price optimization across the entire product lifecycle to compete more profitably.
The lively sessions integrated lectures with use case-oriented demonstrations of Revionics® Price Optimization, Revionics® Promotion Optimization and Revionics® Markdown Optimization, including what-if scenario planning. In each city, we also presented relevant case studies to give attendees insight into how their retailer colleagues use price optimization to deliver remarkable business results – including enhanced sales, margins and shopper loyalty – under real-world competitive conditions.
It was exciting to see the variety of retailers attending – from individuals fairly new to price strategy roles to 30-year pricing veterans. It was even more exciting to hear that there was powerful value in the sessions for retailers across the entire spectrum. In conversation after one of the workshops, a retailer said something that has really stayed with me: “We’ve been talking about implementing price optimization solutions for a while, but we had a lot of questions about how complex it might be to deploy and adopt and exactly what benefits we might expect. I have a lot clearer understanding now and I feel confident we can implement it much faster, easier and more affordably than we thought. I also have much better insight into the path to compelling ROI.”
One seasoned veteran put it very directly: “I thought I knew everything about price optimization. After these sessions I realize how little I know and how much more impact I could be providing to my organization with these solutions.”
Another attendee told me he found value in seeing the integrated capabilities of Strategix and Revionics: “It gives me confidence that this approach combines the local deep expertise that we have seen from Strategix plus the advanced capabilities of a global optimization leader like Revionics.” That’s exactly what our partnering approach provides: world-class price optimization science and technology and locally based experts for assessment, implementation and support.
Maybe the most compelling proof of the value of the event is the amount of ongoing engagement we’ve seen since. Attendees from all three cities are continuing in-depth dialogue with Strategix and Revionics to see how they might deliver maximum business impact from price optimization in their specific environments.
I had high expectations for this workshop series and I think it’s fair to say that the results exceeded my expectations on every level. The team is energized and already planning to roll these out in other regions – stay tuned!