Revionics Experts to Showcase AI Pricing and Promotion Strategies at the LATAM Retail Show in São Paulo, Brazil
Online retail is growing in LATAM: according to eMarketer’s Global Commerce 2019 report, more than one-third of the region’s population will make a digital purchase in 2019. In addition, the report predicts that retail ecommerce sales in Latin America will grow 21.3% to $71.34 billion, putting them side-by-side with other areas that are considered some of the world’s fastest e-commerce growth markets like the Middle East and Africa. Although these numbers look very positive for the market, Amazon is in hot pursuit of the LATAM market with their expansion into Brazil.
To hold their own against Amazon and an increasingly fast-paced competitive environment, retailers in LATAM will need to ensure they are leveraging the latest in AI-powered pricing and promotion solutions, which can help them craft highly targeted prices and offers that resonate with their shoppers’ needs, wants and preferences.
In fact, a Revionics-commissioned global shopper study by Forrester Consulting found that retailers need to balance the scales of timing and patience when it comes to pricing and promotions. If the right promotion is not available when a shopper wants it they may lose that shopper. But on the flip side, they also need to understand that shoppers will wait for the right price. In fact, 63% of shoppers stated they would wait 1-6 months or as long as it takes to get a price they are willing to pay.i
To help retailers navigate these challenging retail waters, Revionics’ LATAM experts will be on hand at the LATAM Retail Show Congress & Expo in Booth F62, August 27-29, in São Paulo, Brazil, showcasing Pricing, Promotion, Markdown, Advanced Analytics and Dynamic Pricing solutions.
To schedule a meeting at the event with a Revionics expert, click here. I hope to see you there!
i Understanding Retail Customers’ Pricing Expectations and Tolerances, a Forrester Consulting study commissioned by Revionics, June 2017