Market Basket, a privately-owned grocer, has renewed and expanded its agreement with end-to-end merchandise optimization solutions provider Revionics.
Market Basket initially implemented Revionics Life Cycle Pricing Optimization solutions to keep up with larger competitors. The company recently expanded the solution implementation to increase market share through shopper-centric pricing. The optimization process includes:
- Automation of pricing process for consistent business rules and price image;
- Localization of prices based on shopper and competitor behavior; and
- Ability to predict and measure impact of price changes.
The expansion also included Revionics Advanced Analytics services, such as the Key Value Item (KVI) Analysis. The solution identifies KVIs through scientific analysis based on price sensitivity, sales volume and the role and the presence of the item, along with Market Basket Analysis.
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“Since implementing Revionics, we have seen a significant ROI in profits,” said Skylar Thompson, President of Market Basket. “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.”
