, the leading provider of
End-to-End Merchandise Optimization solutions
Holdings, N.V. (NYSE: NLSN), a leading global provider of information and insights into what consumers watch and buy, have signed a multi-year global strategic alliance agreement which will integrate Nielsen Pricing Insights with
Revionics Life Cycle Price Optimization solutions
. The alliance brings together best-in-class competitive market insights with proven demand-based science and predictive analytics to help retailers quickly make data-driven pricing changes at enterprise scale to capitalize on competitive marketplace conditions.
“Our combined solutions enable retailers to answer critical questions such as the competitive position of their prices to the market, what is the price elasticity of the market, what profit opportunities exist with their pricing strategy, are they growing market share with their price and promotional strategies,” stated James Dodge, Vice President, Retail Consulting & Analytics, Nielsen. “Providing answers to these questions empowers retailers to enhance competitiveness and profitability.”
Today’s retailers are battling intense pressures from existing competitors, format encroachment by new competitors, rising commodity costs and increasingly price-conscious, deal-seeking, knowledgeable shoppers who rapidly shift their buying behaviors. To compete more profitably, retailers need to make better strategic and tactical decisions based on marketplace and shopper analysis rather than gut feel—and respond quickly to dynamic marketplace conditions. For retailers to find success in today’s price transparent world, they need to systematically leverage comprehensive market insights and optimization technologies to execute impactful price and promotion strategies in the market.
“The reality of the competitive retail landscape places intense pressure on retailers,” said Kevin Sterneckert, Vice President, Research – Consumer Value Chain, Gartner. “Through the advanced analysis of consumer behavior, retailers can identify items or categories of merchandise where the consumer expects or allows flexible pricing.”
Revionics Price Optimization Infused with Nielsen Pricing Insights to Offer Better Visibility into a Retailer’s Competitive Pricing Environment
The initial solution, which is immediately available, integrates Revionics Price Optimization and Nielsen Pricing Insights. This combined solution provides enhanced visibility into a retailer’s competitive pricing environment and Key Value Items (KVIs) at a local level. Through the alliance, Nielsen will provide Revionics with its comprehensive Nielsen Pricing Insights, which provides more granular information to show specific price points that consumers are paying and the volume sold at those price points in the competitive marketplace. Revionics Price Optimization integrates Nielsen Pricing Insights to appropriately weigh the importance of the individual prices along with other optimization engines and business rules. Revionics Price Optimization infused with Nielsen Pricing Insights will allow retailers to adapt to marketplace changes quickly and stay more competitive.