Following a successful pilot in 2017, Lenta is sharpening its customer-focused pricing approach by deploying Revionics Price Optimization across all of its hypermarkets and supermarkets this year. The retailer will be positioned to leverage advanced analytics services powered by AI and machine learning, which includes:
- Store-zone clustering;
- Key Value Item (KVI) analysis; and
- Price elasticity understanding.
Through the implementation, Lenta plans to adopt a price-led mindset by offering attractive prices on the items that matter most to individual customers.
“With Revionics analytics and machine learning optimization we are able to review our store zones, improve our KVI lists and define specific roles for every single category, all while delivering very focused competitive pricing that engages customers and inspires loyalty,” said Chris Newbery, Customer Loyalty Director for Lenta in a statement. “Based on the successful pilot we are now working closely with Revionics to extend our customer-centric, science-driven pricing approach to all stores and formats, and realize the positive results on a broader scale.”
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