Retailers must maintain consistent pricing, markdown and promotion strategies across stores and channels to meet the needs of today’s research-savvy, price-conscious consumers. Gander Mountain Company, a specialty outdoor retailer, is implementing the Revionics Price Optimization solution to address this need and ensure optimal price monitoring and management throughout its stores.
Gander Mountain is deploying the Revionics pricing solution throughout its 116 retail locations to streamline pricing strategies and boost profit. As part of a two-year agreement, Revionics will provide the retailer with a more scientific and strategic merchandising and pricing approach, according to Karen Dutch, Senior VP of Marketing for Revionics.
“Shoppers are more informed than ever before, with knowledgeable cross-channel shopping behaviors that empower them to assess, accept or reject prices across channels as well as locations,” Dutch told Retail TouchPoints. “This makes it absolutely critical for retailers to leverage shopper insights to develop effective cross-channel pricing and promotion strategies in a timely manner that respond to — and shape — consumer behavior.”
The Price Optimization solution is part of the Revionics Life Cycle Price Optimization suite, which also features Promotion Optimization and Markdown Optimization solutions. The suite allows retailers to integrate pricing rules, strategies and operational policies with consumer demand to develop pricing recommendations that align with corporate financial objectives.
The new partnership with Revionics is designed to help Gander Mountain implement merchandising and pricing strategies that coincide with customer response and demand. “Our goal is to provide timely insight based on current data as well as complete transparency into the ‘why’ behind all recommendations, which gives retailers full control of and increased confidence in the recommended prices and strategies,” Dutch said.
Using the price optimization software to more efficiently address pricing, promotion and markdown strategies, Gander Mountain managers can re-focus on core in-store responsibilities. This will help stores more effectively address key market trends and changes, such as the rise of cross-channel shopping, fluctuating prices and more dynamic assortment, Dutch noted.
“To deal effectively with these challenges, retailers require a solution that takes a holistic view and can incorporate base price, promotion and markdown strategies to develop a comprehensive plan to meet category and corporate objectives,” Dutch explained. “A comprehensive life cycle price optimization solution provides a more effective and efficient approach to managing pricing strategies. It also replaces time consuming and error-prone manual processes that simply cannot provide the same results.”