Promotions are as complicated as ever.
Consumer demands around promotional offers have changed. Personalized promotions outperform generic promotions. Offers have to be optimized across channels and experiences. It’s no longer just about what to promote. It’s about how, when and where, too.
Retailers can no longer rely on the same old promotional offers and tactics. Meeting consumer expectations now requires more creative, targeted and complex promotions.
But the more complex promotional offers get, the harder they are to measure, forecast and optimize.
Complex promotions are difficult to optimize
Complex promotions are hard to predict and evaluate because you cannot rely on historical data for offers you have never run before. On top of that, promotions do not exist in a vacuum. They have impact far beyond just the items included in the offer.
Without a promotions optimization solution built for today’s consumer, retailers are left asking questions about what the results will be across the entire store:
• Which offer would work better, buy 1 get 1 free, or buy 2 get 40% off?
• Should I bundle toothpaste and mouthwash? What about dental floss?
• How can I get higher redemption and margin?
• What will the impact of this promotion be to the various categories involved?
• What can I do to meet varying promotional demands across different customers?
• How can I use promotions to support my broader category objectives?
• How do I leverage promotions to grow my private label brand?
• If I promote Tylenol, will it drive more overall sales, or merely take sales from Advil?
• I’ve never promoted this item before. How can I know how it will perform?
This is why retailers need Revionics.
Science simplifies complex promotions
Our advanced Artificial Intelligence helps design more effective and measurable offers, while simplifying the complexity behind the scenes and within your stores.
With scalable architecture and a flexible framework, Revionics Promotions Planning and Optimization is highly configurable to your specific promotions data and objectives. And thanks to a science platform built to provide greater accuracy in the face of data scarcity, you’re never stuck running the same old promotions due to a lack of data:
• Easily craft the most effective promotions with superior predictive AI and intuitive UI.
• Test affinity assumptions to identify which bundle offers will lead to bigger, more profitable baskets.
• Optimize offers for a balance of consumer appeal and profits.
• Flexible architecture simplifies forecasting for mutually beneficial cross-category offers.
• Increase loyalty with promotions targeted to specific customer segmentations.
• Leverage advanced analytics built to optimize for your holistic business goals.
• Influence private label mix and increase market share with promotions that drive loyalty.
• Understand the full impact of an offer with promotional forecasts that account for affinity and cannibalization.
• Sophisticated inferencing science overcomes data scarcity so you can pursue new promotional offers with confidence.
The ultimate outcome? Promotions that are more relevant and more appealing to your consumers.
Want to learn more about how Revionics’ industry leading AI is powering personalized, inventory-aware, omnichannel promotions for today’s shopper?
Click here to dive deeper into how AI can solve even the toughest retail data science challenges and explore other difficult-to-price scenarios.
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