ROSEVILLE, Calif. & ABINGDON, Va. — Revionics, Inc., the leading provider in retail life cycle price optimization solutions, and K-VA-T Food Stores, Inc., one of the Mid-Atlantic's largest and oldest regional grocers, announced that K-VA-T has selected Revionics as their price optimization provider. K-VA-T will deploy Revionics(R) Price Optimization and Revionics(R) Promotion Optimization, which includes Revionics' category planning tools, weekly price maintenance capabilities and optimized prices across all pricing zones, each week.
K-VA-T Food Stores, Inc., based in Abingdon, Virginia, operates 104 stores under two separate banners, Food City and Super Dollar. K-VA-T focuses on delivering quality products and services, competitive pricing, and a deep commitment to the communities they serve. K-VA-T partners with local farmers to bring local produce to its customers, which helps local farmers and satisfies local demand.
K-VA-T will leverage Revionics(R) Analytic Services, to provide insight into how their customers shop at their various stores and what prices and promotions their customers prefer. The insight provided into market patterns and consumer preferences will help K-VA-T make better, fact-based decisions. Revionics will provide K-VA-T Food Stores with the ability to manage rules-based pricing as well as leverage consumer demand modeling to optimize their base prices and the value they offer their customers. K-VA-T and Revionics will also focus on optimizing promotions to ensure the relationship between K-VA-T and their customers is further enhanced by delivering promotional offers that continue to build on the value-based image they have come to expect from K-VA-T.
"Our primary goal in pricing is to offer our customers the most value for their grocery dollar. Revionics offered the superior predictive analytical and optimization tools we need to achieve this goal," said Richard Gunn, EVP of Merchandising and Marketing. "We will leverage Revionics' unique ability to help us manage our prices in a highly competitive marketplace as well as continue to offer our customers the value they have come to expect from K-VA-T Food Stores. This is especially important at a time where our costs continue to increase and many of our customers are still struggling in the current economic uncertainty. Revionics proven software-as-a-service platform accelerates installation, and their intuitive solution ensures user adoption, both enabling a rapid return on our investment."
"K-VA-T Food Stores is a leader in their market and their trust in us to build a strong partnership further validates Revionics leadership in the price optimization space," said Marc Hafner, President and CEO of Revionics, Inc. "We are thrilled to kick off their shopper-centric pricing and promotions project this month and we are committed to delivering quick time-to-value for K-VA-T and their customers, which will have a positive impact on their bottom line."
Revionics Life Cycle Price Optimization Enables the Shopper-centric Retailer
Retailers like K-VA-T require sophisticated, scalable tools to help them plan, execute and measure their pricing strategies. Shopper-centric pricing requires a retailer to understand how consumers are behaving by store, and how they shop by item.
Revionics' innovative "Optimize with Confidence" approach is based on providing the industry's most usable science and transparency on a single platform to drive unparalleled confidence in price recommendations, which accelerates adoption and ROI. The Revionics Life Cycle Price Optimization Suite leverages usable science that integrates and balances retailers' pricing rules, strategies, and operational policies with consumer demand to deliver more effective shopper-centric pricing recommendations that align with category plans and corporate financial objectives. Price transparency provides visibility into the "why and how" behind every recommendation, clearly exposing the contribution of each strategy objective and constraints. The Revionics Life Cycle Price Optimization suite includes Revionics(R) Price Optimization, Revionics(R) Promotion Optimization, and Revionics(R) Markdown Optimization.
About Revionics, Inc.
Revionics delivers innovative life cycle price optimization solutions to retailers, including base, promotion, and markdown pricing. The Revionics solution leverages an integrated forecast, enabling a coherent view of customer demand across all decision areas. Our proprietary approach applies advanced analytics and science to predict customer behavior, empowering retailers to achieve their financial objectives, improve customer loyalty, and make better, faster decisions. Our solutions are delivered on a modern, fully scalable, software-as-a-service platform. Over 20,000 retail locations across grocery, drug, building materials, convenience, general merchandise, discount and sporting goods stores are priced using Revionics solutions. For more information, please visit www.revionics.com .
About K-VA-T Food Stores, Inc.
K-VA-T Food Stores, Inc. is a leading grocer in the Mid-Atlantic region. Food City dates back to 1918 when the first store was opened in Greeneville, TN and continues today as K-VA-T Food Stores, which opened its' first store in 1955 in Grundy, VA. Today K-VA-T Food Stores is headquartered in Abingdon, VA and operates 104 retail grocery stores, with 76 pharmacies and 71 fuel stations under the Food City, Super Dollar, and Gas 'N Go banners throughout Kentucky, Virginia and Tennessee. For more information about K-VA-T Food Stores, visit the company website at www.foodcity.com .
Source: Revionics, Inc.
