Prince Retail Focuses on Pricing Innovation with Revionics Partnership

420
Logo source of Revionics from Retail Dive and Prince Retail logo from their Facebook Page

By Retail Dive

AUSTIN, Tex. — Revionics, an Aptos Company and provider of retail pricing, promotion, markdown and advanced analytics solutions, today announced that Prince Retail will deploy Revionics’ intelligent pricing platform. The technology investment will enable Prince Retail to optimize pricing decisions for products sold at its more than 65 locations throughout the Philippines.

Based in Cebu City, Prince Retail is a chain of retail and wholesale stores that was founded in 1990 by Robert Lim Go. Operating under the Prince Hypermart banner, Prince Retail is a one-stop shop, providing customers with a wide variety of grocery, general merchandise and department store items. With a strong commitment to the Filipino market, Prince Retail offers affordable prices for the quality merchandise it sells, with an emphasis on serving underserved shoppers in rural and island regions.

As one of the fastest-growing retailers in the Philippines, Prince Retail has opened a significant number of new stores in recent years, expanding its reach throughout the far-flung regions around the country. To accommodate this growth and to ensure it can offer shoppers the best prices in each store it operates, Prince Retail is investing in Revionics technology to bring greater levels of scale, science and automation to its pricing function.

“By leveraging a data-driven approach to pricing, Prince Retail can offer our valued customers the most competitive pricing on the items that matter most to them,” said Rina Janine Go, Chief Merchandising, Marketing and Distribution Officer at the Prince Retail Group of Companies. “The COVID-19 pandemic brought to the forefront many challenges for Filipino people and businesses. For Prince Retail, our response has been to lead through the crisis with resilience and innovation.

“Our selection of the Revionics Base Price Optimization solution reflects this spirit of innovation,” Go added. “With Revionics, we can unlock pricing that achieves stronger financial results and maintains our strong focus on the customer. With its advanced AI algorithms, the pricing tool will allow us to optimize prices across every product and in every store — even as consumer behaviors, competitive positions and local conditions continue to shift.”

Trusted by retailers around the world, Revionics is a recognized leader in the retail price optimization space. Its cloud-based solutions are used by top retailers across the grocery, discount, drug, convenience, sporting goods, general merchandise, hardware and specialty retail sectors.

READ full story HERE.