Russian retail chain Lenta is planning to implement Revionics Price Optimisation solution across all of its hypermarkets and supermarkets this year.
Powered by artificial intelligence and machine learning, Revionics Price Optimisation is an analytics and machine learning optimisation solution.
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The decision to deploy Revionics solution follows a successful trial in 2017.
Lenta will now be able to use Revionics’ advanced analytic services, such as store-zone clustering expertise, price elasticity understanding and Key Value Item (KVI) analysis.
Lenta customer loyalty director Chris Newbery said: “With Revionics analytics and machine learning optimisation we are able to review our store zones, improve our KVI lists and define specific roles for every single category, all the while delivering very focused competitive pricing that engages customers and inspires loyalty.
“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 realise the positive results on a broader scale.”
Lenta is offering prices, through its customer-focused and price-led approach on products that attract customers more, while improving the company’s overall financial performance.
Revionics chairman and CEO Marc Hafner said: “As a rapidly growing Russian retail giant focused on customer satisfaction, Lenta serves a massive geography with a very diverse customer base.
“We are excited to deepen our partnership with them, leveraging machine-learning science and deep analytic insights to craft prices that resonate meaningfully with various customer segments across all of Russia.”
Headquartered in St. Petersburg, Lenta currently operates 232 hypermarkets and 97 supermarkets in 84 cities across Russia.
