K-VA-T Launches Price Optimization Solution
K-VA-T Food Stores, Inc., plans to deploy a price optimization solution in order to provide more shopper-centric offerings for its customers.
The grocer is working with Revionics Price Optimization and Revionics Promotion Optimization solutions, which includes Revionics’ category planning tools, weekly price maintenance capabilities and optimized prices across all pricing zones, each week.
“Our primary goal in pricing is to offer our customers the most value for their grocery dollar,” 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 will leverage Revionics Analytic Services, to provide insight into how its customers shop at its 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, according to Revionics. 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.
Revionics delivers innovative life cycle price optimization solutions to retailers, including base, promotion, and markdown pricing. The Revionics solution was developed to leverage an integrated forecast, enabling a coherent view of customer demand across all decision areas.
Abingdon, Va.-based K-VA-T 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