AUSTIN, Texas, March 14, 2017 /PRNewswire/ -- Lenta, one of the largest retail chains in Russia, widely regarded for its innovative pricing solutions and track record of using data-driven insights to provide relevant assortment and offers to its customer base, has selected Revionics' science-based price optimization capabilities.
Lenta has delivered remarkable success with many business innovations, including its wildly popular loyalty card program, which accounted for 93% of total customer transactions in fiscal fourth quarter 2016. With some 24,000 SKUs, Lenta sought a pioneering, scalable, and science-based approach to delivering customer-centric pricing. "At Lenta, we remain focused on giving our ten million-strong customers quality products at competitive prices," said Herman Tinga, Lenta's Commercial Director. "By adopting Revionics' market-leading price optimization technology, we can do extensive analytics and scenario planning to ensure that we give our customers the very best pricing where it matters most."
Lenta will initially conduct a pilot rollout using Revionics across five product categories: industrial bread, ice cream, cooking oil, yogurt and air fresheners. The rollout will encompass both its traditional hypermarket stores and its newer supermarket formats. Lenta also plans to leverage Revionics Analytical Services including Key Value Item (KVI) analysis to refine its KVI list and category roles, Store Zone Cluster Analysis to identify the best store cluster approach and improve efficiencies in the pricing process, and Elasticity Workbench to analyze how shoppers respond to prices.
"We are impressed with Lenta's data-driven approach to providing market-leading grocery experiences for their customers, and we are delighted to team up with them to bring top-tier current-generation price optimization to that mix," said Marc H. Hafner, Revionics' chairman and CEO. "It's exciting to welcome another innovative Russian retailer to our growing EMEA and world-wide customer base. We look forward to a long and prosperous relationship."
Excited to welcome Lenta to the @Revionics customer family as it continues to drive #retail innovation in Russia! https://goo.gl/8pI5Wb
Lenta is the largest hypermarket chain in Russia (in terms of selling space) and the country's fifth largest retail chain (in terms of 2015 sales). The Company was founded in 1993 in St. Petersburg. Lenta operates 195 hypermarkets in 78 cities across Russia and 52 supermarkets in Moscow, St. Petersburg, Novosibirsk and the Central region with a total of approximately 1,167,584 sq.m of selling space. The average Lenta hypermarket store has selling space of approximately 5,700 sq.m. The average Lenta supermarket store has selling space of approximately 900 sq.m. The Company operates seven owned distribution centres.
The Company's price-led hypermarket formats are differentiated in terms of their promotion and pricing strategies as well as their local product assortment. The Company employed approximately 45,689 people as of 31 December 2016.
The Company's management team combines a mix of local knowledge and international expertise coupled with extensive operational experience in Russia. Lenta's largest shareholders include TPG Capital and the European Bank for Reconstruction and Development, both of which are committed to maintaining high standards of corporate governance. Lenta is listed on the London Stock Exchange and on the Moscow Exchange and trades under the ticker: 'LNTA'. A brief video summary on Lenta's business and its Big Data initiative can be seen here.
About Revionics, Inc.
Revionics is a global leader in profit optimization services and solutions. Our unparalleled analytics and science serve as the backbone of omni-channel retailing to help performance-driven retailers execute profitable pricing, promotion, markdown, and space decisions with predictable business outcomes. The result: achieve speed to value and ROI, improve margins, drive top-line sales and respond faster with precision.
Revionics' SaaS-based model integrates analytics, technology and services to deliver an unmatched advantage for retailers – Competitive Insights, Price Suite, Promotion Suite, Markdown Suite, and Space and Assortment Suite – all from a predictive platform to drive long-term growth.
Trusted by some of the most profitable retail brands, Revionics optimizes across more than 18 million products and more than 2.6 billion item/store combinations are modeled weekly. Learn more at www.revionics.com.
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SOURCE Revionics, Inc.