Saudi Arabia’s Panda Retail Company has agreed to use Revionics’ intelligent pricing platform as part of plans to adopt a more data-driven and customer-centric approach to its pricing decisions.
In a statement, Revionics, an Aptos Company, said the retailer will use its base price solution to optimize prices at nearly 200 hypermarkets and supermarkets.
Based in Jeddah, Panda is a leading grocery store chain, serving more than 100 million customers annually. Panda was acquired by Savola Group in 1998 and since that time has grown its market share in the food retail sector. One key aspect of its success has been its investment in modern technology systems. In line with this, it is now aiming to bring greater levels of automation, market responsiveness and speed to its pricing decisions.
Ahmad Chehade, Chief Marketing Officer at Panda Retail Company said: “In regards to our investments in Revionics’ technology, at Panda, we’re all about putting the customer first. As the leaders in our industry, it’s our job to keep looking ahead. We know that customer preferences change as the world economy shifts, and that’s why we’re committed to tailoring our offerings to each individual and, above all, making sure we provide real value.”
Revionics’ uses AI models to accurately forecast demand changes and recommend optimal prices specific to each client’s unique goals, its customers’ behaviours and buying patterns. Prices can be optimized at every level including product, key value item groups, zones, and categories. It aso provides reporting into the impact and value generated by price changes.
Scott Zucker, General Manager at Revionics, an Aptos Company added: “With new pricing innovations, Panda takes another step forward in its mission to grow share and deliver even more value to the communities it operates in. We are proud to partner with this remarkable and visionary retail group.”
