Lenta, one of the largest retail chains in Russia, is a recognized retail innovator dedicated to leveraging cutting-edge machine-learning science and data analytics. Following a successful pilot in 2017, Lenta plan to deploy Revionics Price Optimization across all of its Hypermarkets and Supermarkets in 2018.
Lenta has delivered remarkable success with many business innovations, including its enormously popular Loyalty Card program which has 12.7M active members who account for 95% of total customer sales. In selecting Revionics, Lenta are able to leverage the company’s advanced analytic services powered by Artificial Intelligence & Machine Learning. This includes store-zone clustering expertise, Key Value Item (KVI) analysis and price elasticity understanding.
Lenta is sharpening its customer focused price-led approach by offering prices that attract customers on the items that matter most to them, while improving overall financial performance. With an increasing investment on promotions in the market, it is even more important to be razor sharp as to where to invest in prices, and where to recover margin.
“With Revionics analytics and machine learning optimization 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,” said Chris Newbery, Lenta’s Customer Loyalty Director. “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 realize the positive results on a broader scale.”
“As a rapidly growing Russian retail giant focused on customer satisfaction, Lenta serves a massive geography with a very diverse customer base,” said Marc H. Hafner, Revionics’ chairman and CEO. “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.”