Lenta, Russia’s Leading Hypermarket Chain, Implements Revionics Price Optimization
Apr 03, 2018
AUSTIN, Texas, April 3, 2018 /PRNewswire/ — 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.”
Lenta is the largest hypermarket chain in Russia and the country’s fourth largest retail chain. The Company was founded in 1993 in St. Petersburg. Lenta operates 232 hypermarkets in 84 cities across Russia and 97 supermarkets in Moscow, St. Petersburg, Novosibirsk, Yekaterinburg and the Central region with a total of approximately 1,382,111 sq.m of selling space as of December 31, 2017. The average Lenta hypermarket store has selling space of approximately 5,600 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 40,400 people as of 30 June 20171.
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.
About Revionics, Inc.
Revionics is a global SaaS provider of science-based pricing, promotion, space and competitive insight for innovative retailers.
Revionics helps retailers around the world gain a competitive edge by managing and optimizing their pricing, promotions, markdowns, and space. Created by retail experts, Revionics’ cloud-based SaaS solutions deliver amazing year-over-year ROI with an attractive total cost of ownership.
Embracing the retail and science in its core DNA, Revionics delivers machine learning solutions that retailers use to translate shopper insights and competitive response into high-impact results. With Revionics, retailers gain leading-edge capabilities, an invested partner and an evolving solution for today’s dynamic retail landscape.
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Contact: Alison Raffalovich
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Phone: +1 (512) 826-0538 (U.S.)
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SOURCE Revionics, Inc.