Eversight’s Pricing Suite arms Raley’s with dynamic, automated price testing for real-time insights into customer behavior
August 06, 2019 09:33 AM Eastern Daylight Time
PALO ALTO, Calif.–(Bloomberg)–Eversight, the leader in AI-powered pricing and promotion software, announced today that Raley’s, the privately-owned and family-owned customer experience grocery company, has adopted the Eversight Pricing Suite to bring intelligent, dynamic pricing to its stores. Raley’s recently completed a very successful pilot of Eversight’s AI-powered software, which focused on optimizing multiple product categories across various strategic goals. As a result, Raley’s is now deploying the Eversight platform enterprise wide.
Raley’s adoption of AI-based price optimization technology is significant in an industry where brick and mortar retailers have historically relied on regression models to inform pricing. By circumventing a dependence on historical data to make pricing decisions, Eversight enables Raley’s to use its store network as a dynamic learning lab where experimentation is intentional and executed with precision. Eversight’s AI engine automatically tests prices and promotions across the store network to inform optimization on an ongoing basis, continuously delivering relevant insights designed for immediate action.
Eversight’s Pricing Suite was designed to deliver AI-powered, experimentation-based software that reads what happens in stores as it happens, with real shoppers at the shelf edge. This gives brick and mortar retailers the same power to optimize price that is available to pure-play ecommerce retailers, enabling them to compete in an entirely new way. Raley’s was one of the first retailers to pilot this technology, and the company is already experiencing strong results.
“Innovation has been at Raley’s core since its beginning, and part of our success can be attributed to how we leverage technology to our advantage,” said Chris Pecot of Raley’s. “We view Eversight’s pricing software as the next generation in price optimization. In piloting the technology, it gave us fresh, accurate data that we used to guide our decisions in a manner that benefitted our customers and our bottom line. We look forward to deploying Eversight’s pricing solution across the entire organization.”
Eversight’s Pricing Suite was designed to help retailers become more agile and adaptive in an ever-fluctuating market. Its AI-based solution offers:
Dynamic Learning Lab: Retailers can now collect and analyze real, current data about different price points and constantly react to changes in the market. This empowers brick and mortar stores to be forward-looking in their pricing decisions instead of depending on noisy historical data.
Improved Performance: The Retail Pricing Suite drives sales and margin improvement by continuously generating experiments that flex prices up and down in real time across the store network, identifying price points optimized towards desired category objectives and arming brick and mortar with a way to compete against online-native retailers.
Continuous Coaching: The AI-based system coaches merchants toward high impact decisions. It collects and analyzes data automatically and surfaces key data points and recommendations to help pricing teams be more strategic. Its exception-based software surfaces high impact areas of opportunity for human decision making. By automating these processes, Eversight frees up team members to focus on leveraging physical stores as assets in today’s highly competitive landscape.
“When we built the Eversight Pricing Suite, we aimed to arm brick and mortar retail with an experimentation-led approach to pricing that delivered real-time insights into consumer behavior, and AI was the key to making that vision a reality. The resulting continuous optimization, coupled with a coaching layer that saves merchants time and redirects bandwidth to strategic opportunities, provides physical retailers with the tools to compete aggressively with their physical and online counterparts,” said Jamie Rapperport, co-founder and CEO of Eversight. “We are thrilled that a company as forward-thinking and customer-centric as Raley’s is already seeing the difference Eversight can make, and we look forward to a long and fruitful relationship.”
Raley’s currently employs over 11,000 team members across California and Nevada. The company is devoted to making customers’ lives better, including the company’s non-profit, Raley’s Food for Families, aimed at helping feed the food insecure. It also created the Raley’s Shelf Guide labeling program to bring ingredient transparency to consumers, and in 2018, the company re-imagined the checkout lane to remove most candy, instead featuring ‘better for you’ products. It also launched its own line of fresh meal kits as well as same-day grocery delivery throughout California and Nevada.
Upon full deployment, Eversight’s pricing technology will address high-impact categories of the store geography for Raley’s $3.2 billion in revenue.
To learn more about how the Eversight Pricing Suite can help turn your store network into a dynamic learning lab that drives sales and margin improvements, please visit http://eversightlabs.com/retail/.
Eversight is the recognized leader in AI-powered pricing and promotions. Global brands and retailers rely on the Eversight platform to optimize pricing in response to market conditions and to deliver higher ROI on promotional spend. Eversight’s Pricing Suite and Offer Innovation Suite solutions are driving strong margin and sales volume improvements for leading companies such as Coca-Cola, General Mills, Raley’s, and Rite Aid. Founded in 2013, Eversight is headquartered in Palo Alto, California, with offices in Chicago and New York. eversightlabs.com.
Raley’s is a privately-owned and family-operated customer experience grocery company headquartered in West Sacramento, CA. Raley’s stores are the destination for the best fresh products, affordable offerings and personalized service. The company’s commitment to infusing life with health and happiness by changing the way the world eats, one plate at a time, has made it a trusted source for food, nutrition, and wellness. Raley’s strives to enhance transparency and education in the food system in order to help customers make more informed, healthy food choices. Raley’s operates 129 stores under five banners: Raley’s, Bel Air Markets, Nob Hill Foods, Food Source, and Market 5-ONE-5. Making healthier offerings accessible to everyone, Raley’s has expanded beyond the store to operate grocery curbside pick-up and delivery in their nearby communities. Visit www.raleys.com.
GMK Communications for Eversight