Cebu City-based Prince Retail recently deployed the Revionics intelligent pricing platform to “optimize pricing decisions for products sold at its more than 65 locations throughout the Philippines.”
“By leveraging a data-driven approach to pricing, Prince Retail can offer our valued customers the most competitive pricing on the items that matter most to them,” said Rina Janine Go, chief merchandising, marketing and distribution officer, at the Prince Retail Group of Companies. She added the recent installation of Revionics is in response to the Covid-19 pandemic which caused a lot of disruption to numerous businesses.
“Our selection of the Revionics Base Price Optimization solution reflects this spirit of innovation,” Go added. “With Revionics, we can unlock pricing that achieves stronger financial results and maintains our strong focus on the customer. With its advanced AI algorithms, the pricing tool will allow us to optimize prices across every product and in every store—even as consumer behaviors, competitive positions, and local conditions continue to shift,” Go explained.
Go said the expansion of Prince Retail, opening of a significant number of new stores in recent years throughout the country, required the company to acquire cutting-edge solutions to bring greater efficiency in its operations.
“To accommodate this growth and to ensure it can offer shoppers the best prices in each store it operates, Prince Retail is investing in Revionics technology to bring greater levels of scale, science and automation to its pricing function,” she said.
Trusted by retailers around the world, Revionics is a recognized leader in the retail price optimization space. Its cloud-based solutions are used by top retailers across the grocery, discount, drug, convenience, sporting goods, general merchandise, hardware, and specialty retail sectors.
Founded in 1990 by Robert Lim Go, Prince Retail is a chain of retail and wholesale stores present around the country. Operating under the Prince Hypermart banner, Prince Retail is a one-stop shop providing customers with a wide variety of grocery, general merchandise, and department store items. Prince Retail offers affordable prices for the quality merchandise it sells, with an emphasis on serving underserved shoppers in rural and island regions.
Following its acquisition by Aptos in 2020, Revionics continues to expand its customer base globally—including in the strategic Southeast Asian market. The partnership with Prince Retail reflects Revionics and Aptos’ commitment to building their local presence throughout the region.
“Prince Retail, with its mission to serve the underserved, is an inspiring retail group that has a positive impact on the lives of its customers,” said Steve Towe, Aptos COO and president.
“We are immensely proud to work with a retailer of this caliber and to support Prince Retail in its adoption of a unified pricing strategy. As more Philippine retailers adopt digital transformation strategies, our best-in-class pricing, customer experience and merchandising solutions are a direct match to their needs.”