NOVUS, a leading nationwide supermarket chain in Ukraine, has chosen Competera, a cutting-edge pricing and competitive intelligence solutions provider to strengthen its pricing intelligence. As NOVUS continues its rapid expansion and growth within the Ukrainian food retail sector, this strategic collaboration with Competera marks a pivotal milestone in its journey towards pricing excellence and operational efficiency.
NOVUS, a subsidiary of Lithuanian Consul Trade House UAB, has established itself as the most dynamic and forward-thinking player in the Ukrainian food retail industry. With a strong focus on three core business areas – stores, distribution, and import – NOVUS has set ambitious goals for itself and recognized the need for specialized pricing tools to address key challenges:
- Margin Improvement: NOVUS sought innovative pricing strategies to enhance its margins in an increasingly competitive market.
- Complex Dependencies: Cross-product relationships and price elasticity were not adequately considered in the repricing process, hindering optimized pricing decisions.
- Manual Errors: The existing repricing process was largely manual and prone to errors, necessitating a more streamlined and accurate approach.
NOVUS aims to achieve the following objectives through its collaboration with Competera:
- Revenue Growth: Enhance gross revenue without sacrificing margin.
- Pricing Automation: Achieve end-to-end pricing automation, allowing for easy tactical adjustments without the need for IT department intervention.
- Error Elimination: Eradicate pricing errors entirely from the workflow.
Competera's comprehensive pricing solution has been tailored to meet NOVUS's unique needs, providing a multifaceted approach to address these challenges effectively:
- Pricing Automation: Competera's advanced pricing automation solution offers NOVUS automated rule-based and event-driven repricing, complemented by data-based analytical dashboards. These tools enable NOVUS to gauge the financial impact of each pricing decision accurately.
- Pricing Optimization: Competera will implement cutting-edge machine learning algorithms to ensure NOVUS's pricing aligns seamlessly with market dynamics and consumer demands, delivering optimal pricing strategies.
- Competitive Data: Competera's competitive intelligence data and analytical reports empower NOVUS to make data-driven decisions, gaining a competitive edge in the market.
Alex Galkin, Founder and CEO of Competera, expressed his enthusiasm about the partnership, saying, "We are delighted to collaborate with NOVUS, a forward-thinking and dynamic player in the Ukrainian retail landscape. At Competera, we are committed to empowering businesses with the tools they need to succeed in today's competitive environment. With our advanced pricing solutions, we are confident that NOVUS will achieve its goals of revenue growth, automation, and error elimination, driving its continued success."
"We chose Competera because their advanced algorithmic pricing system considers critical factors like elasticity and cannibalization, their proven success in the Ukrainian market, and their willingness to offer pre-piloting, demonstrating their expertise and commitment to delivering results", comments Dmytro Moskvichov, Director of Sales Promotion Department at NOVUS.
The project is to be implemented in a partnership with Consulting for Retail (C4R), which will be responsible for project implementation and change management.