Technology Innovator Leverages Category-Specific Price Elasticity to Deliver Business Impact
AUSTIN, TX - (December 11, 2019) – Since its founding in 1923 by Max Conrad, Conrad Electronic has been a perennial market innovator delivering a huge assortment of electronics and technology to its growing consumer and business customer base. As one of Europe's leading multi-channel retailers of electronics and technology, Conrad’s expansive assortment is designed to actively engage both its business customers – including industrial customers, professional users, educational institutions, makers – and consumers. To price intelligently and competitively across both new and existing items, Conrad turned to Revionics Price Suite.
Conrad’s Chief Digital and Disruption Officer, Ales Drabek, brings a laser-sharp focus on comprehensive innovation leveraging democratized data and a modern technology stack, including big data management, process automation, machine learning and voice control. “From our early A/B testing through initial rollout in Germany for our online categories, Revionics’ machine learning and modern algorithms have enabled us to determine the exact price elasticity for each category,” Drabek notes. “We value Revionics Price Optimization for its transparency, sophisticated machine-learning algorithms and ability to deliver quantifiable business impact.”
As Conrad continues to deliver process automation by allowing price changes within defined thresholds, it is formulating expansion strategies to additional countries and to stores as well as its online marketplace. It is also leveraging Revionics’ multi-tier pricing capabilities to cater to both its business and consumer customer segments.
“Revionics is proud to partner with industry leaders like Conrad Electronic who embrace the rapid evolution of retail markets today,” said Marc H. Hafner, Revionics chairman and CEO. “From their roots in Germany to their global footprint today, Conrad has been on an exciting and inspiring growth trajectory, and we look forward to continued partnering to help drive new growth and innovation.”
About Conrad Electronic SE
Conrad Electronic has been in the technology and electronics business since its foundation in 1923. With 5,000,000 products available through the company’s online shops conrad.de and 20 German branches, the Bavarian family-owned business is one of the leading omnichannel distributors. Company group Conrad also operates internationally locally based subsidiaries in 16 countries across Europe.
Conrad’s digital platforms and services are a central hub for the technology and electronics market. Conrad, as one of the leading European B2B distributors, offers its business-to-business customers an ever-growing B2B assortment, individual service through key account managers, inside sales and in-branch business advisors as well as project business solutions through company subsidiary SOS electronic. In addition, customers can benefit from product, ordering and delivery services: 24-hour standard delivery, eCatalogues, eProcurement solutions, calibration, comprehensive PCB, 3D printing and other product services. At the end of 2013, Conrad completed the expansion of Electrostatic Discharge (ESD) handling facilities and an EPA (Electrostatic Protected Area). The company’s whole ESD management system is certified by TÜV Nord, based on DIN EN 61340-5-1.
The product portfolio comprises products from leading manufacturers and strong own brands like Tru Components, Voltcraft, Toolcraft, Makerfactory, C Control, Renkforce, Speaka Professional, Sygonix, Eurochron, Polarlite, Reely oder Emmerich. It also includes Conrad Connect, a leading platform for the Internet of Things (IoT), which enables cross-supplier connectivity and management of intelligent devices, apps and services for private and business use.
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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