Weis Markets applies AI to pricing
A mid-Atlantic grocery retailer is ensuring the success of its pricing strategies with advanced analytics.
Weis Markets is supporting strategic pricing and promotional decisions with Nielsen Retail Pricing Analytics, an end-to-end pricing and promotion application. The application integrates Nielsen’s price intelligence data, built on the company’s POS data, with machine learning algorithms designed to help retailers create, manage and improve pricing and promotion strategies.
Gaining access to the solution through an interactive cloud-based interface, Weis Markets obtains detailed, intuitive summaries of the impact of implemented pricing changes by overall category, as well as item performance detail, to better understand margin impact. Using embedded AI dashboards, the retailer mines billions of data points to identify logical price changes for ongoing execution.
From a single portal, Weis Markets can also track and segment competitive price tracking by market, define key value items (KVIs) for price adjustment opportunities, implement and manage in-market execution, and quantify ROI from everyday price changes and promotions. The solution enables the grocer to run updated reports as fast as every 43 seconds.
“Nielsen is a pivotal partner of Weis’s pricing strategy,” said Richard Gunn, senior VP of Weis merchandising and marketing. “Nielsen supports Weis’s mission to provide value to our customers and differentiate in a competitive marketplace. Our merchant team is equipped with insights to react and monitor our strategic initiatives.”
Weis Markets Inc. operates about 200 stores in Pennsylvania, Maryland, New York, New Jersey, Delaware, Virginia, and West Virginia.