Conrad Electronic Germany Crafts Customer-Centric Pricing with Revionics ML-Based Price Optimization
Technology Innovator Leverages Category-Specific Price Elasticity to Deliver Business Impact
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.”