The Shelby Report caught up with Caitlin Orosz, senior director of marketing for Redmond, Washington-based Bungee Tech after Groceryshop 2024 in Las Vegas. The software company aims to revolutionize retail operations through efficient automation and improve the ability of customers to compete and win in the market.
Retail pricing solutions such as its Retailscape by Bungee Tech are designed to be scalable and adaptable, making them suitable for businesses of all sizes. These tools provide a competitive edge, so that customers can enhance their pricing strategies and improve profitability.
Pricing analytics and optimization solutions provide insights into market pricing, enabling grocers to make data-driven decisions for their own stores. Moreover, these tools help streamline operations, reduce manual pricing efforts and allow grocers to focus on other critical aspects of their business.
What is new at Bungee Tech?
Bungee Tech has been making exciting advancements for grocery retailers. We’ve developed new features for our price engine, including price zone analytics and downstream integrations.
We’re enhancing our assortment analytics capabilities, allowing retailers to gain visibility into product gaps to make more data-driven decisions around their selections. Plus, our Retailscape platform gives retailers actionable insights and a clear view of their competitive landscape.
What are some of your key takeaways from the show?
I liked the takeaway of using technology to reduce friction in a customer’s experience. At Bungee Tech, our mission is to optimize operations and streamline workflows to create value.
I also noted a few times that digitally engaged shoppers spend more, so there is a clear need for grocers to adopt solutions such as personalized offers and pricing optimization.
We also saw a push toward private label growth – retailer Ahold Delhaize highlighted the importance of innovation in its own brands.
What are some of the biggest challenges that grocery retailers are facing now, as well as in the future?
We see grocery retailers are grappling with competitive pressure, changing consumer demand and labor shortages. It’s a challenge for retailers to balance profitability with value.
What are some opportunities that grocery retailers can take advantage of?
Retailers have an opportunity to implement technologies that will enhance operations and drive customer loyalty. Investing in high-quality competitive intelligence, for example, gives grocers a deeper understanding of the market’s prices, assortment and availability to drive data-driven decisions.
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What is Bungee Tech doing to help retailers?
Bungee Tech is committed to helping grocers make smarter, faster decisions. Whether it’s accurate competitive intelligence or price optimization, our goal is to help retailers identify risks and opportunities in their pricing strategies. We recommend the best prices across key value products so that grocers can drive growth.
Anything else that you would like to mention?
We believe that the future of grocery retail lies in flexibility. Flexible pricing is the ability to use data and analytics to inform pricing decisions at a strategic level. Thinking about pricing as flexible or adaptable enables grocers to use data and tech to identify the best value for the customer and the bottom line.
Bungee Tech is here to help retailers optimize retail operations through reliable data and efficient automation so that they can effectively compete and win in the market.
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