NEWS
Panda Retail selects intelligent pricing platform for data-approach to pricing
One key aspect of its success has been its investment in modern technology systems that enhance customer satisfaction and profitability . In line with this commitment , Panda saw an opportunity to leverage the latest advancements in data science to bring greater levels of automation , market responsiveness and speed to its pricing decisions .
Following a comprehensive evaluation of price optimisation vendors , Panda selected Revionics with the belief that its software can unlock pricing decisions that improve price perception and achieve stronger financial results , even as consumer demand , local conditions and other factors continue to shift .
Revionics , provider of retail pricing , promotion , markdown and advanced analytics solutions , announced that Panda Retail Company has selected its intelligent pricing platform to adopt a more data-driven and customer-centric approach to its pricing decisions . The retailer will leverage Revionics ’ base price solution to optimise prices at nearly 200 hypermarkets and supermarkets .
Based in Jeddah , Saudi Arabia , Panda is the region ’ s grocery store chain , serving more than 100 million customers annually . Panda was acquired by Savola Group in 1998 and since that time has grown its market share in the food retail sector .
“ Throughout our company ’ s history , we have listened carefully to our customers ’ needs and preferences and adapted accordingly ,” said Ahmad Chehade , Chief Marketing Officer at Panda Retail Company .
Trusted by retailers around the world , Revionics ’ AI models accurately forecast demand changes and recommend optimal prices specific to each client ’ s unique goals and its customers ’ behaviours and buying patterns . Prices can be optimised at every level , product , key value item groups , zones , categories , and robust reporting is provided along with deep insights into the impact and value generated by price changes .
54 % organisations suffered cyberattack , incident that prevented access to data says Dell Technologies
Over half , 54 % of organisations suffered a cyberattack or incident that prevented access to data last year , according to the 2023 Dell Technologies Global Data Protection Index survey of 1,000 IT decision makers , ITDMs and 500 IT security decision makers .
Respondents report that IT disruption is commonplace , with the vast majority , 90 % saying their organisations experienced some form of IT disruption in 2023 . External security breaches were the most cited , 40 % cause of data loss and , or systems downtime within organisations .
Mohamed Talaat , Vice President for Saudi Arabia , Egypt , Libya , Levant and Turkey at Dell Technologies said , “ Organisations and IT decision makers in Saudi Arabia should actively fortify their operations by implementing robust cybersecurity measures . This proactive approach not only
guards against potential threats but also ensures that businesses have secure and future proof infrastructure that protects their most valuable asset .”
Over half , 55 % of those who experienced a cyberattack event said attackers ’ first point of entry was external – users clicking on spam or phishing emails and malicious links , compromised user credentials and hacked mobile devices .
Looking to the implications , respondents said that disruptions that include data loss cost on average US $ 2.61 million in 2023 , accounted for an average of 26 hours of unplanned downtime and resulted in an average of 2.45TB worth of data loss . Costs associated with cyberattacks and related incidents have also doubled , up from US $ 0.66 million in 2022 to US $ 1.41 million in 2023 .
Generative AI , GenAI is emerging as a strategic tool for bolstering defences , with
Mohamed Talaat , Vice President for Saudi Arabia , Egypt , Libya , Levant and Turkey , Dell Technologies
52 % of those surveyed saying that integrating GenAI will provide an advantage to their organisation ’ s cybersecurity posture .
However , showing the dual nature of GenAI as both a defensive asset and source of complexity , 88 % also agreed that the adoption of GenAI will generate large volumes of new data .
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