Coborn’s plans to roll out an artificial intelligence-based pricing system chainwide as the Minnesota-based grocer looks to develop a centralized price and promotions pricing strategy to underpin its expansion efforts, according to a Tuesday announcement.
The new system, supplied by Revionics, will permit Coborn’s to implement an automated strategy for determining prices, forecast customer demand, and adapt its pricing operations to varying market conditions and diverse store concepts as the chain grows, the companies said in the press release.
Coborn’s also expects that the platform will enable it to plan, manage and evaluate promotions more accurately while also managing prices access multiple categories and zones.
The grocer is adding the new pricing system as it takes steps to expand its footprint and build “differentiated retail experiences.” As part of its expansion efforts, Coborn’s plans to open a supermarket in suburban Minneapolis that will include a sit-down restaurant and a food court early next year.
The system will help Coborn’s adapt its pricing strategies to reflect people’s preferences and shopping behavior in the areas it serves, according to the grocer.
“By bringing more science, scale and precision into our processes, Coborn’s will become even more effective at ensuring we’re priced right on the items our guests care about most,” Scott Winburn, Coborn’s senior director of pricing strategy, said in a statement.
Coborn’s operates about 80 grocery stores in Minnesota, North Dakota, South Dakota, Wisconsin, Michigan and Illinois under banners including Coborn’s, Cash Wise Foods, Kessler’s Food and Grocery, Sullivan’s Foods, Marketplace Foods and Hornbacher’s.
