As one of only five companies in the industry to have earned Walmart’s Preferred Service Provider designation, Premium Retail Services (Premium) is strengthening its approach to Walmart merchandising by acquiring Premier Concepts (Premier) – a Bentonville, Arkansas-based Walmart merchandising company.
Founded in 1995 with a strategic mission to provide manufacturers with exceptional representation of their products at Walmart Supercenters, Premier has become an industry leader in providing retail merchandising, supply chain solutions, predictive analytics, category management and headquarter assistance to Walmart suppliers.
Many experts are stressing the importance of predictive analytics which Premier has used to their advantage.
Some retailers are up to speed with using analytics to track how effective their past decisions have been. But the most recent use of analytics is to forecast and predict what could happen in the future in terms of pricing strategies, assortment, customer preferences, and more.
Predictive analytics is the latest and greatest tool that top retailers are already putting to use. They dig into internal and external data to gain a comprehensive understanding of competitive behavior, customer demand, and market trends. Then, and only then, are they able to look to the future in order to give customers what they want and one-up the competition with better prices and assortment.
The most important part is that predictive analytics gives brands the knowledge of what consumers want based on historical trends and future projections. That way brands can stock the hottest new products and price to perfection right off the bat, instead of having a trial-and-error period. There will always be failures, but tracking the volatility of categories, products, and brands will provide the insight brands need to make an informed decision on whether or not to carry certain items.
Premier’s proprietary Smartcom technology enables the team to take action on key sales driving opportunities store-by-store, item-by-item while driving predictive analytics that empower replenishment professionals to not only identify areas of opportunity, but also to drive sales at Walmart.
Premium Owner and CEO Brian Travers explains, “Our acquisition of Premier Concepts represents an opportunity to partner with likeminded professionals who are committed to providing world-class solutions for their clients. We are so excited to welcome Premier to the Premium family.”
Of the promotion, Premium Owner and CEO Kevin Travers says, “As Premium continues to grow, we recognize the need to empower key leaders to help us accelerate in driving the business forward. Bill’s experience and integrity made him a natural choice as our first COO.”
Premium has been pioneering bold retail strategies, tools and technologies since 1985 with a single goal: to help our partners advance their industries and the lives of their consumers.
Experts in strategy, merchandising, brand advocacy and support, Premium employs a tailored approach to answering each client’s unique business needs. Together with our clients, we’re inventing and leading a new era in retail, moving forward by moving beyond what’s expected.
By Lolita A. Alford