Revionics Price Optimization Selected By Fairway Markets
Premier Grocer to Deploy Price Optimization Throughout All Locations, Including New Retail Locations
ROSEVILLE, CA and NEW YORK, NY – April 26, 2011 – Revionics, Inc., a leading provider in retail life cycle price optimization solutions, today announced that Fairway Market, one of the nation's most successful food retailers, has selected the Revionics Price Optimization solution for base pricing.
Fairway Market’s current size and future growth plans require a price management and optimization system to manage the growth across all products and categories, which Revionics offers. As part of its strategic growth plan, Fairway has defined its category roles and Key Value Items (KVIs), which Revionics will help monitor, manage and optimize.
“There were several reasons we selected Revionics’ Price Optimization over other retail pricing solutions,” said Kevin McDonnell, Chief Merchandising Officer Fairway Market. “It is robust and easier to use than other price optimization products, and we believe Revionics will truly partner with us to achieve our strategic, operational and financial objectives.”
Pricing optimization is intended to allow Fairway Market to better serve customers at all retail locations, and improve the profitability of Fairway’s grocery stores. Revionics’ Software as a Service (SaaS) model provides the agility, the fastest time-to-value, and the best economics for Fairway. Unlike other similar price optimization solutions, Revionics will also be better able to manage pricing for perishable products.
“We are very pleased that Fairway Market recognized our unique optimization advantages and selected the Revionics Price Optimization solution,” remarked Marc Hafner, president and CEO, Revionics. “Our Optimize with Confidence approach ensures improved retailer performance and fastest time-to-value.”
Initially, Fairway’s objective is to properly define the category roles and automate its price maintenance. Price optimization tailored for each store will be the final step.
Revionics Life Cycle Price Optimization Enables the Intelligent Retailer
Retailers require sophisticated, scalable tools to help them plan, execute and measure their pricing strategies. Consumer-centric pricing requires a retailer to understand how consumers are behaving by store, and how they shop by item. The Revionics technology leverages advanced science and an integrated forecast, enabling a coherent view of customer demand across all decision areas, including base, promotion and markdown pricing. Retailers can now plan, execute, and measure the optimal price points across the life cycle of an item.
About Fairway Market
An innovative grocery chain, Fairway Market is one of the nation's highest grossing food retailers per square foot with over 14 million customers per year. Since the early 1930’s, Fairway has been known for its vast selection of fresh products and everyday groceries at a great value. The flagship store still occupies the original Broadway location at 74th Street on the Upper West Side of Manhattan. There are currently nine retail locations in the New York tri-state area including seven superstores, and two super wine and spirit shops.
About Revionics, Inc.
Revionics delivers innovative lifecycle price optimization solutions to retailers, including base, promotion, and markdown pricing. The Revionics technology leverages an integrated forecast, enabling a coherent view of customer demand across all decision areas. Our proprietary approach, Revenue Bionics™, applies advanced analytics and science to predict customer behavior, empowering retailers to achieve their financial objectives, improve customer loyalty, and make better, faster decisions. Our solutions are delivered on a modern, fully scalable, pay-as-you-go, software-as-a-service platform. Over 20,000 retail locations across grocery, automotive, drug, building materials, convenience, general merchandise, and discount stores are priced using Revionics solutions. For more information, please visit www.revionics.com.
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