Success of price optimization leads to expansion of contract to include promotion optimization
AUSTIN, TX – (July 15, 2014) – Revionics, Inc., the global provider of End-to-End Merchandise Optimization solutions, today announced that Fairway Group Holdings Corp. (NASDAQ: FWM), the parent company of Fairway Market, one of America’s highest grossing food retailers on a per store basis, will renew their Revionics® Price Optimization license for three years and expand the agreement to include the use of Revionics® Promotion Optimization.
Fairway Market chose Revionics Price Optimization over two years ago due to its strong capabilities and its ability to help them manage and optimize their rapid growth across all product categories, including Key Value Items (KVIs). Fairway Market has doubled in size over the past three years and Revionics has proven that they are the right partner for the company’s expanding business.
Fairway Market adopted Revionics solution to better serve customers, improve individual store profitability and more effectively price perishable products. With the deployment of Revionics Promotion Optimization, Fairway Markets will be able to better manage promotion performance, forecast the results of various promotional scenarios and deliver the most compelling offers to their shoppers.
“We joined forces with Revionics to support our goals for properly defined category roles, automated price maintenance and price optimization at the individual store level. So far we have been pleased with our progress and the results in those areas,” said Kevin McDonnell, Fairway Market’s Co-President and Chief Operating Officer. “We look forward to Revionics’ expanded support of our objectives as we fine tune our promotional strategies.”
“There is no stronger endorsement of a job well done than to have a customer renew as well as green light the adoption of additional solutions with our company,” said Marc Hafner, Revionics’ CEO. “Fairway Market’s license renewal and expansion underscores the efficacy of our price optimization solution and we look forward to delivering even stronger results with the addition of our promotion optimization software.”
Revionics Promotion Optimization enables the planning and execution of optimized, relevant offers that provide a highly perceived value to the shopper and bottom-line results for the retailer. Key benefits include:
- Improved sales and loyalty
- Best offers identified by segment, channel and promotional vehicle
- What–if simulation of possible offer combinations and layouts prior to execution
- Effectiveness measurement and adapted recommendations in order to achieve objectives
About Revionics, Inc.
Revionics delivers the industry’s most powerful End-to-End Merchandise Optimization solutions, enabling retailers of all sizes to execute a fact-based Omni-channel merchandising strategy utilizing the most comprehensive set of shopper demand signals to enhance financial performance with improved customer satisfaction. Revionics’ solutions leverage advanced predictive analytics and demand-based science to ensure retailers have the right product, price, promotion, placement, and space allocation for optimal results across all touch points in the Omni-channel shopping episode – online, in-store, social, and mobile. Provided via a scalable, high performance, Cloud-based SaaS platform, these solutions arm retailers with the necessary tools to withstand and surmount future Big Data/Fast Data challenges, while providing speed-to-ROI. Over 37,000 global retail locations with over $150 billion in annual revenues across numerous industries, including grocery, drug, building materials, convenience, general merchandise, discount, sporting goods stores, and eCommerce sites, optimize their performance with Revionics’ solutions. Revionics has been recognized as a Deloitte Technology Fast 500™, Red Herring Top 100 Global, Red Herring Top 100 Americas, and JMP Securities’ Hot 100 Software Company. For more information, please visit http://www.revionics.com.
About Fairway Market
Founded in the 1930s as a fruit and vegetable store in Manhattan, Fairway Market has evolved into a growing chain of premier food retail markets that offer customers a differentiated, one-stop shopping experience “Like No Other Market®.” Fairway Market is now a leading food retail destination in the Greater New York City metropolitan area, with stores that emphasize an extensive selection of fresh, natural and organic products, prepared foods, and hard-to-find specialty and gourmet offerings, along with a full assortment of conventional groceries. Fairway Market is headquartered in New York, New York. For more information, go to www.fairwaymarket.com