AUSTIN, TX – (April 12, 2016) –In a world of omni-channel retailing, retailers constantly vie for the customer’s attention and must build a stronger brand affinity and connection with every interaction. One powerful weapon is highly targeted pricing, promotions and markdowns. Revionics, Inc., a leading provider of End-to-End Merchandise Optimization solutions, today announced it has entered into a multi-year agreement with The Michaels Companies, Inc. (NASDAQ:MIK), North America's largest specialty retailer of arts and crafts. As part of the agreement, Michaels will employ Revionics, Inc. Responsive Merchandising Solutions including Revionics® Promotion Suite, Revionics® Markdown Suite and Revionics® Price Suite.
A very real challenge for retailers – who now market to the most technology-enabled, in-control shoppers ever – is to avoid the promotional downward spiral vortex and sidestep the vicious “race to the bottom” on competitive pricing. These traps severely erode margins, profits and brand image.
Instead, today’s successful retailers choose to transform their pricing and promotions practices to responsively reach and engage their shoppers on their terms. By leveraging Revionics’ solutions, retailers are able to proactively listen, sense and shape demand, and respond to its customers in order to deliver high-impact pricing, promotions and markdowns that resonate with their shoppers while aligning with business and financial goals. It’s a win-win for both the retailer and the customer.
“Revionics stood out with their ability to manage the entire pricing, promotion and markdown processes, from analysis and planning through execution and measurement,” said Chris Abell, Vice President of Pricing and Promotion Analytics for Michaels. “We are very impressed with Revionics’ proven science, intelligent and actionable analytics, transparency and what-if scenario planning, which will help us implement more customer-centric campaigns across all channels."
“We warmly welcome Michaels Companies as a customer and we look forward to helping them drive improved performance, sustain their competitive advantage, reach their strategic and business goals,” said Marc Hafner, Revionics CEO. “We are excited to be their trusted partner to maximize their return on inventory, margins and sell-through to enhance their competitive edge.”
.@Revionics helps @MichaelsStores strategically craft #price, #promotion & #markdown at the right time: http://goo.gl/lEL6lg
About Revionics, Inc.
Revionics is a proven leader in End-to-End Merchandise Optimization solutions. More than 62,000 retail locations around the world optimize with Revionics across 18,000,000 products and 2.6B+ item/store combinations are modeled weekly. Revionics empowers retailers around the globe to profitably execute a data-driven omnichannel merchandising strategy by utilizing one of the most comprehensive set of shopper demand signals to increase financial performance and improve customer satisfaction. Revionics’ solutions are powered by unmatched demand-based science and advanced predictive analytics to help ensure retailers have the right product, price, promotion, placement and space allocation to drive business performance and seamless shopper experience – online, in-store, social and mobile. Delivered on a scalable, SaaS-based platform, Revionics solutions offer real-time insights and dynamic decisions at speed, scale and frequency, while providing fast ROI. Revionics has been recognized as a Deloitte Technology Fast 500™ and JMP Securities’ Hot 100 Software Company. To learn how you can compete more profitably, please visit www.revionics.com.
About The Michaels Companies, Inc.
The Michaels Companies, Inc. (Nasdaq: MIK) is North America's largest specialty provider of arts, crafts, framing, floral, wall décor, and seasonal merchandise for the hobbyist and do-it-yourself home decorator. As of February 27, 2016, the Company owned and operated more than 1,340 stores in 49 states and Canada. Stores operate under the brands Michaels, Aaron Brothers, and Pat Catan’s. The Michaels Companies, Inc., also owns Artistree, a manufacturer of high quality custom and specialty framing merchandise, and Darice, a premier wholesale distributor in the gift and decor industry. The Michaels Companies, Inc. also produces a number of exclusive private brands including Recollections®, Studio Decor™, Bead Landing®, Creatology®, Ashland®, Celebrate It®, Art Minds®, Artist’s Loft®, Craft Smart® and Loops & Threads®. Learn more about Michaels at www.michaels.com.
Alison Raffalovich, Senior Director, Corporate Communications for Revionics
Phone: +1 (512) 826-0538 (USA)
Jessica Liddell/Kristina Jorge, ICR for Michaels
Phone: (203) 682-8200