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Michaels Selects Revionics to Strategically Craft Pricing, Promotions and MarkdownsAUSTIN, Texas, April 12, 2016 /PRNewswire/ -- 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. I'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." To learn more about Revionics, visit www.revionics.com or email us at [email protected]. Tweet This: About Revionics, Inc. About The Michaels Companies, Inc. Media Contacts: Jessica Liddell/Kristina Jorge, ICR for Michaels Logo - http://photos.prnewswire.com/prnh/20160125/325727LOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/michaels-selects-revionics-to-strategically-craft-pricing-promotions-and-markdowns-300249631.html SOURCE Revionics, Inc. |