Michaels Transforms Its Pricing Capabilities with Actionable Analytics

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Michaels Transforms Its Pricing Capabilities with Actionable Analytics

Michaels' has overhauled its pricing, promotions and markdown capabilities with the introduction of an actionable analytics solution that is helping the arts and crafts retailer price right while avoiding the treacherous race to the bottom.

The retailer has entered into a multiyear agreement with Revionics and will employ the solution provider's responsive merchandising solutions including its Promotion Suite, Markdown Suite, and Price Suite.

"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, VP, pricing and promotion analytics, Michaels, about the retailers decision to partner with Revionics. "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."

In the omnichannel world, retailers constantly vie for the customer's attention and must build a stronger brand affinity and connection with every interaction. 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. Successful retailers are reimagining their pricing and promotions practices to responsively reach and engage their shoppers on their terms.

"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."