Advertisement
08/16/2021

Northern Tool + Equipment Powers Up Pricing Strategy

Jamie Grill-Goodman
Senior Editor
Jamie Grill-Goodman profile picture
a truck parked on the side of a building

Northern Tool + Equipment plans to unlock pricing strategies that achieve stronger financial results and increase customer satisfaction by leveraging science and a data-driven approach to pricing.

Based in Burnsville, MI, family-owned Northern Tool + Equipment has been a leading supplier of high-quality tools and equipment for 40 years, selling products through direct channels, online and through 120 retail locations across 22 states. Along with a deep selection of hand, power and air tools, Northern Tool + Equipment carries a wide variety of products to cater to everyone from DIYers to commercial customers — with more than 100,000 tools ready to ship.

As its business has grown both in size and complexity, Northern Tool + Equipment recognized the need to bring increased levels of automation, scale and sophistication into the way it manages pricing across its omnichannel retail enterprise. To this end, the retailer has selected Revionics’ (an Aptos company) intelligent pricing platform. Specifically, Northern Tool + Equipment will deploy Revionics’ AI-powered solutions for pricing optimization, promotions, markdowns and competitive intelligence. With advanced AI algorithms, Revionics helps retailers deliver optimized prices across every channel and product — even as consumer demand, local conditions and other factors continue to shift.

“As customers’ shopping needs evolve, Northern Tool + Equipment is continually looking for ways to evolve our business to best meet customer expectations,” said John Bakke, EVP at Northern Tool + Equipment. “In line with that commitment, we are embarking on a price optimization journey with Revionics to achieve more customer-centric and agile pricing — whether a shopper is engaging with us in-store or online.”

[See also: Evolution of How Consumers Shop]

With the pricing platform, Northern Tool + Equipment will adopt a unified pricing strategy that allows its company to respond faster to changes and opportunities in the market with profitable and attractive pricing. The solutions will also support Northern Tool + Equipment to deliver effective, targeted promotions, optimize markdown plans throughout the product lifecycle, and monitor competitive pricing trends.

Powered by robust analytics and advanced AI models, Revionics equips retailers with clarity and confidence to make the right pricing decisions. With science at the center, Revionics’ machine learning capabilities translate consumer, competitor and market data into actionable insights and transparent pricing recommendations for high-impact results.

“Retail pricing is both an art and a science,” said Aptos CEO Pete Sinisgalli. “In today’s fast-paced and highly competitive retail landscape, retailers cannot afford to have science missing from the equation. We are proud to support Northern Tool + Equipment as it achieves a centralized pricing strategy that can enhance shopper loyalty and business performance.”