Fairway Market has doubled in size in the past three years and, to help further its growth strategy, it has renewed its Revionics Price Optimization license for three years and expanded the agreement to include the use of Revionics Promotion Optimization.
The partnership between Fairway Market and Revionics began more than two years ago. The company leverages Revionics’ solutions to manage and optimize its rapid growth across all product categories, including key value items (KVIs), the company said.
“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 COO. “We look forward to Revionics’ expanded support of our objectives as we fine tune our promotional strategies.”
Fairway Markets is looking to Revionics Promotion Optimization to help it better manage promotion performance, forecast the results of various promotional scenarios and deliver the most compelling offers to their shoppers.
“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.”
According to Revionics, its Promotion Optimization solution 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