Academy Sports + Outdoors will extend its use of Revionics’ pricing intelligence software. As part of the new multiyear agreement — which builds upon a partnership that started in 2016 — Academy will use the Revionics Base Price and Markdown solutions to not only optimize its pricing strategy but better manage inventory levels throughout the product lifecycle.
“Revionics software allows Academy to take a customer-centric and data-driven approach to pricing,” said Govind Madhu, SVP Merchandise Planning and Allocation at Academy in a statement. “Revionics’ advanced AI platform can crunch massive amounts of data to help us understand how shoppers will react to different combinations of price increases and decreases, allowing us to price competitively on the items shoppers care most about and be less aggressive on items where demand stays relatively stable even when prices go up.”
Since its inception in 1938, Academy has grown to include 270 stores in 18 states. To fulfill its mission of providing “Fun for All,” the retailer has implemented a localized merchandising strategy that spans a portfolio of leading national and private label brands across outdoor, apparel, footwear, and sports and recreation categories. Pricing is core to this merchandising strategy—and Revionics’ Base Price solution empowers the retailer to offer prices that present the most value to local communities. Additionally, with the Revionics Markdown application, Academy can clear seasonal inventory quickly and profitably to keep its on-shelf selection fresh.
“Being able to optimize prices across every product and in every store has been extremely important to us,” Madhu said. “Despite all the disruption the retail industry has faced in recent years, with our Revionics partnership, we can offer value-driven prices to shoppers and maintain a tight control on inventory — even as consumer behaviors, competitive positions and local conditions shift.” Revionics LLC, an Aptos Company, provides enterprise retailers with science-based solutions for pricing, promotions and markdowns. Powered by robust analytics and advanced AI models, Revionics’ suite of solutions is designed to provide retail executives with the data and insights they need to translate consumer, competitor and market data into actionable insights and transparent pricing recommendations that improve ROI and profit lift.