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Fairway Group Holdings Corp., parent company of Fairway Market, has renewed for three more years its Revionics Price Optimization license with the global provider of end-to-end merchandise optimization solutions, as well as expanding the agreement to include the use of Revionics Promotion Optimization.
New York-based Fairway selected the original solution more than two years ago for its strong capabilities and ability to help the grocer, which has doubled in size over the past three years, manage and optimize its rapid growth across all product categories, among them key value items (KVIs). With the rollout of Revionics Promotion Optimization, Fairway will be able to better manage promotion performance, forecast the results of various promotional scenarios and deliver compelling offers to shoppers.
"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," said Kevin McDonnell, Fairway's co-president and COO, noting that the additional software would help the 15-store chain “fine-tune our promotional strategies."
Revionics Promotion Optimization enables the planning and execution of optimized, relevant offers providing a highly perceived value to shoppers and bottom-line results to retailers. Among its key benefits are improved sales and loyalty; best offers identified by segment, channel and promotional vehicle; "what–if" simulation of possible offer combinations and layouts before execution; and effectiveness measurement and adapted recommendations to achieve objectives.