To improves its pricing strategy, home improvement chain Northern Tool + Equipment has partnered with Revionics, an Aptos Company, as its intelligent pricing platform.
Revionics specializes in pricing, promotions and advanced analytics solutions. Northern Tool + Equipment will use the new pricing platform for pricing optimization, promotions, markdowns and competitive intelligence to unlock new pricing strategies to achieve stronger financial results and increase overall customer satisfaction.
John Bakke, executive vice president of Northern Tool + Equipment, says the new pricing intelligence will enable the company to bring increased levels of automation, scale and sophistication into how it manages omnichannel pricing. Using AI algorithms, Revionics’s tools will enable Northern Tool + Equipment to deliver optimized pricing strategies based on customer demand, local conditions and various other factors.
“As customers’ shopping needs evolve, Northern Tool + Equipment is continually looking for ways to evolve our business to best meet customer expectations,” Bakke says. “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.”
“Retail pricing is both an art and a science,” says 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.”
Northern Tool + Equipment is based in Burnsville, Minnesota, and is family-owned, providing an assortment of tools and equipment for more than four decades. The company operates 120 retail locations in 22 states.