PetSmart Expands Pricing, Promotions Weapons
PetSmart has added new weapons to its pricing and promotions arsenal by expanding its relationship with Austin, Texas-based retail technology firm Revionics.
While the big-box pet store chain has been utilizing Revionics Price Suite since 2014, it will now adopt the company's full suite of solutions under a new license agreement, including Revionics Price Suite, Promotion Suite (including Promotions Performance Analysis) and Markdown Suite. The new agreement will enable PetSmart to "continue its pricing transformation journey with a more strategic, data-driven approach to pricing across the full life cycle," Revionics representatives said in a written statement.
“We look forward to expanding our use of Revionics’ data-driven technology,” said Steve Luoma, PetSmart vice president of pricing. “The full portfolio of solutions will help us provide even greater value to our pet parents and further enhance the overall customer experience.”
“Since first partnering with PetSmart in 2014, we’ve continued to unlock new ways to use science to give PetSmart and its shoppers more value,” said Revionics chairman and CEO Marc H. Hafner. “This is an exciting milestone, and we look forward to our continued collaboration with PetSmart.”
PetSmart—which won a 2016 Revionics Elevate Retail Award for its use of the company's data-driven pricing resources—is also reportedly enhancing its pricing team’s expertise with aggressive training and process improvements to further enhance its approach to pricing and promotions.