Northern Tool + Equipment partners with Revionics
Revionics, an Aptos Company and provider of retail pricing, promotion, markdown and advanced analytics solutions, announced that Northern Tool + Equipment has selected Revionics’ intelligent pricing platform.
Specifically, Northern Tool + Equipment will deploy Revionics’ AI-powered solutions for pricing optimization, promotions, markdowns, and competitive intelligence. Northern Tool said that move will allow the company to unlock pricing strategies that achieve stronger financial results and increase customer satisfaction.
Based in Burnsville, Minn., family-owned Northern Tool + Equipment is a supplier of high-quality tools and equipment, selling products through direct channels, online, and through 120 retail locations across 22 states.
Along with a deep selection of hand, power and air tools, Northern Tool + Equipment carries a wide variety of products to cater to everyone from DIYers to commercial customers — with more than 100,000 tools ready to ship.
As its business has grown both in size and complexity, Northern Tool + Equipment said that it recognized the need to bring increased levels of automation, scale, and sophistication into the way it manages pricing across its omnichannel retail enterprise.
With advanced A.I. algorithms, Revionics helps retailers deliver optimized prices across every channel and product — even as consumer demand, local conditions, and other factors continue to shift.
“As customers’ shopping needs evolve, Northern Tool + Equipment is continually looking for ways to evolve our business to best meet customer expectations,” said John Bakke, executive vice president at Northern Tool + Equipment. “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.”
Throught the Revionics pricing platform, Northern Tool + Equipment said that it will adopt a unified pricing strategy that allows its company to respond faster to changes and opportunities in the market with profitable and attractive pricing. The solutions will also support Northern Tool + Equipment to deliver effective, targeted promotions, optimize markdown plans throughout the product lifecycle, and monitor competitive pricing trends.
“After a thorough review of leading AI pricing software vendors, we selected Revionics due to its proven-at-scale solutions, the team’s retail-specific expertise, and the company’s track record of successful deployments,” Bakke added. “With our Revionics partnership, we can optimally adjust lifecycle pricing across our vast assortment in a way that maintains our strong focus on the customer.”
With science at the center, Revionics said its machine learning capabilities translate consumer, competitor, and market data into actionable insights and transparent pricing recommendations for high-impact results.
“Retail pricing is both an art and a science,” said 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.”
