Academy Sports Enhances Pricing and Markdown Capabilities
Academy Sports is drilling down on its pricing optimization efforts, building out its data-fueled tech investments with the goal of delivering a more seamless customer experience.
As part of the effort, Academy Sports has expanded its partnership with Revionics, entering into another multiyear agreement with the Aptos company. As part of this collaboration, the sporting goods and outdoor recreation retailer will leverage Revionics' pricing intelligence software, including its base price and markdown solutions.
In doing so, Academy Sports aims to maintain competitive pricing strategies and efficiently manage inventory levels across the entire product lifecycle.
The retailer will utilize the software to more efficiently and strategically clear its seasonal inventory while remaining profitable. The technology will also enable the retailer to keep on-shelf products refreshed and provide customers with a broader selection of options, the company said.
“Revionics software allows Academy to take a customer-centric and data-driven approach to pricing,” said Govind Madhu, senior VP of merchandise planning & allocation at Academy.
“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.”
Madhu added that the retail industry has suffered immense disruption over the last few years, and expressed hope that this extended partnership would enable Academy Sports to “offer value-driven prices to shoppers and maintain a tight control on inventory — even as consumer behaviors, competitive positions and local conditions shift.”
