Sally Beauty has signed on with a partner to leverage an AI-powered pricing optimization solution, looking to optimize its pricing strategy and deliver better-targeted promotions for its product assortment, including own brands.
The platform is from Revionics — an Aptos company based in Austin, Texas that provides retail pricing, promotion, markdown and advanced analytics solutions for retail. Matthew Pavich, managing director, global strategic consulting at the company recently wrote a guest blog on the right pricing for private brands.
Sally Beauty said it’s looking to the pricing platform to manage a pricing strategy that increases customer loyalty and supports value generation in a competitive and dynamic retail landscape.
“At Sally Beauty Holdings, we’re always looking for ways to drive our business forward with proven solutions,” said Pamela Kohn, senior vice president, chief merchandising officer, Sally Beauty Holdings. “With Revionics, we saw the opportunity to leverage artificial intelligence and advanced analytics to better inform pricing and promotional decisions that support the attainment of our strategic goals. As we advance our organizational agility, we felt confident that Revionics’ pricing solutions offer trustworthy, data-driven recommendations that will adjust with our customers’ evolving expectations and prepare our business for both short-term and long-term success.”
Once deployed, the solution aims to ensure that Sally Beauty Holdings offers competitive price levels to its customers online and in stores, while increasing revenue and profit performance, along with delivering more effective and better-targeted promotions in addition to profitable markdown plans that maximize sales, margins and sell-through.
“Sally Beauty Holdings is a resilient and respected retailer that is digitally transforming its business and bringing greater cohesion between its in-store and online experiences,” said Pete Sinisgalli, Aptos CEO. “We are excited to work with Sally Beauty Holdings as it continues to create a modern and engaging experience for its customers — an experience that will be greatly enhanced with an aligned pricing strategy across its vast retail and distribution enterprise.”