Engage3, which helps retailers manage their Price Image through accurate competitive data, data science, and Artificial Intelligence-powered software solutions, today announced that it has been positioned as a leader by industry research firm IDC, in its recent “IDC MarketScape: Worldwide Retail Price Optimization Applications 2019 Vendor Assessment” (Document #US45034619, May 2019) report.
“Engage3 flips the price optimization paradigm on its head — optimizing price image, not prices, to achieve desired outcomes,” said Mark Thomason, co-author of the report and Research Director for Digital Business Models and Monetization at IDC. “With deep pricing–focused artificial intelligence and machine learning assets, Engage3 is focused on using science to maximize business outcomes constrained by shopper perception of pricing through predictive modeling of Price Image,” he added.
Engage3’s strengths as a leader in the market were highlighted in the report, as follows:
- AI-enabled omni-channel intelligence platform for high-volume analysis of competitors’ localized price, assortment, and promotion strategies, with ownership of all competitive product data, a productivity and insights accelerator
- With deep pricing–focused artificial intelligence and machine learning assets, Engage3 now focused on science to maximize business outcomes constrained by shopper perception of pricing through predictive modeling of price image
- Momentum among the top 50 U.S. retailers, leading with competitive intelligence followed by pricing optimization
“We are proud to be recognized by IDC for changing the game and leading retailers and manufacturers into the next frontier in strategic pricing solutions,” said Ken Ouimet, CEO and Founder of Engage3. “It validates our commitment to providing solutions that leverage our advanced AI and machine learning algorithms to help retailers measure, and then manage their Price Image,” he added.
In the report, IDC notes that traditional retail planning, of which life-cycle price optimization is a key part, has run its course. They defined next-generation retail planning as curated merchandise orchestration (CMO). CMO is the central nervous system of enterprise and ecosystem signals that harmonizes its own and adjacent processes from design to deliver. Price is defined as a cornerstone of CMO.
Register to get a copy of the IDC MarketScape excerpt here.