Struggling to compete on price and failing to drive trips profitably?
Legacy price optimization solutions still use outdated elasticity models and rules to set prices, which don’t include shopper behavior and the impact of price on perceptions.
Using AI-based shopper behavior analysis, Engage3 developed Price Image Management, which accurately forecasts the volume impact of price changes and identifies which items will have the greatest impact on Price Image with the least investment.
Engage3’s Price Image Management is the next-generation price optimization platform that uses the Nobel Prize-winning Efficient Frontier theory – balancing shoppers’ perception of value with your desired profit objectives.
“Price Image lets us offer compelling value while at the same time maintaining our margins, and that helped advance our business in our customers’ eyes.“Health Food Chain CEO
To improve its Price Image, a top 10 national retailer spent hundreds of millions of dollars investing on their Key Value Items, resulting in lackluster outcomes and no share gains from their competitor.
Turning to Engage3’s Price Image Management, they were able to identify the items that drove their Price Image. They invested in those items, resulting in 4% sales growth and 6% market share gain. And they accomplished all this, with 66% less investment than their legacy approach!
Today, Engage3 is trusted by six of the top 10 retailers in North America to help measure, track and optimize their Price Image.
One health food chain CEO said: “Price Image lets us offer compelling value while at the same time maintaining our margins, and that helped advance our business in our customers’ eyes.“
So stop investing money on the wrong items and start winning with items that fulfill your profit objectives and matter most to your shoppers — with Engage3.
To learn more about Price Image Management, watch the Price Image Primer HERE.
To schedule a chat with a Price Image expert, click below: