Engage3’s Investments in its Price Image Management Suite Receives Recognition by Independent Analysts
PRESS RELEASE – DAVIS, Calif. – January 18th, 2022 – Engage3, which helps retailers and brands profitably grow revenue and drive store trips by tracking and optimizing their Price Image, today announced independent analyst recognition for its Price Image Management Suite. Engage3 is one of only two vendors to be featured by both IDC and Retail Today.
The premier global provider of market intelligence, IDC, announced Engage3’s position as a “Leader” in its recently published IDC Marketscape: Worldwide Retail Price Optimization Solutions 2021-2022 Vendor Assessment. IDC recommended that retailers looking to modernize their price and promotions tools should look for vendors that provide critical capabilities including:
1. Embedded intelligence
2. Intelligence-based store clustering/price zone setting
3. Scenario modeling
4. Override comparisons
5. Managing customer perception and long-term traffic
6. Embedded competitive intelligence with product matching capabilities
Engage3’s Price Image Management Suite uniquely addresses each of these priority focus areas. By combining the industry’s most comprehensive competitive intelligence data with proprietary Price Image models built on the Nobel Prize winning Efficient Frontier theory, the product helps retailers improve customer perception, maximize margins, and drive incremental traffic. IDC positioned Engage3 at the top of the rankings for both immediate-term capabilities and long-term strategy.
“The ability to understand, manage, and optimize Price Image is a new muscle for the retail industry, which has historically been constrained in its ability to derive actionable measures of Price Image,” wrote Jon Duke in the IDC Market Spotlight, Price Image Management for Retail. “…Price Image management represents an emerging frontier with the opportunity to change the price optimization paradigm, offering the potential for a unique competitive advantage for retailers that successfully take advantage first.”
Engage3 has also been recognized by Retail Today magazine as a “Winner” in the Price Optimization & Management category in Retail CIO Radar 2022, a first-of-its kind annual list of the most innovative & transformative retail technology solutions providers. The list captures the “Innovative & Transformative Leaders every Retailer needs to know.”
In making this selection, Retail Today’s editorial team analyzed the universe of Retail solutions in 16 categories—scanning nearly 7,000 companies. Based on the solution’s innovative and transformative capabilities, the industry significance of the problem being solved, track record of clientele, proprietary mosaic scores, team strength and competency, leadership in the industry, market share and competitive landscape, a panel of independent industry experts, analysts and Retail Today’s Editorial board has chosen Engage3 to be part of the prestigious Retail CIO Radar 2022.
“We are happy to recognize Engage3 for its leadership in the Price Optimization & Management category. As a winner in the Retail CIO Radar 2022, Engage3 joins the elite list of winning companies that every retailer needs to know as they consider and develop their digital transformation strategies,” stated John Mathews, Managing Editor, Retail Today magazine. “Retail CIO Radar 2022 helps CIO’s and Retail business leaders stay on top of the latest innovations. Retail CIO’s can use this special edition to advise the business areas on how to cut through market hype when prioritizing retail technology investments in a disruptive and unpredictable digital business environment.”
“We are incredibly honored and humbled to be recognized as a Leader by both IDC and Retail Today for the strength and differentiation of our Price Image Management Suite,” said Edris Bemanian, CEO of Engage3. “We’re excited about building upon our leadership position with all of the new capabilities we will be rolling out in 2022 to benefit our customers and help them navigate this incredibly complex environment.”
Engage3 was founded by the creators of KhiMetrics (acquired by SAP), who are credited with inventing the retail price optimization space. Engage3’s leadership team is composed of former KhiMetrics, SAP, Revionics, dunnhumby, KSS Retail, IBM/DemandTec and Nielsen executives.
Engage3’s Competitive Intelligence Management (CIM) is an AI-assisted, attribute-based, and data science-driven solution that provides accurate, granular competitive data (30 billion product pricing records collected annually in the U.S. and Canada) and like-item linking visibility. CIM helps retailers reverse-engineer their competitors’ pricing and assortment strategies across channels, markets, and items. Price Image Management (PIM) is a next generation pricing solution that defines the impact of strategic pricing alternatives and unlocks pricing recommendations based on a retailer’s objectives for Price Image, sales, and profitability. Engage3’s Price Image management solutions help retailers understand and manage their Price Image and align it with their sales and profitability objectives using predictive modeling.
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,100 analysts worldwide, IDC offers global, regional, and local expertise on technology, IT benchmarking and sourcing, and industry opportunities and trends in over 110 countries. IDC’s analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly owned subsidiary of International Data Group (IDG), the world’s leading tech media, data, and marketing services company. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDC and LinkedIn. Subscribe to the IDC Blog for industry news and insights
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Retail Today showcases news, emerging technology and issues and trends shaping the retail industry. Retail Today’s online portal and digital magazine are trusted sources for retail leaders, C-level executives, administrators, IT executives and technology professionals and retail suppliers to stay informed. Retail today reaches more than 30 vertical market segments in all retail channels: Brick & mortar, pure-play eCommerce and multi-channel. We have a highly-targeted online audience of retail leaders, executives, managers and entrepreneurs.