Another year is in the books and at Engage3 powered by Dexi, we’ve got a lot to be grateful for. 2022 presented retailers and brands with a set of unique price optimization challenges to overcome. Price inflation has been THE hot topic of 2022. About two-thirds of the S&P 500 mentioned inflation in their latest earnings calls. In Retail, pricing is even more of a focus as the average CEO mentioned inflation 19 times. Leading retailers like Kroger, Walmart and Costco referenced inflation more than 30 times.
In 2022 consumers are paying 13.2% more for fast-moving consumer goods. Consumers have had nowhere to hide as promotion frequency and depth of discount have dropped significantly. While inflation is cooling slightly, with prices “only” rising 47 basis points in November, our talented team has been hard at work providing powerful solutions to help our customers thrive.
Engage3 and Dexi.io – Stronger Together
In June, we acquired Dexi.io, the leader in enterprise-grade web data harvesting, arming us with even more data coverage. Our headquarters staff now numbers over 300, supporting operations in 180 markets. Our newly expanded team is hard at work streamlining processes, expanding our combined capabilities, and driving increased value for our clients.
Solidifying our Position as the Industry Leader in Price Optimization
Industry publications and experts continue to recognize Engage3’s impact on the future of price intelligence. We’re recognized as a “leader” in Price Optimization by IDC, a “Power player changing the game in Retail” by Business Insider, and a “technology every CIO should know” by Retail Today’s CIO Radar. Most recently, we were ranked as a top 3 leader in Intelligent Retail Price Optimization in 2022 SPARK Matrix™, an independent analysis of over 40 solutions by Quadrant Knowledge Solutions. Thanks to our continued growth, we landed in Inc. Magazine’s list of fastest-growing private companies for the 6th year running, along with Growjo’s Fastest Growing Companies of 2022.
Helping our Customers Thrive
Despite inflation and volatile markets, Engage3’s Price Image Management platform has allowed clients to maintain positive momentum. On average, Engage3 users report 5-8% in gross margin dollars and a 2-3X increase in competitive visibility vs. first-generation solutions.
Engage3 now serves 6/10 of the world’s top retailers and 9/10 of the top convenience retailers. Our customer count continues to increase. In 2022, over 75 new customers have joined the E3 family, including Giant Tiger, Roche Brothers, COOP, Jacksons, Associated Food Stores, Big Y, Bashas, MAPCO, Batteries Plus, Cosentino, Parkland, The Dufresne Group, Harps, Northgate Market and JackBE. We’ve also partnered with wine & spirits giant Moët Hennessy to revolutionize price intelligence in the beverage alcohol vertical.
2023 and Beyond – Charting the Future of Price Optimization
Energized by new capabilities and the expansion of our talented team, we’re poised to make 2023 our most successful year. Our $35M Series D is fueling further investment, equipping us for continued enhancements in our Price Image Management platform.