DAVIS, CA - Engage3, which recently launched both its new Price Image Management Suite™ and updated its branding, also announced that it has been positioned as a market leader by industry research firm IDC, in its recent “IDC MarketScape: Worldwide Retail Price Optimization Applications 2019 Vendor Assessment” report.
“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. "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.”
According to a press release, the retail industry is changing at a rapid-fire pace and Engage3 is changing alongside it. Its Price Image Management Suite™ is one of the ways in which the company works to anticipate retailer’s needs. The suite is an end-to-end Software-as-a-Service platform that integrates Engage3’s Competitive Intelligence Management and Engage3’s Price Image Optimization solutions.
“It’s proven difficult for retailers to craft a holistic strategy for pricing,” said Ouimet. “The calculation of a retailer’s Price Image in the market will be disruptive in strategic pricing. We use predictive models that are especially valuable in forecasting sales, because Price Image allows a retailer to see how its customers will respond to different pricing strategies. This visibility translates to higher profit margins and happier customers.”
Two of the features, Competitive Intelligence Management (CIM) and Price Image Optimization (PIO), help to provide comprehensive competitive pricing visibility, product linking, and reverse-engineering of competitors’ zoning strategies; and help retailers formulate their pricing strategy by measuring Price Image and enabling the strategic tradeoff between their Price Image and their desired margins, respectively.
Also part of the Price Image Management Suite™ launch is Engage3’s new branding, which will be rolled out in phases over the next several weeks.
“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 IDC 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.
For further details on how Engage3 is a leader in the market, read the entirety of the IDC MarketScape excerpt here.
