DAVIS, CA - As much as many of us may want to, there is simply no way that we can garner all of the world’s knowledge on our own. Enter Engage3, which works to make predictions and innovations that help its partners gain a competitive edge. Most recently, the industry partner launched its Price Image Management (PIM) Suite for independent grocers and convenience stores, which will track their competitive price position and optimize prices to maximize traffic and margin. Woodman’s Markets, Pyramid Foods, Carlie C’s, Yesway, Village Beach Market, and others have all selected PIM as they aim to increase revenue.
“We are thrilled to be able to bring the industry’s most complete competitive intelligence data and our next generation Price Optimization solution—that is proven to drive both trips and margin growth—to independent retailers,” said Edris Bemanian CEO Engage3. “Independent grocers and convenience stores face a highly competitive environment, and we are excited to partner with them to help level the insights playing field with world-class competitive pricing intelligence and advanced shopper-based price optimization models.”
Independent retailers face the same pricing pressures as national retailers, but due to budget constraints, many rely on using their own store personnel to collect competitive prices and intuition to set prices, a press release explained. Through PIM, independent retailers have access to highly localized competitive prices that are refreshed as frequently as hourly for high-velocity items. Advanced AI and ML combines the retailer’s own data with market competitive data to set optimized prices and drive increased traffic while protecting and growing margins.
Yesway, for example, turned to Engage3 to track fuel prices every hour to ensure competitive rates and to save its in-store associates time.
“In our competitive environment, speed and accuracy of data is essential. Engage3’s Price Image Management Suite allows us to price retail with agility and confidence, raising us to an enhanced level of competitiveness and algorithmic pricing,” said Darren Renwick, Senior Fuel Procurement Manager at Yesway.
This serves as only one representation of how the system works, as it is an exciting opportunity for grocers to engage in competitive pricing across all sectors.
Will you be the next grocer to adopt this framework? ANUK will be here to report if so.
