Award-winning Wisconsin Grocery Retailer Debuts Customer Perception-Based Price Optimization with Engage3's Price Image Optimization Suite
DAVIS, Calif., Aug. 31, 2023 /PRNewswire-PRWeb/ -- Engage3 Powered By Dexi, which helps retailers and brands profitably grow revenue and drive store trips by tracking and optimizing their Price Image, today announced the renewal and expansion of its partnership with Festival Foods. The expanded partnership adds Engage3's Price Image Management capabilities to a successful omnichannel competitive intelligence program.
Festival Foods has been serving Wisconsin shoppers since 1946 and operates 40 locations across the state. Known for an expansive assortment of high-quality products, exceptional customer service, and ongoing investment in the local community, Festival Foods' most recent accolades include awards for shopper accessibility and hiring inclusion.
Engage3's Price Image Management suite uses advanced data science and proprietary Machine Learning to identify and optimize the items with the greatest influence on customers' price perception, generating price recommendations that drive revenue and margin growth while growing customer loyalty.
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"The customer is at the heart of everything we do at Festival Foods," said Benjamin Plaza, Festival Foods' Manager of Business Analytics. "Engage3's Price Image solution gives us unprecedented insights into customer psychology that help us deliver exceptional customer experiences while growing revenue and trips."
Festival Foods relies on Engage3 for complete omnichannel data visibility via professional in-store audits and online web scraping, and Lighthouse, an AI-powered Product Linking module. Lighthouse created 50 million unique links for Engage3 customers in 2022 alone at a 99.3%+ customer acceptance rate.
"We're happy to build on our previous success with Festival Foods and provide new tools to help them build trust and loyalty with their customers," said Engage3 CEO, Edris Bemanian. "The addition of Price Image Optimization gives Festival Foods a completely new way to balance customer engagement with bottom-line growth. On average, our customers see a 2% lift in trips and a 5-point increase in margin."
Engage3' supports over $4 trillion in annual retail revenue worldwide and partners with over 350 retail and brand customers, including 7 of the world's top 10 retailers as ranked by the National Retail Federation.
About Festival Foods
Founded in 1946 as Skogen's IGA, Festival Foods is a Wisconsin family- and employee-owned grocer that is committed to giving back to the communities it serves and to providing guests with exceptional service and value. The company began operating as Festival Foods in 1990 and today employs more than 7,500 full- and part-time associates. Festival Foods currently operates 40 full-service supermarkets across the state of Wisconsin.
About Engage3 Powered by Dexi
Price optimization pioneers Ken and Tim Ouimet created Engage3 to revolutionize how brands and retailers engage with their shoppers. Engage3 provides the industry's most comprehensive omnichannel competitive intelligence solution, combining best-in-class AI-enabled web crawls, professional in-store audits, and self-serve in-store and online data collection into a single source of truth. Leveraging advanced algorithms and the Nobel Prize-winning Efficient Frontier theory, Engage3 helps retailers and brands track and optimize their Price Image to profitably accelerate revenue growth, drive incremental store trips, and increase margins. Engage3 serves over 300 customers in 182 countries, including 7 of the world's top 10 retailers, and supports over $4 trillion in global retail revenue. Engage3's leadership team comprises former executives from KhiMetrics, Mozenda, SAP, Revionics, dunnhumby, KSS Retail, IBM/DemandTec, and Nielsen.
Media Contact
Katrina Marie Odsinada, Engage3, (530) 220-1102, [email protected], https://www.engage3.com/
SOURCE Engage3
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