DAVIS, Calif., June 13, 2019 /PRNewswire-PRWeb/ -- Engage3, which helps retailers manage their Price Image through accurate competitive data, data science, and Artificial Intelligence-powered software solutions, today announced that it has been positioned as a leader by industry research firm IDC, in its recent "IDC MarketScape: Worldwide Retail Price Optimization Applications 2019 Vendor Assessment" (Document #US45034619, May 2019) report.
"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 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.
Engage3's strengths as a leader in the market were highlighted in the report, as follows:
- AI-enabled omni-channel intelligence platform for high-volume analysis of competitors' localized price, assortment, and promotion strategies, with ownership of all competitive product data, a productivity and insights accelerator
- With deep pricing–focused artificial intelligence and machine learning assets, Engage3 now focused on science to maximize business outcomes constrained by shopper perception of pricing through predictive modeling of price image
- Momentum among the top 50 U.S. retailers, leading with competitive intelligence followed by pricing optimization
"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 of Engage3. "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," he added.
In the report, IDC notes that traditional retail planning, of which life-cycle price optimization is a key part, has run its course. They defined next-generation retail planning as curated merchandise orchestration (CMO). CMO is the central nervous system of enterprise and ecosystem signals that harmonizes its own and adjacent processes from design to deliver. Price is defined as a cornerstone of CMO.
The IDC MarketScape excerpt can be accessed here.
About IDC MarketScape
IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor's position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.
About Engage3
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, and IBM/DemandTec executives.
Engage3's Price Image Management Suite™ helps retailers understand and manage their Price Image and align it with their sales and profitability objectives using predictive modeling. The suite includes Competitive Intelligence Management (CIM) - 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. Also included in the suite is Price Image Optimization (PIO) – 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.
For more information, visit http://www.engage3.com.
SOURCE Engage3
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