Engage3’s Price Image Management Suite Recognized as a Leader in Price Optimization by Both IDC and Retail Today
Engage3’s Investments in its Price Image Management Suite Receives Recognition by Independent Analysts
Engage3, which helps retailers and brands profitably grow revenue and drive store trips by tracking and optimizing their Price Image, today announced independent analyst recognition for its Price Image Management Suite. Engage3 is one of only two vendors to be featured by both IDC and Retail Today.
The premier global provider of market intelligence, IDC, announced Engage3’s position as a “Leader” in its recently published IDC Marketscape: Worldwide Retail Price Optimization Solutions 2021-2022 Vendor Assessment. IDC recommended that retailers looking to modernize their price and promotions tools should look for vendors that provide critical capabilities including:
1. Embedded intelligence
2. Intelligence-based store clustering/price zone setting
3. Scenario modeling
4. Override comparisons
5. Managing customer perception and long-term traffic
6. Embedded competitive intelligence with product matching capabilities
Engage3’s Price Image Management Suite uniquely addresses each of these priority focus areas. By combining the industry’s most comprehensive competitive intelligence data with proprietary Price Image models built on the Nobel Prize winning Efficient Frontier theory, the product helps retailers improve customer perception, maximize margins, and drive incremental traffic. IDC positioned Engage3 at the top of the rankings for both immediate-term capabilities and long-term strategy.
“The ability to understand, manage, and optimize Price Image is a new muscle for the retail industry, which has historically been constrained in its ability to derive actionable measures of Price Image,” wrote Jon Duke in the IDC Market Spotlight, Price Image Management for Retail. “…Price Image management represents an emerging frontier with the opportunity to change the price optimization paradigm, offering the potential for a unique competitive advantage for retailers that successfully take advantage first.”
Engage3 has also been recognized by Retail Today magazine as a “Winner” in the Price Optimization & Management category in Retail CIO Radar 2022, a first-of-its kind annual list of the most innovative & transformative retail technology solutions providers. The list captures the “Innovative & Transformative Leaders every Retailer needs to know.”
In making this selection, Retail Today’s editorial team analyzed the universe of Retail solutions in 16 categories—scanning nearly 7,000 companies. Based on the solution’s innovative and transformative capabilities, the industry significance of the problem being solved, track record of clientele, proprietary mosaic scores, team strength and competency, leadership in the industry, market share and competitive landscape, a panel of independent industry experts, analysts and Retail Today’s Editorial board has chosen Engage3 to be part of the prestigious Retail CIO Radar 2022.
“We are happy to recognize Engage3 for its leadership in the Price Optimization & Management category. As a winner in the Retail CIO Radar 2022, Engage3 joins the elite list of winning companies that every retailer needs to know as they consider and develop their digital transformation strategies,” stated John Mathews, Managing Editor, Retail Today magazine. “Retail CIO Radar 2022 helps CIO’s and Retail business leaders stay on top of the latest innovations. Retail CIO’s can use this special edition to advise the business areas on how to cut through market hype when prioritizing retail technology investments in a disruptive and unpredictable digital business environment.”
“We are incredibly honored and humbled to be recognized as a Leader by both IDC and Retail Today for the strength and differentiation of our Price Image Management Suite,” said Edris Bemanian, CEO of Engage3. “We’re excited about building upon our leadership position with all of the new capabilities we will be rolling out in 2022 to benefit our customers and help them navigate this incredibly complex environment.”