New visibility illustrates precision pricing on ‘known value items’
In an article detailing the looming tensions in the retail industry, Winsight Grocery Business cites Engage3 as a leader in precision pricing technologies for retailers.
The publication, analyzing the aggressive pricing strategies being put in place by various retailers, points out that there is one common thread in the price war. Winsight writes, “Today, retailers are monitoring prices with exacting precision, right down to the store level.”
This observation was fueled by a blog published by Engage3 co-founder, Tim Ouimet. In the blog cited by Winsight, he clarifies the trend towards dynamic KVIs that are reevaluated much more often than once a year. Technology is playing a larger role in competitive pricing as a result: “The analysis needs to come down to the store level, down to the shopper level, down to the daily level, and have items coming in and out of the KVI list at those lower levels.”
To illustrate the heightening competition in the industry, Winsight references a study published by Engage3 on the “Aldi Effect,” and also notes the growing tension between retailers and the supply chain. The modern retailer faces pressure not only from their competitors, but from suppliers and vendors as well. Tariffs may be a driver behind this pressure.
Pricing battles are becoming the norm, but we may see much more wide-reaching effects from an automated retail industry in the near future. To read the full article by Winsight Grocery Business, you can visit their site here.
