Engage3, which helps retailers and brands profitably grow revenue and drive store trips by tracking and optimizing their Price Image, today announced it has been positioned as a “Leader” by industry research firm IDC, in its recent “IDC MarketScape: Worldwide Retail Price Optimization Solutions 2021–2022 Vendor Assessment.”
IDC recommended that retailers looking to modernize their price and promotion tools should look for vendors that provide critical capabilities including:
- Embedded intelligence
- Intelligence-based store clustering/price zone setting
- Scenario modeling
- Override comparisons
- Managing customer perception and long-term traffic
- Embedded competitive intelligence with product matching capabilities
Our Price Image Management platform is uniquely positioned to address each of these priority focus areas. By combining the industry’s most comprehensive Competitive Intelligence data with our Price Image models, built on the Nobel Prize winning Efficient Frontier theory, we help 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 recognizing the highlighting of Engage3’s Price Image Management platform.
Engage3’s strengths as a leader in the market were highlighted in the report, as follows:
- Competitive intelligence: Engage3 offers a more robust in-house competitive intelligence capability than others in the market, enabling retailers to have a more complete and accurate view of competitor pricing that is automatically integrated into price optimization.
- Innovation: Engage3 takes an innovative approach to price optimization by directly addressing and optimizing the overall Price Image of a retailer, allowing customers to improve profitability while verifiably maintaining or improving their Price Image.
- Granular insights into drivers: Engage3 enables retailers to develop a deep understanding of the drivers of behavior and Price Image, such as customer perception of product quality relative to price and differences in Price Image between online and in-store customers.
Register to get a copy of the IDC MarketScape excerpt here.
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications and consumer technology markets. IDC helps IT professionals, business executives, and the investment community make fact- based decisions on technology purchases and business strategy. More than 1,100 IDC analysts provide global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries worldwide. For 50 years, IDC has provided strategic insights to help our clients achieve their key business objectives. IDC is a subsidiary of IDG, the world’s leading technology media, research, and events company.
Source: IDC MarketScape Worldwide Retail Price Optimization Solutions 2021–2022 Vendor Assessment, by Jon Duke & Mark Thomason, [December, 2021], IDC #US48393721