Progressive Grocer: Engage3 Talks about getting pricing right in 2021

Progressive Grocer: Engage3 on Getting Pricing Right in 2021

By Industry Insights, Market Insights, News, Pricing Strategy

Thad Reuter of Progressive Grocer, in a recent article titled Getting Pricing Right in 2021, writes that price optimization will be undergoing significant changes in 2021 – and that retailers who don’t get on board will face problems sooner than later.

“Price optimization will need to shift to be able to deal with smaller trip sizes, households with less money to spend on each trip, shifts to private label, and smaller pack sizes,” Edris Bemanian, Engage3 CEO, predicts. “Historical price optimization models of increasing price to drive profit won’t work. Retailers will need to focus on the items that drive their Price Image to keep traffic up.”

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Engage3's Price Image Management

Engage3’s Price Image Management (video)

By Industry Insights, Price Image, Price Optimization, Pricing Strategy, Resources

Struggling to compete on price and failing to drive trips

Legacy price optimization solutions still use outdated elasticity models and rules to set prices, which don’t include shopper behavior and the impact of price on perceptions.

Using AI-based shopper behavior analysis, Engage3 developed Price Image Management, which accurately forecasts the volume impact of price changes and identifies which items will have the greatest impact on Price Image with the least investment.

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