2021 has been a crazy year in the world of Retail pricing. As we write this, our inflation tracker is showing Year-Over-Year price increases of nearly 10%, promotion frequency declines of over 5% and promotion depth of discount reductions well over 10%. Despite the turbulent environment, 2021 was a year of unprecedented growth for Engage3. We are incredibly proud of how our team grew, adapted, and supported our partners to track and optimize their Price Image.
Doubling our Customer Count
In 2021, we more than doubled our customer count. Engage3 now supports 5 of the 10 largest retailers in the world, 6 of the 10 largest retailers in North America and 4 of the top 5 Convenience stores. We were proud to welcome Ashley Furniture Industries, Heinen’s, Fleet Farm, Festival Foods, Redner’s Markets and many others to the Engage3 family.
Powering our Customers’ Pricing Strategies
In 2021, we have more than doubled the amount of competitive data we are tracking to help our partners stay on top of the inflationary environment. We helped retailers like Vitacost, a Kroger e-commerce division, improve their Price Image by +1.8%, grow sales by 6.2% and increase profits by 3.2%.
Expanding our Price Image Management Suite
Our team worked tirelessly to add new features and functionality to our Price Image Management Suite to help our clients win. This year we launched our new algorithmic fuel pricing solution to help convenience retailers maximize their fuel margins, built our Monday Morning Report to help our partners quickly understand the drivers of their Price Image and launched 10+ new features to our competitive intelligence module with 15+ more to be pushed into production in Q1 of 2022.
While we aren’t “in it” for the awards, it is great to be recognized for the work that we are doing to help our clients. This year we were excited to be named 1 of only 4 “Leaders” by IDC in their most recent Price Optimization MarketScape, recognized by Business Insider as one of 4 companies changing the game in retail pricing, and be recognized by Inc. Magazine as one of the fastest growing private companies for the 5th straight year.
Series D Growth Funding
To further supercharge our growth and accelerate our product roadmap, we were excited to have Arrowroot Capital lead our Series D growth capital raise. We will be leveraging the $35M raise to double our team, expand across 30+ new markets, double down on personalized promotions and continue to enhance our product capabilities. We are deeply grateful to the many customers who took reference calls on our behalf with our investors and look forward to serving you all in 2022 and beyond.
Learning from our Customers
Our 2022 product roadmap has been informed by both our long-term customers and our newest partners. We’ve hardened our Price Image Management Suite, made enhancements to our organizational structure and created impactful case studies to highlight big wins using our products thanks to great collaborations with our customers. We appreciate how tightly our partners have collaborated with us to help us on our journey of continuous improvement.
Our Plans for 2022
We couldn’t be more excited about what’s ahead in 2022. In addition to the new capabilities we have already launched, we are in the final stages of implementing additional capabilities that automate and productize many of the strategic pricing projects we have undertaken over the years directly into our Price Image Management Suite. The combination of our industry leading capabilities, world-class team, and tremendous clients means we have a lot in store for 2022. We look forward to doubling the size of our team and continuing to enhance our products and delivery in our mission to help retailers and brands track and optimize their Price Image.