Engage3, which helps retailers and brands profitably grow revenue and drive store trips by tracking and optimizing their Price Image, today announced the launch of its Convenience Retail Competitive Intelligence Management module. The Convenience Retail Competitive Intelligence Management module combines best-in-class data sources to provide unprecedented real-time localized visibility to competitors’ in-store and fuel prices. The new Competitive Intelligence Management module is a part of Engage3’s Price Image Management platform which helps retailers track and optimize their Price Image using the Nobel Prize-winning Efficient Frontier theory.
The Most Complete Competitive Intelligence Program for Convenience Retailers
Engage3 brings together 5 different data sources to give Convenience Retailers integrated in-store and Fuel pricing visibility. Data covers competitors across relevant channels including other Convenience Retailers, Quick-Serve restaurants, Dollar stores and Drug stores.
The Engage3 data is backed by industry-leading SLAs. Data is fed to Engage3 clients 24/7 via direct API integrations or SFTP to give retailers the store-level fuel and in-store competitive price visibility they need.
Competitive Fuel Pricing for the Modern Age
For many years Convenience retailers have had to rely on stale, spotty and inaccurate credit card or crowd-sourced pricing insights. This low-quality data led many retailers to use their in-store associates to self-collect daily competitor fuel prices by hand. Engage3 solves all of these challenges for the Fuel retailer looking for more frequency, accurate and reliable competitive data. Combining data from retailer websites, mobile apps and discount apps Engage3 provides hourly competitive visibility. In Fuel pricing every penny matters. With Engage3 Convenience retailers have the data they need to confidently set Fuel prices across all of their stores.
8 of the 10 Largest Convenience Retailers are now Leveraging the Engage3 Platform to Fuel their Pricing Strategies
Yesway, an early adopter of the Engage3 solution, is using Engage3 to ensure competitive prices and to save their in-store associates’ time. Darren Renwick added “In our competitive environment, speed and accuracy of data is essential. Engage3 allows us to price retail with agility and confidence, raising us to an enhanced level of competitiveness and algorithmic pricing.”
Engage3 was founded by the creators of KhiMetrics (acquired by SAP), who are credited with inventing the retail price optimization space. Engage3’s leadership team is composed of former KhiMetrics, SAP, Revionics, dunnhumby, KSS Retail, IBM/DemandTec and Nielsen executives.
Engage3’s Competitive Intelligence Management (CIM) is an AI-assisted, attribute-based, and data science-driven solution that provides accurate, granular competitive data (30 billion product pricing records collected annually in the U.S. and Canada) and like-item linking visibility. CIM helps retailers reverse-engineer their competitors’ pricing and assortment strategies across channels, markets, and items. Price Image Management (PIM) is a next generation pricing solution that defines the impact of strategic pricing alternatives and unlocks pricing recommendations based on a retailer’s objectives for Price Image, sales, and profitability. Engage3’s Price Image management solutions help retailers understand and manage their Price Image and align it with their sales and profitability objectives using predictive modeling.