New solution demonstrates 5X improvement in ROI over mass promotions by leveraging patented price optimization technology, artificial intelligence, and competitive intelligence.
Davis, CA (PRWEB) August 18, 2016
Engage3, a leading competitive intelligence and consumer engagement company, and McClatchy MNI, a leading news and information provider, announced today that they will collaborate to launch a new artificial intelligence ("AI") powered personalized promotions solution for retailers and brands.
The solution enables retailers and brands to provide consumers with personalized offers based on their buying intent and past purchasing history. This will help retailers and brands optimize trade and promotion spend while delivering relevant offers to consumers. A study conducted by Arizona State University demonstrated a 5X performance improvement in the success of promotions provided through Engage3's Consumer Engagement and Personalization platform compared to mass promotions and a 3.5X improvement over promotions driven by segmentation.
The personalized promotions solution will combine with McClatchy's vast consumer and retailer reach to address inefficiencies in trade and promotional spending. The publisher of iconic news brands such as the Miami Herald, The Kansas City Star, and The Sacramento Bee, McClatchy currently publishes 29 newspapers in 28 U.S. markets and maintains a rapidly expanding digital presence achieving more than 45 million monthly unique visitors and 250 million monthly page views. McClatchy is also a member of the Local Media Consortium, a nationwide alliance of local media outlets collectively reaching over 150 million unique visitors each month (comScore).
"Millennials now represent a fast growing segment of retail sales and expect offer personalization from businesses," said Christian Hendricks, VP of Products, Marketing and Innovation at McClatchy and Chairman of the Local Media Consortium. "We are excited to partner with the team responsible for inventing price optimization. Together we plan to bring a very innovative solution to market enabling retailers to personalize advertising and promotions, improve trade fund ROI, and pay for ads directly driving sales."
"There is a real need for this type of solution in the market," said Engage3's SVP of Personalization, Rob Culin, formerly of dunnhumbyUSA and IBM's DemandTec. "Globally, $1 trillion is spent annually by brands on promotions with about 2 out of 3 failing to generate a positive return. We are applying patented price optimization technology for personalized offers that will set the standard for the industry. We are thrilled to launch this with McClatchy, a very progressive and innovation-driven company with a strong customer base and deep relationships with retailers."
Initial rollout and launch are scheduled for Q4 of this year across select McClatchy media territories.
About Engage3™:
Founded by the same team that pioneered Retail Price Optimization at Khimetrics, Engage3 combines data science, deep domain expertise, and innovative technology to be a leading competitive intelligence provider and consumer science company. Engage3's omni-channel competitive intelligence SaaS platform, MissionControl™, improves CPG companies' competitive visibility and maximizes the ROI of their competitive intelligence programs. MissionControl™ is powered by advanced predictive analytics and Engage3's historical product and pricing database, which consists of more than8 million UPCs and 10 billion price updates per year across over 32,000 retail locations. Engage3 is also recognized by IDC Retail Insights as a first mover in providing participatory commerce solutions for retailers and manufacturers via its personalized offers platform, Vantage Offer Optimization™. The platform leverages digital assistants to enable true 1-1 offers that improve the ROI of trade funds 5x over traditional promotions and help retailers & brands transition to this hyper competitive future of personalized pricing. More information is available at http://www.engage3.com.
About McClatchy:
McClatchy is a 21st century news and information leader, publisher of iconic brands such as the Miami Herald, The Kansas City Star, The Sacramento Bee, The Charlotte Observer, The (Raleigh) News and Observer, and the (Fort Worth) Star-Telegram. McClatchy operates media companies in 28 U.S. markets in 14 states, providing each of its communities with high-quality news and advertising services in a wide array of digital and print formats. McClatchy is headquartered in Sacramento, Calif., and listed on the New York Stock Exchange under the symbol MNI.
For the original version on PRWeb visit: http://www.prweb.com/releases/2016/08/prweb13620695.htm
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