PIA addresses the gaps in traditional price perception metrics.
DAVIS, Calif. (PRWEB) July 28, 2020
Engage3, known for helping retailers and manufacturers manage their pricing strategy, today announced the release of Price Image Analysis (PIA). Jointly launched with Nielsen, this tool will help retailers understand their Price Image across categories, markets, and time to support their investment strategies.
Price Image is the consumer's perception of a retailer's overall price relative to their competition. Traditionally, simple price indices or customer surveys have been used to estimate shoppers' perception. Engage3's approach to measuring Price Image is based on complex behavioral modeling – avoiding bias, time delays, and inaction – and enabling accurate forecasting and pricing decisions.
Using price index alone to compare a retailer's pricing with its competitors provides an incomplete view. Price Image Analysis lets a retailer define what Price Image it wants to establish in the market, understand how to achieve that Price Image, and then align it with their financial objectives to more effectively forecast and manage consumer behavior.
Price investments using Price Image measurements enabled an Engage3 customer to dramatically improve their Price Image and grow sales 2.5X faster than they had in previous investment efforts, for 1/3 of the cost.
International Data Corporation (IDC) recently positioned Engage3 as a leader in its MarketScape Vendor Analysis Report for changing the game and leading the next frontier in strategic pricing solutions.
"Engage3 flips the price optimization paradigm on its head — optimizing Price Image, not prices, to achieve desired outcomes," said Mark Thomason, Research Director for Digital Business Models and Monetization at IDC. "With deep pricing–focused artificial intelligence and machine learning assets, Engage3 is focused on using science to maximize business outcomes constrained by shopper perception of pricing through predictive modeling of Price Image," he added. A copy of the IDC report is available by request at https://www.engage3.com/idc/
"Understanding your price index is as important as it has ever been, but it doesn't actually help you understand how your consumers perceive your pricing," said Edris Bemanian, Engage3 CEO. "Our strategic relationship with Nielsen unlocks an analytically-driven measurement that gives retailers a clear view of their positioning relative to both their specific competitors as well as the total market. This lets them identify top investment opportunities that will have the greatest impact on their Price Image," he added.
According to Morgan Seybert, Managing Director, US Analysis at Nielsen, "Price Image Analysis adds an additional layer of insight for our retail customers. Working with Engage3, we're able to combine our data and analytic capabilities to bring something truly unique and powerful to the market, giving retailers the ability to measure and improve their Price Image."
Engage3 is a member of the Nielsen Connect Partner Network, which is the largest open ecosystem of tech-driven solution providers for retailers and manufacturers in the CPG industry. Since 2016, the Partner Network has enhanced the business value of nearly 200 unique Nielsen clients by simplifying industry collaboration, offering relevant and accurate results from partners to best align how clients measure their performance.
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, and IBM/DemandTec executives.
Engage3's Price Image Management Suite™ helps retailers understand and manage their Price Image and align it with their sales and profitability objectives using predictive modeling. The suite includes Competitive Intelligence Management (CIM) - 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) – 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. Price Image Analysis (PIA) and Monitoring is the entry tool that provides Price Image insight and direction.
A copy of the IDC white paper on Price Image Management is available by request at https://www.engage3.com/idc-market-spotlight/. A recently recorded Engage3 Price Image Analysis webinar can be requested here. For more information, visit http://www.engage3.com/pia.
For the original version on PRWeb visit: https://www.prweb.com/releases/engage3_and_nielsen_jointly_launch_price_image_analysis_pia_to_help_retailers_assess_their_price_image_and_price_investments/prweb17282830.htm
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