Category: PR

11 Feb 2019
Winsight Grocery Business

Winsight Grocery Business: Engage3 leads in precision pricing

New visibility illustrates precision pricing on ‘known value items’

In an article detailing the looming tensions in the retail industry, Winsight Grocery Business cites Engage3 as a leader in precision pricing technologies for retailers.

The publication, analyzing the aggressive pricing strategies being put in place by various retailers, points out that there is one common thread in the price war. Winsight writes, “Today, retailers are monitoring prices with exacting precision, right down to the store level.”

This observation was fueled by a blog published by Engage3 co-founder, Tim Ouimet. In the blog cited by Winsight, he clarifies the trend towards dynamic KVIs that are reevaluated much more often than once a year. Technology is playing a larger role in competitive pricing as a result: “The analysis needs to come down to the store level, down to the shopper level, down to the daily level, and have items coming in and out of the KVI list at those lower levels.”

To illustrate the heightening competition in the industry, Winsight references a study published by Engage3 on the “Aldi Effect,” and also notes the growing tension between retailers and the supply chain. The modern retailer faces pressure not only from their competitors, but from suppliers and vendors as well. Tariffs may be a driver behind this pressure.

Pricing battles are becoming the norm, but we may see much more wide-reaching effects from an automated retail industry in the near future. To read the full article by Winsight Grocery Business, you can visit their site here.

05 Feb 2019
Wells Fargo

Engage3 Grows Dramatically, Secures New Investment from Wells Fargo

Additional investment from Wells Fargo Strategic Capital fuels product enhancements, company growth

Engage3 today announced that it has secured additional financing to continue its growth from Wells Fargo Strategic Capital (NYSE: WFC), a division of Wells Fargo Commercial Capital. The company anticipates doubling revenues in 2019, and Engage3 plans to use the funding to expand its staff and scale up the company’s go-to-market initiatives. The company helps retailers balance their price image objectives with their profitability goals through data science, artificial intelligence, and accurate competitive data.

Engage3 was named in the top 1,500 firms for two consecutive years (2017 and 2018) in the Inc. “5000 Fastest Growing Private Companies”in the U.S. It raised its Series B financing two years ago from retail technology-focused venture capitalists and is in the middle of raising its Series C financing.

Engage3 focuses on an integrated retail pricing platform that emphasizes data quality and the management of competitive pricing, which are the foundation of successful price optimization implementations. Engage3’s Competitive Intelligence Platform (CIP) is an integrated end-to-end solution that uses data science to ensure data comprehensiveness, freshness, and accuracy. CIP enables retailers to automate the management and optimize the design of their competitive shop program; uses demand-side product attributes to link “like” competitor products; and reverse-engineers and monitors competitors’ pricing strategies. Engage3’s Competitive Price Response(CPR) is a visual price modeling tool that optimizes pricing, using proprietary psychological models that measure consumers’ perception of retailers’ pricing and predicts the impact of price changes on that image. CPR helps define the consequences of strategic pricing alternatives.

“In a world where 71 percent of consumers say that price determines whether they would shop at your store over another, the use of AI and algorithms to deliver the best price image to shoppers while achieving revenue and profitability goals is the clear answer,” says Ken Ouimet, CEO and founder of Engage3. “Price optimization as a category failed to reach its promise in the ‘90s because of the lack of good quality data as input. Every retailer now understands the importance of having clean, accurate and timely competitive data to formulate the best pricing strategy. We have addressed this problem, and our customers are now reaping the rewards of data-driven, scientific pricing.”

“Engage3’s integrated pricing platform presents great value for retailers in today’s highly competitive environment. We are excited to be an equity investor in this rapidly growing business with a strong platform and founder-led leadership team,” says Puon Penn, the Head of Early Stage Investment Division at Wells Fargo Strategic Capital, who is based in Palo Alto, California.

About Engage3

Engage3 was founded by the creators of KhiMetrics (acquired by SAP), who are credited with creating the retail price optimization space. Engage3’s leadership team is composed of former KhiMetrics, SAP, dunnhumby, KSS Retail, and IBM/DemandTec executives.

Engage3’s focus is on data quality and management which are the foundation of successful price optimization implementations. Engage3’s Competitive Intelligence Platform (CIP) is an integrated end-to-end solution that uses data science to ensure data quality.  Engage3’s Competitive Price Response (CPR) optimizes pricing, and manages a consistent price image across different channels, markets, and categories while providing control over your company’s quarterly sales and profits.

For more information, visit www.engage3.com.


18 Oct 2018

Ken Ouimet at UC Davis

Ken Ouimet, CEO of Engage3 and distinguished College of Engineering alumnus, is giving a talk at Kemper Hall on the UC Davis campus. Join us on October 26th from noon to 1PM. Register at bit.ly/kenouimet

16 Oct 2018
ken Ouimet honored at the mondavi center in Davis

Ken Ouimet Receives High Honor from UC Davis

The University of California, Davis presented the 2018 Distinguished Alumni medal to Ken Ouimet, CEO and Founder of AI retail price innovator, Engage3. Ken received the award alongside JoeBen Bevirt and Cynthia Murphy-Ortega at a special alumni celebration at the Mondavi Center on October 26, 2018. The award is given to alumni who have achieved an overall high distinction in their field and have contributed a distinguished service to the college, profession or the community. 

Ken joins the ranks of other notable and decorated alumni of the College of Engineering, including Mars Lander Team Lead Adam Steltzner, Astronaut Steve Robinson, and Hyundai Motors Vice Chairman of R&D Woong-chul YangWatch the Mars Lander video “7 Minutes of Terror: The Challenges of Getting to Mars” here.

The College of Engineering has had over 22,500 graduates since its inception in 1962. Among the alumni are company executives, doctors, technological innovators, and an astronaut-turned-professor. Beginning in 1989, UC Davis began awarding the honor of Distinguished Engineering Alumni annually. To date, only 64 awards have been given out.

 

15 May 2018
COO

Engage3 COO Edris Bemanian Talks Pricing Strategy, Pressures, and the Market

Last month, Robert Schaulis of Andnowuknow interviewed Engage3 COO Edris Bemanian on his observations of pricing pressures from the likes of Amazon and Lidl. “The biggest trend is that pricing and assortments are becoming more dynamic and localized,” Edris says.  He notes that e-commerce is now becoming a fundamental part of retailers’ strategies versus just a “me too” approach. Read the full article in Andnowuknow.com.

30 Mar 2017

Engage3 and Brick Meets Click to Host Joint Webinar: “Surviving the Emerging Price War”

thumbnail_Joint Co LogosOn April 5th, Engage3 executives Ken Ouimet and Edris Bemanian will co-host a webinar with Brick Meets Click Co-Founder Bill Bishop to unveil a new layer of competitive intelligence insights in the fast-moving consumables space. In this session, participants will gain an understanding of how retailers are managing the complexity of pricing in today’s marketplace and see examples of how more dynamic approaches can drive profitable sales.

In the hyper-competitive world of retail today, the importance of understanding competitive pricing is paramount to executing successful long-term sustainable strategies. A great deal of recent progress has been made in applying the power of advanced analytics to pricing strategy; from improving the speed and accuracy of competitive price checks to reverse engineering the competition’s pricing strategy. As this progress ushers in new pricing rules, retailers are in position to take advantage and compete more effectively. The webinar will focus on this premise and highlight new work from Engage3.

Long-time industry advisor Bill Bishop, Chief Architect of Brick Meets Click, will moderate the session. Bill brings 20+ years of experience helping retailers strengthen their price reputations.

Click here to register for the session today!

17 Jan 2017

Engage3 Promotes Helena Cisneros to VP of Customer Success

Helena CisneHelena Cisneros, Sr. Dir. Operationsros, formerly the Sr. Director of Operations for Engage3, was recently promoted to Vice President of Customer Success. Cisneros has been with the company for over 15 years after having served for 10 years in retail management with Target. With the company’s rapid expansion, the move places Helena in optimal position to ensure new customer success while also maintaining the quality service standards set for existing Engage3 clients. An overachiever by nature, Helena’s dedication to her team and her clients truly sets her apart. With the company’s plans to more than double revenues this year, Helena will continue to play a vital role in the process and the lead the charge as more clients take advantage of Engage3’s leading technology solutions.

12 Dec 2016

Venture Capitalists Grant Engage3 1st Place at TiE Pitchfest in San Francisco

On November 3rd, Engage3 took to the stage to pitch their business plan and traction to a panel of venture capitalists and an audience of Bay Area entrepreneurs at TiE Silicon Valley’s San Francisco Pitchfest event to ultimately secure first place after the presentation and Q&A.

Judges at this year’s event included: John Dougery, Managing Partner of Inventus Capital; Arjun Chopra, Partner at Floodgate; Ankur Jain, co-founder of Emergent Ventures; and Lokesh Sikaria, Managing Director of Moneta Ventures.

The event was sponsored by DLA Piper and moderated by Rajiv Dharnidharka, a partner of DLA Piper’s Silicon Valley litigation group. Other TiE sponsors include Adobe, Cisco, SanDisk Corporation, IBM, VMware, Zoho Corp, Discover, HP, Mayfield Fund, Bank of America, Ernst & Young, KPMG, Morgan Stanley, Silicon Valley Bank, and more.

TiE was founded in 1992 and currently has 13,000 members, including over 2,500 charter members in 61 chapters across 18 countries. The non-profit’s mission is to foster global entrepreneurship and claims an economic wealth creation estimate of $200 billion. TiE’s annual professional conferences, TiECon are regarded as the largest entrperneurial forum in the world and held in over 15 cities globally each year. Click here to learn more about TiE.