Engage3™ helps retailers and manufacturers manage their Price Image through accurate competitive data, data science, and Artificial Intelligence-powered software solutions.
At Engage3, we believe that everyone in the retail value chain can win. From the consumer, to the retailer, and to the manufacturer — everyone can benefit from data science, advanced algorithms, and the strategic management of Price Image.
The number “3” in our company’s name refers to our value proposition to:
- Consumers, for a world where they will only be offered products that are right for them, at the right place, at the right time, and at the right price,
- Retailers, for a world where they have earned the trust of their shoppers by carrying the right products and providing the right value, while achieving their sales and margin objectives, and
- Manufacturers, for a world where they can offer the right incentives to the right consumers, at the right time and at the right price.
The company’s founders, Ken and Tim Ouimet, grew up in the industry working for their parents’ company, Comparative Prices International, where they collected in-store retail data for corporate clients.
In the late 1990’s, the Ouimet brothers founded Khimetrics, where they pioneered retail price optimization as a new software category – revolutionizing retail pricing and delivering 1% of sales to profit for clients like Albertsons, Safeway and Lowes.
Ken and Tim assessed the future of retail and saw a perfect storm forming through these emerging trends:
- Price transparency
- Smartphone adoption
- Personalization, and
- A hyper-competitive market that is being disrupted by new online models
They formed Engage3 to revolutionize retail pricing through data science and predictive modeling to help retailers understand and manage their Price Image and to ultimately enable Personalized Pricing.
IDC Positions Engage3 as a Leader in the Marketscape Report on Retail Price Optimization 2019
“Engage3 flips the price optimization paradigm on its head — optimizing price image, not prices, to achieve desired outcomes. 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.”
– IDC MarketScape: 2019 Retail Price Optimization Applications
The retail industry is going through a massive transformation that is being driven by higher expectations from consumers and a changing landscape for retailers and manufacturers.
- Consumers expect transparency and want to know that they are getting the best deal. 90% of consumers use coupons; 78% want coupons to be automatically applied (Inmar).
- Retailers are struggling to adapt to price transparency and empowered consumers. Traditional Hi-lo and Everyday Low Pricing (EDLP) pricing models are becoming ineffective.
- Manufacturers are desperately in need of a more effective trade promotions model. U.S. CPG manufacturers spend $200 B per year on trade promotions, and 74% of these promotions lose money (Nielsen).