TL;DR:
- Engage3 and Festival Foods renewed and expanded their partnership, introducing Price Image Management capabilities to an omnichannel competitive intelligence program.
- Festival Foods, a longstanding Wisconsin-based retailer, gains access to cutting-edge technologies for customer insight and revenue growth.
- Engage3’s Price Image Management employs advanced data science and Machine Learning to optimize customer perception of pricing, driving revenue and loyalty.
- Festival Foods’ commitment to exceptional customer experiences aligns with Engage3’s tools, which provide unparalleled insights into customer psychology.
- The partnership involves omnichannel data visibility through in-store audits and web scraping, facilitated by AI-powered Product Linking module.
- Engage3’s CEO highlights the significance of Price Image Optimization in balancing customer engagement and bottom-line growth.
- Engage3’s influence extends to over $4 trillion in annual retail revenue worldwide, with partnerships encompassing top global retailers.
Main AI News:
In an exciting development, Engage3 Powered By Dexi, a pioneering force in enhancing retail revenue and customer footfall, has unveiled the expansion and renewal of its collaboration with Festival Foods. As a longstanding fixture in Wisconsin since 1946, Festival Foods operates an impressive network of 40 stores across the state. Renowned for its wide array of superior products, exceptional customer care, and steadfast community investments, Festival Foods continues to garner recognition for its commitment to inclusivity and shopper accessibility.
This burgeoning partnership introduces Festival Foods to Engage3’s cutting-edge Price Image Management capabilities, which dovetail seamlessly with an already triumphant omnichannel competitive intelligence initiative. This strategic alignment underscores Festival Foods’ resolute dedication to harnessing advanced technologies that foster unparalleled insights into customer behaviors and preferences.
Engage3’s Price Image Management suite is firmly rooted in sophisticated data science and proprietary Machine Learning algorithms. These innovative tools empower the identification and optimization of items that wield substantial influence over customer perceptions of pricing. By generating astute price recommendations, Festival Foods stands poised to realize heightened revenue and margin growth, all while fortifying customer loyalty.
Among the numerous accolades received by Festival Foods is its latest recognition for outstanding shopper accessibility and hiring inclusivity. Benjamin Plaza, the Manager of Business Analytics at Festival Foods, emphasizes the centrality of the customer experience to their operations, stating, “The customer is at the heart of everything we do at Festival Foods. Engage3’s Price Image solution gives us unprecedented insights into customer psychology that help us deliver exceptional customer experiences while growing revenue and trips.“
Festival Foods’ reliance on Engage3 extends to comprehensive omnichannel data visibility, facilitated through professional in-store audits and dynamic online web scraping techniques. A pivotal component of this alliance is Lighthouse, an AI-powered Product Linking module that, in 2022 alone, generated an astounding 50 million distinct links with an acceptance rate exceeding 99.3%.
Reflecting on this pivotal partnership, Engage3 CEO Edris Bemanian shares his enthusiasm for the future, stating, “We’re happy to build on our previous success with Festival Foods and provide new tools to help them build trust and loyalty with their customers. The addition of Price Image Optimization gives Festival Foods a completely new way to balance customer engagement with bottom-line growth. On average, our customers see a 2% lift in trips and a 5-point increase in margin.”
Engage3, a cornerstone of the retail landscape, supports a staggering annual retail revenue of over $4 trillion worldwide. With an illustrious portfolio of more than 350 retail and brand partners, including an impressive representation of 7 out of the top 10 global retailers ranked by the National Retail Federation, Engage3 continues to shape the future of retail with its trailblazing solutions.
Conclusion:
The expanded partnership between Engage3 and Festival Foods signifies a revolutionary step in retail. By integrating AI-powered price optimization and competitive intelligence, both companies aim to enhance customer experiences, boost revenue, and create a blueprint for the future of retail operations. This collaboration sets a precedent for how retailers can leverage advanced technologies to drive growth and foster customer loyalty in a dynamic market landscape.
