Yesway Utilizes New Technology to Track Its Competitive Fuel Price Position
DES MOINES, Iowa — Yesway Convenience Stores is tapping Engage3's new Price Image Management (PIM) Suite, giving the convenience and fuel retailer the capability to monitor competitors' prices and ability to optimize prices to increase revenue.
The Des Moines-based operator of 402 convenience stores is utilizing the platform to track competitive fuel prices every hour to ensure competitive prices and to save in-store associates' time.
"In our competitive environment, speed and accuracy of data is essential. Engage3's Price Image Management Suite allows us to price retail with agility and confidence, raising us to an enhanced level of competitiveness and algorithmic pricing," said Yesway Senior Fuel Procurement Manager Darren Renwick.
Through the Engage3 PIM Suite, independent grocers and convenience operators have access to highly localized competitive prices that are refreshed as frequently as hourly for high velocity items like fuel. Advanced artificial intelligence and machine learning combines the retailer's own data with rest of market competitive data to set optimized prices that maximize price image and drive increased traffic while protecting and growing margins.
"We are thrilled to be able to bring the industry's most complete competitive intelligence data and our next generation Price Optimization solution — that is proven to drive both trips and margin growth — to independent retailers," said Edris Bemanian, CEO of Engage3. "Independent grocers and convenience stores face a highly competitive environment, and we are excited to partner with them to help level the insights playing field with world-class competitive pricing intelligence and advanced shopper-based price optimization models."
Davis, Calif.-based 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, IBM/DemandTec and Nielsen executives.
Yesway's operating footprint includes convenience stores throughout Texas, New Mexico, South Dakota, Iowa, Kansas, Missouri, Wyoming, Oklahoma and Nebraska.