A Midwest retailer that sells a little bit of everything is keeping tabs on competitor prices with a machine learning (ML) platform.
Fleet Farm is expanding its omnichannel competitive visibility and analytics with the cloud- and mobile-based Engage 3 competitive intelligence management (CIM) solution. The specialty retailer, which offers fishing, hunting and outdoor products; auto parts; farm and pet supplies; home improvement and household goods; clothing and footwear; toys and food; as well as services like gas, car wash and auto repair, is leveraging Engage3's ML-powered product linking capabilities to gain contextualized visibility.
This capability links Fleet Farm’s unique item assortment to each competitors' equivalent items at the localized market level. Fleet Farm utilizes the contextualized item catalog to see store-level pricing for all of its competitors, track its price position, and identify risks and opportunities to improve its price image.
"Engage3 has pricing expertise and cutting-edge science and technology capabilities that align perfectly with Fleet Farm's pricing strategy and our roadmap for success," said Randy Mangum, Fleet Farm senior director of pricing & data integrity. "I've had great success using Engage3's competitive intelligence solutions over the years and am looking forward to introducing it into our day-to-day activities and in support of our long-term pricing strategy."
Founded in 1955 and headquartered in Appleton, Wis., Fleet Farm has 47 stores located across Iowa, Minnesota, North Dakota, South Dakota, and Wisconsin.