Instacart announced that it has acquired the artificial intelligence (AI) price optimization company 'Eversight.' Eversight's platform enables online retailers, such as Instacart, to automatically determine the optimal price for products. The technology is scalable across the entirety of the Instacart platform and its retail partners, meaning grocery stores throughout the entire network will be able to benefit from this new acquisition.
According to Instacart, the Eversight platform will allow for quick and seamless micro price adjustments based on a massive amount of data collected on the platform. This includes what items are being purchased, from which retailers, at which times, and for which prince points, amongst others. The platform stated that the Eversight service will help retailers find a 'sweet spot' for their respective products, where the item is perfectly priced based on its quality and demand.
In addition to helping retailers with pricing, Instacart believes the Eversight platform will make groceries and other CPG products more affordable and accessible to consumers across the country, as it leads to items being priced fairly rather than too high.
AI Pricing Platforms
Instacart Acquired 'Eversight' to Optimize CPG Pricing on its Platform
Trend Themes
1. AI Price Optimization - The use of AI to automatically adjust prices based on data is a trend for retail platforms seeking to optimize and increase sales.
2. Micro Price Adjustment - The utilization of macro data collection to allow for real-time micro price adjustments is a trend for retail platforms seeking to offer the best value to customers and competitive pricing for retailers.
3. Affordable and Accessible CPG Products - Due to AI platforms like Eversight, retailers will be able to offer more affordable and accessible CPG products to customers which can help drive sales and increase customer loyalty.
Industry Implications
1. Retail - The retail industry can benefit from AI pricing platforms like Eversight to optimize sales and better serve customers.
2. CPG - The consumer packaged goods industry can benefit from AI pricing platforms as it can help increase affordable access to products for customers while maximizing sales and revenue for the company.
3. Technology - As AI continues to revolutionize various industries including retail and CPG, there is a huge opportunity for technology companies to create innovative AI platforms and tools for businesses.