SAN FRANCISCO—Instacart announced it has acquired Eversight, an AI-powered pricing and promotions platform for CPG brands and retailers.
"Giving everyone access to the food they love is core to Instacart's mission, and when it comes to grocery shopping, we know that every dollar matters. With higher inflation and the average cost of groceries up, we're taking even more steps to make food and daily essentials more affordable," said Fidji Simo, CEO of Instacart. "By combining Eversight's leading pricing and promotions capabilities with Instacart's world-class teams and technology, we're positioned to deliver even more value to our brand and retail partners, while also creating more opportunities for customers to maximize their savings both in-store and online."
Eversight allows CPG brands like The Hershey Company and retailers like Schnucks to test customized pricing and promotions directly with their individual customers at scale. For CPG brands, Eversight provides insights into the promotions that best resonate with customers and impact their buying decisions. For retail partners, Eversight lets them use their physical and digital storefronts to run ongoing individualized micro price-point experiments at scale.
“Bringing together Eversight's deep expertise in pricing and promotions with Instacart's scale, partnerships and machine learning technology provides an opportunity to transform pricing strategies and promotions for Instacart's partners. CPG brands and retailers will have access to new individualized and customized pricing tools and dynamic insights via Instacart that connect the dots between online and offline behavior to improve sales and growth, along with customers' experiences, no matter how they choose to shop. This creates a flywheel effect in which goods are priced at the sweet spot that drives more sales and growth for CPGs and retailers—all while unlocking even better promotions and pricing for customers,” wrote Instacart in a statement.
"Now more than ever, it's critical that we're delivering the right promotions to the right consumers. Eversight's real-world, real-time insights help us find the price point or promotion that resonates with our consumers and leads to a purchase," said Lynn Hemans, vice president, consumer intelligence and analytics for The Hershey Company. "The capabilities that Eversight and Instacart can bring to market together have the potential to be a significant improvement in how CPG brands learn, test and measure campaigns across the grocery industry."
Eversight's CPG offerings will be part of the Instacart Ads product and technology suite, which provides CPG brand partners with advertising opportunities and insights capabilities. For retailers, Eversight's retail technology will be part of the Instacart Platform, a suite of enterprise-grade solutions that enhance and digitize grocery retail to create an omnichannel experience for customers.