Instacart announced Thursday it has acquired Eversight, an AI company that helps brands and retailers of consumer packaged goods determine pricing and promotions.
Eversight’s AI enables consumer packaged goods (CPG) brands and retailers to continuously scale pricing and promotions, streamlining a traditionally time-consuming process. The technology gives CPG brands real-time insight into the promotions that can resonate with customers. For retailers, Eversight helps businesses leverage their physical and digital storefronts to conduct ongoing, individualized, micro-price point experiments at scale.
Americans are currently grappling with decades-high inflation that has led some shoppers to cut items from their shopping baskets. Instacart hopes the deal will create a flywheel effect, pricing goods on the “sweet spot” that drives sales and growth for CPG brands and retailers, while also leading to better promotions and pricing for customers.
“By joining Instacart, this technology can scale across online and offline pricing to make grocery shopping more affordable for everyone while creating more value for CPGs and retailers,” said Eversight co-founder David Moran in a statement. (The terms of the acquisition have not been disclosed.)
Instacart leans on price-saving options, giving users cheaper scheduled delivery and the ability to pick up their own orders. “Our job is to really connect [customers] with all the options they have, to make grocery shopping more affordable,” Instacart CEO Fidji Simo told londonbusinessblog.com in an interview last week.
The acquisition comes as Instacart prepares for its market debut. The company filed confidentially earlier this year to go public and is Reportedly plans to hit the market before 2023. Instacart said on Thursday it reached record highs in orders, gross transaction volume, sales, ad revenue and gross profit in 2021 and has continued that momentum into 2022.