Latest acquisition advances Dow Jones’s energy business with industry-leading artificial intelligence (AI) capabilities 

Dow Jones announced that it has acquired A2i Systems, a world leader in AI-powered fuel pricing solutions. 

A2i adds to Dow Jones’s growing suite of AI capabilities and will operate as a subsidiary of OPIS within Dow Jones’s energy business, maintaining its focus on innovation and product development. A2i’s best-in-class AI engine applies advanced predictive technologies and real-time pricing data to forecast consumer buying behaviors in dynamic market conditions. Its PriceCast platform is in operation at over 12,500 fuel sites, electric vehicle (EV) charging stations and convenience stores across 20+ countries globally.

A2i joins Dow Jones at a time of continued growth and expansion as a leading business news and information business. In its latest reported earnings, Dow Jones revenues totaled $544 million, which included 15% growth in its energy business.

Headquartered in Odense, Denmark, A2i has a strong track record of growth and a broad geographical footprint across Europe and North America. With this acquisition, OPIS will substantially diversify and strengthen its suite of offerings for retail customers, where market demand for pricing, analysis and forecasting is growing rapidly.

“The business and teams we are welcoming to our company today have built one of the most trusted, ethically sound AI platforms in the industry,” said Almar Latour, CEO of Dow Jones. “This knowledge and expertise is an excellent companion to OPIS, enabling us to create immediate value for our customers and subscribers. Our shared commitment to integrity and innovation with AI open a range of growth opportunities not only for our energy vertical but for Dow Jones writ large.”

“We’re thrilled to welcome A2i to our team,” added Brian Crotty, general manager of Dow Jones’s energy business. “Since 2007, A2i has been a pioneer in applying leading-edge technologies to optimize fuel pricing strategies. This move will strengthen our position within the evolving retail sector, helping our customers tap into the booming EV market and navigate their transition from traditional fuel-first forecourts into multi-purpose mobility hubs.”

Frodi Hammer, A2i founder and CEO added: “Joining forces with OPIS, a brand that is trusted across the fuel supply chain for its market-leading news, data and analysis, presents an amazing opportunity to scale our technology and impact. Today marks the start of an exciting new chapter and we are confident that the team will flourish as part of OPIS and the wider Dow Jones organization and continue pushing forward with innovation.”

About Dow Jones

Dow Jones is a global provider of news and business information, delivering content to consumers and organizations around the world across multiple formats, including print, digital, mobile and live events. Dow Jones has produced unrivaled quality content for more than 130 years and today has one of the world’s largest news-gathering operations globally. It is home to leading publications and products including the flagship Wall Street Journal, America’s largest newspaper by paid circulation; Barron’s, MarketWatch, Mansion Global, Financial News, Investor’s Business Daily, Factiva, Dow Jones Risk & Compliance, Dow Jones Newswires, OPIS and Chemical Market Analytics. Dow Jones is a division of News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV).

About OPIS

OPIS, a Dow Jones company, provides accurate pricing, real-time news and expert analysis across the global fuel supply chain, including the Spot, Wholesale Rack and Retail markets. OPIS and its brands, McCloskey, PetroChem Wire, Axxis and Chemical Market Analytics, enable customers to buy and sell energy commodities with confidence across the globe via easy access to transparent data, expert-level customer support, educational events and energy data solutions.

OPIS assessments reflect confirmed bids, offers and trades reported by approved traders, brokers and electronic platforms. Full details about OPIS pricing methodologies are available at opisnet.com/about/methodology.

As forecourts evolve away from the traditional fuel first model towards multi-purpose mobility hubs that offer a range of charging, retail and additional services, our solutions must evolve with them. For over 15 years A2i Systems has provided artificial intelligent fuel pricing solutions to retailers across the globe. PriceCast Fuel uses a range of data streams such as customer 

purchasing behaviours, weather, local events, oil price and global incidents to proactively price fuel products ensuring retailers can meet their business objectives even in volatile markets

The algorithm behind PriceCast was first developed as a way to identify and analyse the behavioural habits of children on the playground as a means of reducing childhood obesity. Our founders soon discovered they had created a neural-net based self-learning AI engine capable of so much more. Now as the fuel and convenience retail industry continues to evolve, so does PriceCast in the form of PriceCast EV and PriceCast C-Store.

PRICECAST EV – COMING SOON!

The electric vehicle market is booming. Last year, almost 2 million new electric cars were registered in Europe and with more affordable EVs on the horizon it is expected that the market will continue to grow. With more EVs on the road, we have also seen an increase in charging services, not only from traditional fuel retailers, but new players entering the market from outside the mobility industry. With increased competition and a whole range of factors that effect the price of charging, we are now seeing a market primed for predictive pricing.

The price of electricity, type of charging station, location, network memberships, time-based vs energy-based charging, fluctuations in demand, season, time of day, additional onsite services and government incentives can all effect the price of charging your EV. Whilst these differ from the factors that impact the pricing of traditional fuels, the concept remains the same. By considering all available data, artificial intelligence is able to price proactively. In fact, one key advantage to pricing electricity over traditional fuels is the availability of data. At any given site you can see not only the cost of electricity but the availability of chargers through a number of readily available apps.

Whilst dynamic pricing has obvious benefits for the retailer, it does not consider all the factors that can influence pricing. Predictive pricing using artificial intelligence takes pricing to the next level. By focusing on customer behaviours as well as the factors outlined above, artificial intelligence can spot trends and adjust the prices accordingly.

PRICECAST C-STORES – COMING SOON!

What if you could price the products in your store in the same way as you price your fuel or electricity? What if you could build a better understanding of your customers’ purchasing behaviours and reward their loyalty with timely, relevant offers delivered at the optimal time. This is where PriceCast C-Store comes in.

With demand for fuel predicted to decline and electric vehicles becoming increasingly popular, the c-store must become a destination in its own right. By building a better understanding of the customers that visit their store, their purchasing behaviours and their needs retailers can create offers that are relevant to the customer and find ways to attract them in store. As with PriceCast Fuel and EV the AI can examine a whole range of factors that can impact product pricing and make recommendations to help retailers to meet their business goals.

The European EV market is booming. Last year almost 2 million new electric cars were registered [European Environment Agency] and with more affordable EVs on the horizon it is expected that the market will continue to grow. For a long time the fuel retail industry has played a chicken and egg game with car manufacturers, trying to strike the perfect balance between serving the emerging electric vehicle market and offering services that remain profitable. Now, with an increase in demand for EV charging, it is not just traditional fuel retailers entering the charging game, but new competitors from outside the mobility industry.

The EV charging market still has room for growth, but with increased competition and a number of other factors that effect the price of charging we are starting to see a market primed for predictive pricing. So what effects EV pricing?

Unsurprisingly, the cost of electricity is a key determinant of charging cost however the type of charging station, location, network memberships, time-based vs energy-based charging, fluctuations in demand, season, time of day, additional onsite services and government incentives can all impact pricing.

Whilst some of these factors differ from those that impact traditional fuels, the principle is still the same. By considering all available data, artificial intelligence is able to price proactively. In fact, one key advantage to pricing electricity over traditional fuels is the availability of data. At any given site you can see not only the cost of electricity but the availability of chargers through a number of readily available apps.

Those accustomed to charging, whether at home or on the road, will know that dynamic pricing is already in place for the majority of charging providers. As the price of electricity fluctuates throughout the day, the prices adjust accordingly. This is why many people will choose to charge their car overnight when electricity is cheaper. Whilst dynamic pricing has obvious benefits for the retailer, it does not consider all the factors that can influence pricing. Predictive pricing using artificial intelligence takes pricing to the next level. By focusing on customer behaviours as well as the factors outlined above, artificial intelligence can spot trends and adjust the prices accordingly. For 16 years A2i has been pricing traditional fuels in this way, helping retailers to achieve their goals in volatile markets.

Convenience trumps price

One key difference between pricing electric charging and traditional fuels is the time it takes to recharge. If a fuel station is full the queues are likely to move quickly, however this isn’t the case with EV and customers will often settle for paying more if the charging experience is more timely and convenient. If, for example, you operate a site that is currently empty and your competitor across the street is 95% full, reducing your price may not be the right thing to do. This example perfectly illustrates the potential margin EV operators can gain by having the right price for their EV charging at the right time.

The additional wait time can also influence where and when customers choose to charge. A strong convenience offering where a customer can pick up groceries for dinner or a cafe with good coffee and reliable wi-fi where they can work can also factor into the decision making process. Customers may also choose to build their charging time around other tasks such as food shopping, or during their working hours. Only with customer-centric pricing can retailers spot behavioural trends and use this to inform their pricing strategy.

Charging doesn’t need to be complicated

One key advantage to owning an electric vehicle is the ability to charge at home. However this isn’t always an option and, particularly for longer trips, the fast charging network is essential. Some homes are unable to install chargers due to the location or because of increased pressure on the electricity grid. Even if a customer is charging at home, this electricity will still be provided by someone and they too could benefit from predictive pricing. We are seeing more and more energy providers entering the charging arena providing both at home charging and access to certain networks on the go often through subscription type models.

Subscription models have been a popular method of packaging charging services, however critics have stated that often these methods lack transparency and customers are not always aware of the true cost of charging their vehicle. Complex pricing structures, hidden fees, inconsistent pricing and limited access to real time pricing information all hinder the experience of customers. By harnessing the power of artificial intelligence, retailers can better understand their customer needs and provide them with transparent pricing information wherever they choose to charge their vehicle.

Charging plus…

As electric vehicles continue to take off and the market becomes more competitive, we recognise not only the importance of predictive pricing for EV chargers but how PriceCast technology could also be used for convenience and additional services. Our roadmap is focused on providing artificial intelligent technology to support retailer’s goals whichever direction the industry might take.

A2i Systems (A2i), an artificial intelligence fuel pricing company, announced today it has signed a reseller agreement for PriceCast Fuel with Invenco by GVR, a Vontier company and global leader in innovative technology for convenience stores, retail and commercial fueling solutions and services.

PriceCast Fuel by A2i is an artificial intelligence fuel pricing solution designed for today’s ever-changing market. The self-learning AI technology is able to identify and predict consumer trends, empowering organizations to make better decisions and maintain a pro-active pricing strategy, even in volatile market conditions. 

Under the agreement, the partnership will initially focus on European markets where Invenco by GVR will offer PriceCast Fuel for both existing and new accounts. The companies are also working to ensure full compatibility with Invenco by GVR’s iNFX solution, a cloud-managed platform of microservices that makes it easier to bring new capabilities and features to market faster.

Frodi Hammer, CEO and Founder at A2i said: “PriceCast Fuel goes hand-in-hand with Invenco by GVR’s vision and roadmap to redefine convenience together. Their laser focus on helping retailers adapt and stay ahead by producing agile solutions and supporting innovative products like PriceCast Fuel is exactly what the industry needs and we are extremely excited to see how this develops over the coming years.”

“A partnership with A2i is truly exciting,” says Dennis Larsson, Retail Solutions Director for Europe at Invenco by GVR. “The added value for our cloud offering will translate into instant performance gains for customers, while supporting our long-term growth strategy in composable retail.”

A2i and Invenco by GVR will jointly exhibit at Oil&NonOil in Verona, Italy from 29 November to 1 December. To find out more about PriceCast Fuel visit booth C24.

Artificial intelligence pricing experts, A2i Systems (A2i) has launched a brand new mobile phone application, Price Capture, which allows users to easily capture data from price signs with a click of a button.

Users can simply use their smart phone camera to take a picture of a price sign, feeding the data directly into their system without the need for manual price entry. The app, which is already in use in Europe, is an ideal solution for locations where the data feeds are not as strong or for retail networks that would prefer to generate their own data feed.

Once the data is fed into the system this can then be used to make data-driven pricing decisions, whether using artificial intelligent pricing or not. For retailers implementing PriceCast FueI, the competitor data, alongside transactional and traffic data, can be used to predict emerging customer behaviours. AI models correlate incomplete and noisy data streams to make the data actionable, meaning retailers can then prompt the system for an optimal pricing strategy. Depending on the stage of AI adoption, retailers can either use the information to qualify their decision making, ask the AI to come up with a solution or, for fully autonomous users, the AI will take the decision itself.

This was A2i’s second year at the NACS Show and, CEO and Founder Frodi Hammer noticed a shift in the attitudes towards artificial intelligence in the past year, he said: “More and more retailers are aware that they need to be using AI. Thanks to ChatGPT, people have seen that AI isn’t scary but a useful tool that can support business. Last year we had a lot of interest from larger networks but we are really starting to see smaller retail networks recognise the benefits of AI and how it can help them to automate their systems and processes.”

A2i’s PriceCast Fuel customers will also now benefit from the next-generation Dashboard 4. The new dashboard was built from the ground up working alongside existing customers. The result is a user-friendly, customisable dashboard that allows users to run several work flows seamlessly. The modular set-up allows users to configure the dashboard to suit the way they work.

“Dashboard 4 is a complete rebuilding of the dashboard. We listened to our customers and worked with them to create a system that works for them. The dashboard can be tailored to the customer and we have followed best practices throughout to create a great user experience,” added Frodi.

With the launch of Open AI’s artificial intelligence chatbot, Chat GPT, artificial intelligence, outside the characterisations seen in movies, has become a huge talking point. The viral chat bot is powered by huge sums of data and is able to construct sentences in a meaningful ‘human-like’ way. The goal behind the project is to make AI systems more natural and safer to interact with, so people can begin to recognise that AI is a tool we can use to solve problems, not a human-like mind set on taking over the world.

For convenience retailers, artificial intelligence provides opportunities to enhance the customer experience, streamline operations and drive sales. However, implementing AI is not without its challenges. At the Conexxus Annual Conference 2023, Frodi Hammer, Founder and CTO at A2i Systems will showcase how AI is helping to shape the convenience retailing industry, as well as exploring the challenges of implementing AI into your business and the ethical and societal implications.

A2i’s artificial intelligent fuel pricing solution, PriceCast Fuel, is in use at over 10,000 fuel sites worldwide and Frodi will provide insights into how retailers can leverage AI to automate complex processes and deliver a more personalised and seamless customer experience.

Each year, the Conexxus Annual Conference brings together those who are passionate about the c-store technology roadmap to discuss, learn, and actively work to solve pressing technology challenges.

Conexxus is a non-profit, member-driven technology organization dedicated to the development and implementation of standards, technologies innovation and advocacy for the fuel and convenience retail market. Conexxus members, including A2i, collaborate on key present and future industry challenges and innovations and help to shape the future of fuel and convenience retailing.

“I’m super excited to be attending the Conexxus Annual Conference.” explained Frodi.

“It is a privilege to once again attend and have the opportunity to share some insights as part of the speaker programme. The event is a great opportunity to reconnect with innovators and leaders in the fuel and convenience retail space and engage in meaningful discussions around technology,” he added.

The Conexxus Annual Conference will take place from 30 April – 4 May at Loews Coronado Bay, Coronado, California. For further information visit https://www.conexxus.org/events/2023-annual-conference

A recent study from the Boston Consulting Group found that 71% of respondents believe their country is already in recession, with respondents reporting that they are spending more and saving less than they were six months ago. This increased spending is expected to continue, with the rising costs of essential items being a key factor.

With an increased cost of living comes a shift in the consumer behavior. With customers placing greater importance on promotions and deals and making fewer trips to stores in an effort to save on transportation costs. Additionally, consumers are increasingly seeking out alternative ways to save money, such as through online shopping and cooking at home.

Marketing in a recession – who is your customer?

One thing we have learned from previous recessions is that no two downturns are exactly alike. This makes it even more challenging for retailers as it is impossible to tell what the landscape will look like in 12 months’ time. With customer behavior changing, retailers must also change and adapt to ensure they can better navigate these uncharted waters.

In 2009 The Harvard Business Review published a paper on how to market in a downturn. The paper analyzed marketing successes and failures and identified a number of patterns in both the behavior of companies and customers, suggesting customers can be broadly split into four categories based on their spending types:

Tailoring your tactics

To keep up with these rapidly changing customer behaviors – and perhaps even influence those changes – retailers need to take advantage of deep customer insights. As a retailer, it is crucial to understand which category your customers fall into and how they are prioritizing their spending, reallocating funds, switching brands and redefining value in order to better assess opportunities.

Even though the reason behind these changes to behavior is driven by the recession, and thus is transient, knowing your customers of today is necessary in order to get to know and satisfy their needs in the coming post-crisis period.

Listening to and analyzing the customer data every time they visit can help retailers gain insights into customer behavior and identify changes, leading to improved customer experiences and increased loyalty. AI models can be used to analyze this data and identify patterns and trends. A customer-centric culture and mindset is also important for consistently putting the needs of customers first and gathering feedback.

The next phase of AI in retail is to use it to better understand the individual customer and their relationship with the retailer, in order to create a more personalized and engaging shopping experience. This involves analyzing customer data to gain insights into the customer’s needs, preferences, and behaviors, and using this information to tailor the customer experience and motivate customer loyalty.

This involves identifying “peak moments” in the customer journey that have a disproportionate impact and tend to be remembered most, in order to create a strong, satisfying bond with each customer. By focusing on these peak moments and using AI to better understand and serve individual customers, retailers can create more loyal and profitable relationships with their customers.

Imagine a fuel retailer that has a loyalty program in which customers earn points for every purchase they make. The retailer could use AI to analyze customer data and identify patterns in purchasing behavior;  such as the types of products that are most popular among different customer segments or the times of day when customer traffic is highest. This information could be used to tailor the loyalty program and offer personalized rewards and incentives to customers. For example, the retailer might offer additional points or discounts on certain products that are popular among a particular customer segment, or extend the hours of the loyalty program to better align with peak customer traffic times. By using AI to better understand and serve individual customers, the retailer could create a more personalized and engaging shopping experience that drives customer loyalty and retention.

FACT BOX

Here are some key points that retailers should consider in order to adapt to changing consumer behavior and economic conditions:

• Offer promotions and deals: In times of economic uncertainty, customers are more likely to be on the lookout for promotions and deals. Retailers can use discounts, coupons, and loyalty programs to encourage customers to continue shopping with them.

• Strengthen their online presence: With more customers turning to online shopping to save on transportation costs, it is important for retailers to have a strong online presence. This includes features such as easy navigation, clear product descriptions, and multiple payment options.

• Align products and services with the economic climate: Retailers can consider offering budget-friendly options or products that can be used at home, such as cooking ingredients or home office supplies.

• Understand and adapt to customer behavior: Retailers should analyze customer data to gain insights into their needs, preferences, and behaviors, and use this information to tailor the customer experience and motivate customer loyalty.

• Communicate with customers: Retailers should be transparent and communicate with their customers about any changes or challenges they are facing as a result of the economic downturn. This can help to build trust and establish a sense of shared understanding and solidarity.

• Identify and focus on peak moments: Retailers should identify the points in the customer journey that have a disproportionate impact and tend to be remembered most and focus on creating a strong, satisfying bond with each customer.

COPENHAGEN—A2i Systems A/S, a leading provider of AI-driven Fuel Price Management solutions to leader fuel retailers, celebrates it’s 10-year anniversary of PriceCast Fuel with re-branding it’s logo and launching a new website.  The new logo and color scheme is designed to reflect the company’s future-thinking vision of an AI driven service station, beginning with Fuel Pricing.

As a technological company, A2i connects worlds of science, artificial intelligence and industry. The new logo and corporate identity were designed to embrace the science of fuel pricing and reflects the entitlement of A2i to be recognized as a modern company that processes data to optimize fuel prices.

“Back in 2007 when we founded A2i, we did so on the basis of a ground-up AI solution which would be groundbreaking at the time.” Said Frodi Hammer, CTO and Founder of A2i. “We never imagined coming so far in these ten years in the energy industry, and we have so much more to offer in terms of innovation for the forecourt and convenience store.”

“Our new design reflects our understanding of oil companies and their transition into modern energy and mobility providers, and to connect with them in a way that demonstrates our thought-leadership,” explained Gary Szendzielarz, Vice President Global Sales, A2i.  “As a company, we have grown significantly since the launch of PriceCast Fuel ten years ago, doubling the size of the company, and expanding into some major brands, and new continents with the recent win of a major retailer in North America.”

“These are exciting times. We feel that the new design, coupled with our continued growth, just goes to show how important artificial intelligence is for the industry.” Said Jørgen Kragbøll, CEO, A2i.  “As the Fuel Retail industry continues to quickly evolves, we are proud of the fact that we have a strong solution ready to support with any challenges ahead.”

About A2i Systems A/S
A2i is a provider of advanced AI-driven fuel price management and customer behavior solutions for some of the world’s leading fuel and convenience retailers, with thousands of sites installed I Europe and North America.

 In 2020, A2i entered into a strategic relationship with IHS Markit’s OPIS, with the goal of bringing the combined benefit of a2i systems’ AI engine, with OPIS market insights, to customers around the world.