First Machine Learning-Based Application for Retail Industry Leverages Data to Improve Customer-Centric Pricing and Merchandising Decisions
LAS VEGAS — SHOPTALK CONFERENCE — March 21, 2017 — Boomerang Commerce, the leading Retail Performance Management solution, releases its new Price Performance Management (PPM) for Unified Commerce application, the first to leverage an understanding of cross-channel dynamics to create a unified experience for the customer. The application allows chief merchandising officers and their teams to focus on key opportunities across sales channels, as well as meet and beat their business goals, while avoiding the tedious analytical tasks involved in price optimization. Using machine learning and predictive technology, the application offers pricing recommendations that unify merchandising strategies across brick-and-mortar and e-commerce channels, improving customer experiences, in-store conversions and brand perception.
“The traditional retail model is broken and not designed to compete with nimble, modern retailers,” says Guru Hariharan, Boomerang’s CEO. “To thrive in today’s dynamic commerce market, retailers and brands must make smarter, time-sensitive decisions to offer the right price for the right products across the right channels. Boomerang’s Price Performance Management for Unified Commerce application enables chief merchants to leverage their data to make those decisions more easily and, ultimately, drive business performance.”
__Boomerang Commerce Bridges Disconnect Between Physical and Digital Strategies __Despite investments in e-commerce infrastructure and store operations, retailers are still hobbled by spreadsheets and legacy merchandising systems built during the brick-and-mortar era. As a result, chief merchants and their teams rely heavily on internal, siloed data and analysis that doesn’t factor in external market demand or competitive changes. Merchant teams are then unable to connect relevant store data with online and market data to make timely, effective merchandising and pricing decisions that improve performance.
Boomerang’s PPM for Unified Commerce application combines pricing strategies across all shopping channels. Its intelligent algorithms find insights hidden in product pricing and assortment data. These insights alert merchandising teams of risks or opportunities based on product performance and external market signals. The application then makes pricing recommendations based on sales channel, customer segmentation and product category.
“With consumer purchase journeys radically shifting with the rise of mobile, and on-demand experiences, retailers need to embrace a customer-centric approach, as opposed to a channel-centric approach or risk becoming obsolete,” says Professor Jagmohan S. Raju, Joseph J. Aresty professor and vice dean of the Wharton Executive Education program. “To do this, retailers must enable their merchandising leaders with retail performance management technologies to make better, more timely data-driven merchandising and pricing decisions at scale. This is no longer an option, it has become a necessity.”
Boomerang’s PPM for Unified Commerce Application Improves Margins; Brand Value With increased online competitive pressures, higher customer expectations, the proliferation of products offered across channels and fast-changing market trends, merchants aren’t able to efficiently identify opportunities and take actions to drive profitable growth.
Boomerang PPM for Unified Commerce lets retailers address a dynamic market through advanced pricing models and business strategies that avoid “pricing as usual” tactics. Pricing strategies built with PPM for Unified Commerce lead to increased revenue and margins, as well as improved customer loyalty and brand value perception. The application — purpose-built for chief merchants and their teams — includes the following features:
Strategy Playbooks: Boomerang has partnered with some of the industry’s most innovative retailers to build industry-best practices into their platform. This allows retailers to streamline their pricing operations and see margin and revenue improvements in a matter of weeks.
Opportunity Identification: This feature automatically identifies key facets of a retailer’s strategy, presenting opportunities for action and performance improvement by store, store cluster, region, online, or across any number of channels.
Market Benchmark Analysis: The application performs price elasticity and market demand analysis based on external market data — like competitive intelligence — to help merchandisers make more informed decisions when setting online and in-store prices.
Forecasting and Simulations: Each recommendation and pricing action taken includes a cross-channel forecast and impact analysis so it’s clear what the expected outcome of each change is before it’s even made.
Collaborative Review and Approval Workflows: Common pricing workflows and approval processes are orchestrated across teams with clear audit trails for compliance, allowing approvals to happen quickly with the right checks and balances in place every time.
The Boomerang Price Performance Management for Unified Commerce application is delivered as a software-as-a-service (SaaS) subscription and is being unveiled today at Shoptalk in Las Vegas. To see a demonstration, ShopTalk attendees can stop by booth 624 and learn more in this morning’s session at 9:10 am local time, presented by Boomerang Commerce CEO, Guru Hariharan. Attendees can also see a demonstration of Boomerang’s Lifecycle Performance Management application.
About Boomerang Commerce
Founded in 2012, Boomerang Commerce is a leading retail technology company led by veterans from Amazon and McKinsey. Our Retail Performance Management suite enables retailers to drive profitable growth, streamline operations and realize their merchandising strategy in today’s hyper-competitive, customer-driven world. Our flagship product, Boomerang Pricing Performance Management, rapidly analyzes, tests and deploys smart pricing strategies at scale for products across multiple channels. Our customers include 10 of the top 30 retailers including Staples, GNC, and Groupon Goods. The company is backed by Madrona Venture Group, Shasta Ventures and Trinity Ventures and is headquartered in Mountain View, California. To learn more, visit www.boomerangcommerce.com.
Contact BOCA Communications Brigit Valencia, 360-597-4516 firstname.lastname@example.org