Enterprise SaaS Application and Retail Performance Management Platform Uses Machine Learning to Help Omni-Channel Retailers Optimize Prices, Execute on Real-Time Pricing Strategies and Identify Opportunities to Increase Margins and Revenue
PALM SPRINGS, CALIF. – Feb. 28, 2017 – eTAIL WEST CONFERENCE – Boomerang Commerce, the leading Retail Performance Management solution, introduces the next generation of its flagship Price Performance Management (PPM) application. The new release represents the first technology solution designed to help chief merchants and their teams make better pricing decisions at scale. By combining machine-learning technology with an intuitive interface designed specifically for merchant workflows, the system accelerates revenue and margin growth, saves time, enhances collaboration and perfects price discipline for omni-channel retailers. eTail West Conference attendees can see a product demo at Booth #205 at the JW Marriott in Palm Springs, California, or attend the executive presentation “Why is Tech Leaving the Chief Merchant Behind?” on Feb. 28 from 4:25-4:40 p.m.
“The chief merchants leveraging Boomerang Commerce’s Price Performance Management application tell us it’s like having the best and brightest from the industry’s top retailers working alongside their teams to guide and mentor them through pricing best practices that drive real results,” says Boomerang Commerce CEO Guru Hariharan. “The solution helps large, omni-channel retailers, as well as online retailers, turn their pricing strategies into a strategic advantage that helps them modernize for the future of retail.”
Today’s retailers and brands are under attack — from changing consumer expectations and shopping behaviors to more competition from large online retailers and new entrants. Retailers must find new methods to drive profitable growth through better merchandising strategies and pricing decisions. However, chief merchants and their teams are significantly underserved due to the lack of tools, resources and visibility across their entire business that is required to significantly move the needle.
Today’s retailers are still primarily relying on legacy systems that were designed before e-commerce and omni-channel commerce existed. As a result, no single system is managing and optimizing the customer experience across channels — across stores, web and mobile touchpoints.
Boomerang’s PPM solution brings data from these disparate sources together, identifies opportunities and problems, and recommends pricing strategies that help merchandisers increase revenue without eroding margin. The application is already in use by 10 of Internet Retailer’s top 30 and other leading retailers and brands.
“Despite massive amounts of data that retailers have amassed, the data are often locked away in siloed legacy systems that make it nearly impossible to make timely, data-driven decisions,” says Professor V. “Seenu” Srinivasan, Adams Distinguished Professor of Management, Emeritus, Stanford University, and co-inventor of Conjoint Analysis. “I see the need for real-time based software technologies to survive and thrive by combining external market signals with internal data, and leveraging modern data analytic methods to identify growth opportunities and prescribe better merchandising decisions.”
The Boomerang PPM application supports pricing excellence and strategic pricing and execution. With Boomerang’s new action-driven interface, retailers can quickly assess the current and future health of their business, address key areas of opportunity with just a click and see the impact of their choices, building institutional pricing knowledge that can be leveraged to further drive business performance. The system features:
Machine-learning technology for modern retailing: Using advanced machine learning algorithms, the Boomerang platform continuously processes and combines large volumes of external-market-demand signals with internal retailer data — analyzing over 100 parameters for every stock keeping unit (SKU) — to identify opportunities and make decisions optimized to meet business goals.
Based on current product prices, performance data and analytics, the PPM system simulates and predicts how well a given strategy will perform. Strategic pricing recommendations: Users are able to select business targets, requirements and constraints, and the PPM application will recommend pricing optimizations that will help users meet their margin and revenue goals.
The PPM system can automatically notify users when certain products or categories fall below a performance threshold, suggest corrective actions and simulate results for each corrective scenario. Pricing strategy playbook: To drive fast time-to-value for clients, PPM comes with proven, out-of-the-box pricing strategies that can initiate actions, simulate results, implement “test and learn” practices and drive continuous improvement.
Boomerang’s new dashboard unifies the data that business users need to make rapid decisions without needing to go to pricing analysts or IT for multiple reports.
Available now, the Boomerang Price Performance Management application is delivered as a software-as-a-service (SaaS) subscription. Implementation typically takes 30 days, and merchandisers can start taking action on the advanced data analytics and recommendations immediately following. More detail is available on Boomerang’s blog.
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 our website.