It might seem like a simple question, but how should retailers decide what they’re going to stock for the highest conversion rate? With a new data-driven software suite, one startup thinks they can find the right answers.
Boomerang Commerce announced the creation of its Assortment Optimization application, a prescriptive analytics solution that CEO Guru Hariharan believes can give retailers the detailed mix of products they need to stock to achieve the ultimate success. In some cases, Hariharan explained, this can help retailers optimize the quantities of products they carry in each physical location. In others, Assortment Optimization can also identify which products competitors are selling that would make great additions.
“Today’s retailers are battling for survival in a climate of sluggish sales and intense competition,” Hariharan said in a press release. “Now, analytics-driven, big-data science is removing the guesswork from purchasing decisions, enabling omnichannel merchants to combine their gut instincts with data-driven insights to adapt quickly to changing consumer and competitor behavior. Boomerang Commerce addresses this new science of retailing with the industry’s first product assortment recommendation engine that prescribes an actionable plan for choosing the right mix of products for the right customers in the right channels at the right time.”
The Assortment Optimization application marks Boomerang Commerce’s second high-profile announcement of 2015, as the startup opened the year with the release of an innovative pricing engine. According to Hariharan, both software suites combine to empower retailers with less financial wiggle room to compete with larger merchants that are leaps and bounds ahead on data integration and actionable analytics.
“Our prescriptive retail suite is the secret weapon that allows any retailer to compete effectively and continuously – 24×7, at any scale and in any channel – against even the most technologically advanced companies,” Hariharan said.
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