Want to test pricing options for your retail business? Boomerang Commerce has a platform for that.
The Sunnyvale, California-based startup announced this week that it has launched an A/B Testing Platform for retail pricing. Retailers can use the platform to test various pricing strategies and select the most optimal prices for revenues, profits and Boomerang’s own Price Perception Index (PPI) — which evaluates prices from the point of view of the consumer.
Currently in beta, Boomerang’s price-testing platform differs from traditional methods because it accounts for both internal and market elasticity of demand, thereby enabling retailers to continuously adjust prices to keep pace with consumers’ levels of interest in products. The company states in a press release that the platform has already had a positive effect on millions of SKUs for Boomerang’s customers.
Guru Hariharan, CEO of Boomerang Commerce, said in a statement that “Merchandizers and pricing analysts at click and mortar retailers have had to wait months to draw conclusive results from price tests. In the digital world, you don’t have that kind of luxury. You need to make decisions quickly — often with limited data. This is why we believe that facilitating rapid testing of pricing strategies will help them figure out a way to set the right prices for their products in a timely manner.”
He added, “Our customers now spend 80 percent of their time where they should — on price modeling and testing, as opposed to fighting operational and reporting challenges in price tests. With this release, Boomerang Commerce has democratized price testing — a technology that was available only with the most advanced retailers in the world.”