IntelligenceNODE, a retail and merchandising analytics startup based out of Mumbai, secured $4 million in Series A funding in a round led by New Enterprise Associates and Orios Venture Partners, TechCrunch reported yesterday (Aug. 19).
The company uses its technology to help brands develop merchandising strategies for their products and claims to reduce the merchandise lifecycle from six months to 10 days through an intuitive process of recommending prices and identifying underperforming items.
“We realized that many retailers and brands are faced with tough decisions that can determine their success — are they selling the right product at the right price? Is it better to underprice or overprice?” co-founder and CEO Sanjeev Sularia told TechCrunch.
Sularia said IntelligenceNODE analyzes a retailer’s strategies by comparing data points for similar offerings from various competitors across different regions, providing the client with a clear understanding of where they stand in the market.
The company’s process includes examining the trends related to promotions, inventory and selling history, shopping basket data and consumer behavior.
IntelligenceNODE big data analytics can then be used to help retailers craft in-store promotions and retail layouts aimed at enticing consumers to spend. For eCommerce clients, the company provided recommendations on product offerings based on their placement in shoppers’ online carts.
According to TechCrunch, Sularia identified the company’s key differentiators, when compared to its retail analytics competitors, include “a deep product understanding and coverage with specific specialty in soft lines across geographies, which spans over 700 million unique products from 100,000 brands across 800 individual categories and covering over 10,000 product specific attributes."
New Enterprise Associates Director Tarun Sharma said IntelligenceNODE’s “technology enables brands and retailers, especially in the fashion and accessories categories, to harness the full power of analytics which was a pain point earlier given the non-standardized nature of products in these categories,” TechCrunch reported.
IntelligenceNODE will use its new capital to seek expansion in the U.S. as well as build up its engineering and data scientist teams.