Retail technology platform provider Boomerang Commerce has released its newest generation Price Performance Management (PPM) application, designed to unify data from stores, web and mobile channels to help merchandisers choose pricing strategies that increase revenue without eroding margin.
Boomerang delivers the PPM application as a Software-as-a-Service subscription. Key features include:
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Machine learning technology that processes and combines large volumes of external market demand signals with internal retailer data, to identify opportunities and recommend pricing strategies optimized to meet goals;
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Pricing predictions based on current pricing data analytics, to simulate how well a given strategy will perform;
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Strategic pricing recommendations based on priority parameters users choose;
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Pricing alerts that notify users when certain products or categories fall below a performance threshold, and suggest corrective actions and expected results;
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Pricing strategy playbook that clients can quickly deploy to take actions, simulate results, test and learn, and continuously improve; and
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Intuitive user interfaces to unify the data that chief merchant teams and other business users need to make decisions, without needing to go to pricing analysts or IT for multiple reports.
“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,” said Professor V. “Seenu” Srinivasan, Adams Distinguished Professor of Management, Emeritus, Stanford University in a statement. “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.”
