Home improvement retailer Lowe’s Companies, Inc. has reportedly acquired the Retail Analytics platform from Boomerang Commerce in order to accelerate its technology capabilities and drive strong retail fundamentals. As per trusted sources, the company will incorporate the technology into its core retail business and strengthen merchandise assortment decisions and strategic & data-driven pricing across Lowe’s businesses.
The platform delivers a retail analytics solution that develops product and pricing datasets to transform them into insights and actions. The acquisition is intended to help with modernizing and digitizing Lowe’s approach to pricing, stated sources familiar with the development.
Seemantini Godbole, Chief Information Officer of Lowe’s, said in a statement that one of the significant elements of the transformation at Lowe’s is to streamline its technology. Meanwhile, pricing and assortment planning have been recognized as strategic areas that require modernization. Once the company finds the appropriate assets it will modernize its technology. The addition of this team and technology to the company’s present capabilities will help it leverage the accurate data quickly, efficiently, and successfully, Godbole added.
Guru Hariharan, Founder of Boomerang Commerce, was quoted saying that the Retail Analytics team is excited to join Lowe’s and holds immense respect for the company’s headship in the home improvement domain. Moreover, the transaction ends a successful affiliation over the past four years, said Hariharan.
For the uninitiated, the California-based Boomerang Commerce was founded in 2012 by Guru Hariharan. Lowe’s acquisition encompasses the patented tools and technology for the Retail Analytics platform but exempts customer contracts and related private information & data. Under the transaction, some executives from the Bangalore and Unites States-based Retail Analytics teams will join Lowe’s.
Post this acquisition, CommerceIQ™, Boomerang Commerce’s product which automates e-commerce growth for top consumer brands, will function as an independent business with the name CommerceIQ.ai, headed by Mr. Hariharan, reported sources.