Lowe's has acquired the retail analytics arm of Boomerang Commerce to ramp up its technology capabilities and focus on driving strong retail fundamentals.
The technology will be integrated into the home improvement retailer's core retail business and bolster strategic and data-driven pricing and merchandise assortment decisions across its enterprise.
The platform provides a retail analytics solution that processes product and pricing datasets to convert them into insights and actions, and will assist in modernizing and digitizing the retailer's approach to pricing.
The purchase is in line with the retailer's intent to strengthen its operations in 2019. Lowe's chief executive officer Marvin Ellison said the four focus areas for the company are currently merchandising excellence, supply chain transformation, operational efficiency and customer engagement.
Lowe's acquisition includes the proprietary technology and tools for the retail analytics platform but excludes customer contracts and related confidential information and data. As part of the transaction, some associates from the retail analytics teams based in the U.S. and also Bangalore, India, will join Lowe's. After the acquisition, Boomerang Commerce's product CommerceIQ, which automates e-commerce growth for leading consumer brands, will operate as an independent business under the CommerceIQ.ai name with Boomerang founder and former Amazon manager Guru Hariharan as ceo.
"One of the key components of our transformation here at Lowe's is to modernize our technology," said Seemantini Godbole, Lowe's chief information officer, in a media release. "Pricing and assortment planning have been identified as strategic areas in need of modernization. And when we find the right assets available to buy and advance our strategy, we'll do that. Adding this team and technology to our existing capabilities helps us leverage the right data quickly, effectively and successfully."
NOTE: For more on Lowe's Home Improvement, visit p2pi.org. Path to Purchase Institute members have access to more than 1,200 images and 260 articles of marketing and merchandising activity at Lowe's, along with a full Retailer Profile outlining the chain’s operations and strategies.