Lowe’s Companies, Inc. (NYSE: LOW) has announced accelerating its technology capabilities and focus on driving strong retail fundamentals by acquiring the Retail Analytics platform from Boomerang Commerce. The technology will be integrated into the company’s core retail business and bolster strategic and data-driven pricing and merchandise assortment decisions across Lowe’s businesses.
The platform provides a retail analytics solution that processes product and pricing datasets to convert them to insights and actions. The acquisition is designed to assist in modernizing and digitizing Lowe’s approach to pricing.
“One of the key components of our transformation here at Lowe’s is to modernize our technology. 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,” said Seemantini Godbole, Lowe’s Chief Information Officer. “Adding this team and technology to our existing capabilities helps us leverage the right data quickly, effectively and successfully.”