Lowe’s pursues data-driven pricing with new acquisition

MOORESVILLE, N.C. ― Lowe’s Cos. announced its acquisition of the Retail Analytics platform from Boomerang Commerce, based in Mountain View, Calif. The platform processes product and pricing data sets in order to guide pricing and merchandise assortment decisions. “One of the key components of our transformation here at Lowe’s is to modernize our technology,” Seemantini Godbole, Lowe’s chief information officer, said in a 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.” As part of the transaction, some associates from the Retail Analytics teams based in Bangalore and the U.S. will join Lowe’s. After the acquisition, Boomerang Commerce’s product, CommerceIQ, which automates e-commerce growth for consumer brands, will operate as an independent business under the CommerceIQ.ai name with Boomerang founder Guru Hariharan as CEO.