NEW YORK – July 31, 2014 – Ugam, a global leader in managed analytics, today announced Assortment Intelligence, a solution that generates insights for retailers about what products to keep, carry and drop, based on real-time data collection and analysis. The solution delivers rich, accurate, up-to-the-minute data that helps merchandisers identify assortment gaps and opportunities to differentiate their offerings. It synthesizes vast amounts of competitive data and consumer e-demand signals – including search data, ratings, reviews, and social media likes and pins – to analyze the competitive landscape and identify demand trends to enable retailers to make better, more systematic and timely assortment decisions.
The Assortment Intelligence solution is based on the company’s proprietary technology, which calculates consumer demand for a given product, and is part of Ugam’s unique big data platform, which provides retailers and brands with a single repository of product data that powers pricing, assortment and content decisions. It provides assortment intelligence in several key areas: what customers want, why they want it, what products to carry, and how to deliver them in a competitive timeframe. The solution also complements Ugam’s Pricing Intelligence solution, which helps retailers offer competitive, consumer-oriented prices. Retailers in many industries – including electronics, office supplies, sporting goods and others – can benefit from the Assortment Intelligence solution to make strategic assortment decisions based on comprehensive competitive data and consumer demand signals.
“Retailers are looking for alternatives to competing solely on price, which is a losing battle. Our Assortment Intelligence solution gives them the capability to do more – by carrying a unique assortment. We help them not only understand what their competitors are offering; we help them understand what consumers want and what they don’t want. Knowing when to offer certain items and when to drop others is the key to assortment success. We’re empowering retailers with this knowledge,” said Mihir Kittur, Co-founder and Chief Innovation Officer, Ugam.
The traditional approaches to product assortment have been limited to analysis of transactional data, anecdotal information from suppliers, and third-party market share data. For some categories, the process of collecting and analyzing this information is generally not systematic, objective or comprehensive, and for others it cannot be done quickly enough for retailers to gain competitive advantage. In addition, the enormous growth in consumer demand signals has created a rich source of additional data, which many retailers appreciate, but are finding difficult to capture and turn into actionable insights in a timely manner. Ugam’s Assortment Intelligence solution provides guidance for assortment planning decisions by leveraging new sources of data, predictive algorithms and enabling technology to help online and multichannel retailers attain a competitive advantage that can significantly impact their business. The Assortment Intelligence solution enables retailers to drill down into any category, comparing multiple attributes of their assortments, from products and brands to price ranges.
“Strategic assortment planning should be about much more than just looking at historical information or gut-feel decisions. Now retailers can use predictive analysis to create product assortments that capitalize on what’s trending among consumers today and what will be trending tomorrow, not just what was popular yesterday,” said Kittur.
Ugam’s platform comprises specific solutions (i.e., Pricing Intelligence, Assortment Intelligence, Content Intelligence, and ad hoc queries), core functionality (i.e., rules, models) and reusable services (i.e., caching, search and alerts) that provide retailers and brands with a single place they can go for all data about products. These services are supported by a global team of analytics experts, empowering customers with the confidence to act and impact their business.
Ugam is a global leader in managed analytics. Combining a proprietary big data platform with a global team of insights and analytics experts, Ugam’s unique offering empowers clients with the confidence necessary to take action that impacts their business. Clients trust Ugam because they deliver unmatched customer experience and specific results. That trust is also based on deep domain expertise, end-to-end service, innovation and the highest quality of insights and analytics, which enable Ugam to transform big data into big insight and direct action. As a result, 9 of the largest 25 retailers, many of the world’s largest brands and online marketplaces, and 12 of the top 25 market research firms turn to Ugam today to help improve their business performance. www.ugamsolutions.com
For more details, please contact:
Davies Murphy Group