NEW YORK, April 29, 2014 /PRNewswire/ -- Ugam, a global leader in managed analytics, today announced the enhancement of its pricing intelligence solution with a powerful pricing engine that delivers real-time, on-demand pricing data for millions of products at the click of a button. The pricing engine monitors online retail prices and consumer signals, and combines that information with proprietary and third-party data to enable retailers to dynamically price in a manner that's both competitive and consumer-oriented. The pricing engine makes Ugam's pricing intelligence solution the only offering on the market that collects up-to-the minute price data from the majority of U.S. Internet retailers.
"It's critical for retailers to have real-time data in order to make timely pricing decisions that make an impact on their business," said Ugam CTO, Sridhar Sharma. "If price data isn't current, retailers may be perceived as not being competitive, which can be especially damaging on high-volume traffic days like Black Friday. Ugam is the only company delivering real-time pricing intelligence. Our competitors are pulling dated information from static databases."
In a world increasingly driven by timely data, in which consumers can make purchases from whichever retailer they like at the click of a button, online pricing optimization has become critical. As the volume and velocity of data continues to increase, it becomes more and more important for retailers to sift through massive amounts of data for valuable insights. Retail category managers need on-demand access to real-time data supported by simple, intuitive tools that compare and adjust prices, and make intelligent recommendations. Price monitoring alone is no longer enough to remain competitive, and retailers are increasingly turning to pricing intelligence technology that provides them with smart diagnostic insights and recommendations leading to impactful actions.
Ugam's pricing intelligence solution not only provides up-to-the-minute prices via its pricing engine, it delivers intelligent recommendations based on sophisticated, self-learning rules that help retailers identify opportunities to make pricing changes that align with their business goals – from maximizing revenue and margins to optimizing inventory. The solution's intuitive dashboard and configurable rules logic enable retailers to create complex pricing rules in plain English based on multiple parameters, including: price, margins, revenue, inventory levels, price elasticity, product categories, zones and more. Ugam also provides an extensive library of default rules that help retailers optimize for multiple variables. Rules-based pricing actions can be automated or can trigger alerts that require additional oversight from a pricing manager, providing granular pricing control.
The pricing intelligence solution is part of Ugam's platform, which provides retailers and brands with a single repository of product data that powers product pricing, assortment and content decisions. Building on the company's massive data repository of 7.5 billion records, the pricing engine delivers fast updates from a Hadoop database to category managers who need up-to-the-minute information. Building on years of historic data, the pricing intelligence solution also provides in-depth trend graphs that provide category managers with rich historic pricing data – including which retailers are leading changes – providing them with additional insight that can help inform better pricing decisions in the future.
"True on-demand, real-time data is no easy task. Pulling pricing data and consumer signals about millions of products within seconds is definitely a challenge, but this is the information that retailers need to know to remain competitive," said Ugam co-founder and chief innovation officer, Mihir Kittur. "They need to be able to see what's happening from both a competitor and consumer standpoint in real time and leverage historic data to take action that can positively impact their business. This is the benefit we deliver to our customers."
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 the client with the confidence necessary to act, and that action impacts their business. Clients trust Ugam based on their delivery of 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 that enables Ugam to transform big data into big insight and direct action.
As a result, nine of the largest 25 Internet retailers and 12 of the top 25 Market Research firms turn to Ugam today to help improve their business performance. www.ugamsolutions.com
Davies Murphy Group