Target Buys Into Markdown Optimizer
Target Corp. is jumping into the merchandise optimization arena. The nation’s second largest general merchandise retailer is implementing artificial intelligence software that helps it with its pricing decisions and clears out merchandise at the right time to maximize profits.
The company signed on to ProfitLogic Inc.’s flagship product, ProfitLogic Price. The retailer already tested the product at its Marshall Field’s division and came away with positive results. The product is based on assortment planning, allocating, pricing and promoting using analytics.
Gap, AnnTaylor, Bloomingdale’s, JCPenney and others have also been using optimization software by Cambridge, Mass.–based ProfitLogic. —R.M.
