Amid economic challenges, Boden partners with Peak to enhance pricing strategies using AI.
- Boden’s modernization efforts over the past decade lead them to Peak for tech integration.
- Peak’s platform analyzes pricing and spending habits over a six-week period, boosting sales and profitability.
- Price recommendations from Peak align with Boden’s sales strategy, focusing on seasonal clearance.
- AI insights from Peak are set to play a larger role in Boden’s merchandising decisions.
As retailers face economic difficulties, Boden seeks innovative solutions to optimize revenue streams. In an effort to modernize and stay competitive, Boden has partnered with Peak, a leading AI platform specializing in product inventory and pricing optimization.
Over the last ten years, Boden has embarked on an ambitious journey to modernize its infrastructure, aiming to build a state-of-the-art tech ecosystem. This modernization drive has now seen Boden engage with Peak, recognizing the AI specialist’s ability to rapidly integrate with existing systems, particularly through a proven collaboration with Snowflake.
Peak’s AI technology was employed to conduct a thorough analysis over a six-week period, scrutinizing Boden’s historical pricing data and customer spending patterns. The objective was to identify optimal pricing adjustments that could drive increased sales and enhance profitability.
In alignment with Boden’s sales strategy, which includes using markdowns to clear seasonal inventory, Peak’s pricing recommendations have directly contributed to margin improvements and overall profitability. The retailer typically clears 10% of its stock through these markdowns, and the insights from Peak have proven to be a valuable asset during these strategic sale moments.
Looking ahead, Boden plans to integrate Peak’s AI platform more extensively within its merchandising operations. This expanded use will support broader decision-making processes as the retail environment continues to evolve. According to Alexander Ives, Senior Director of Technology at Boden, “Having modernized our core platforms, we are now exploring opportunities with providers like Peak that offer quick implementation, low risk, and significant impact.”
Peak’s CEO, Richard Potter, highlighted the multifaceted challenges facing retailers today, including economic hardship, supply chain disruptions, and shifting consumer behavior. He emphasized the crucial role AI plays in enabling rapid decision-making to overcome these hurdles, stating that their technology helps retailers consistently enhance margins while providing attractive deals to customers.
Boden’s partnership with Peak marks a strategic move to leverage AI for maintaining competitive edge in retail.
