This unification establishes Digital Wave Technology as a market leader in AI-powered omni experiences for brands and retailers.
Frequently Asked Questions about Digital Wave Technology’s Acquisition of GoalProfit
On March 1, 2023, Digital Wave Technology acquired GoalProfit, Inc. including its artificial intelligence (AI) solutions and the world’s first low code consumer brand and retail optimization platform, empowering brands and retailers to build customized intelligence applications–in addition to a wide-variety of Digital Wave built applications–to improve speed-to-market, digital content, romance copy, expanded assortments, and global growth. GoalProfit was founded in 2020 by Oleg Sidorkin and currently serves clients across Europe and North America.
Digital Wave will employ GoalProfit’s AI products as part of its AI-Powered Omni Experience Platform or as a standalone solution that can sit on top of any PIM, PXM, MDM, ERP, or e-commerce on the market. The acquisition will also support Digital Wave’s expansion into Europe.
What does Digital Wave Technology’s acquisition of GoalProfit mean for the industry?
Digital Wave is the premier provider for product experience, merchandising, marketing, and analytics for digital-first and omnichannel brands and retailers. GoalProfit technology will assist Digital Wave in blending AI, including generative AI, and optimization science with practical business experience to ensure that brands and retailers are prepared to ride every digital wave that sweeps the industry.
What does GoalProfit do?
GoalProfit is a SaaS provider of a low-code retail optimization platform empowering brands and retailers to build customized intelligence applications. Created by retail industry experts, GoalProfit’s SaaS solutions deliver a significant return on investment with a truly tailored user experience.
Are there new services or technology changes available to Digital Wave Technology customers?
Digital Wave, through its work with Goal Profit, has launched Maestro AI, an AI solution that uses generative AI / GPT technology, among other types of AI, and Lifecycle Pricing to allow brands and retailers to master all things product:
- AI-Powered Image Attribution: Maestro’s image analysis validates and enriches product attributes using neural networks and image recognition. It dramatically improves digital revenue, SEO, and product discoverability, leading to increased basket sizes and conversions all while significantly reducing labor and time by orders of magnitude.
- AI-Powered Romance Copywriter: Maestro writes compelling and rich product stories that excite consumers to make informed buying decisions. Within seconds, it writes multiple product descriptions to choose from, delivered at scale – accelerating speed to market.
- AI-Powered Intelligent Decisioning: Maestro surfaces costly issues to act on immediately without leaving the UI. Maestro can push decisions to connected systems for approval or immediate execution. Low code and configurable reporting dashboards allow individuals, departments, and executives to personalize views easily, while allowing Maestro to do the heavy analytical lifting.
- Lifecycle Pricing: Digital Wave Lifecycle Pricing supports one version of the truth, using rich product attribution for decisioning, allowing frequent updates (including real-time), and easily sharing price decisions with other critical systems in your ecosystem.
- Price: Supports both rules-based and optimized price recommendations considering the competition, business strategies, elasticities, and cannibalization across brands vs. private label, KVIs, KVCs, and more. Protect price perception, react to ever-changing supplier costs, and quickly account for competitive price positions and shopper trends to price intelligently, avoiding generic price matching or unnecessary price increases that erode margins.
- Promotion: Develop promotions and measure effectiveness. Provide visibility of trade funds, understand cannibalization, halo, and cross-category effects, as well as post-event analysis, to drive maximum profitability. Drive customer-engaging promotions across the omnichannel, that meet business goals e.g., product, KVIs, category, basket, traffic, revenue, and margin.
- Markdowns: Receive optimal recommendations and do what-if/overrides and fit-to-budget, with real-time visibility, to adjusted KPIs vs. optimal recommendations. Drive efficiency, via workflow and alerts, with open science to reflect and protect brand image. Increase profit and ensure merchandise is fresh with optimal markdowns – timing, depth, and location/channel. AI-driven, profit-saving alerts and image attribution drive margin increases. Prioritize fulfillment locations on low sell through inventory/items vs. taking markdowns.
What were the terms of the deal? Were changes made to staff or any office locations?
This is a private transaction, and the terms will not be disclosed. No changes were made to the staff of either company because of this deal. Digital Wave is actively hiring and now has offices in Ponte Vedra Beach, FL (US), Helsinki (FI), and Ahmedabad Gujarat (IN).