While the exact details of the deal have not been released, the price is believed to be in the millions.
Wiser works with retailers and brands to help them maximize their sales and profits using an automated system called a “dynamic pricing engine.” Their data intelligence products scan massive marketplaces like Amazon and other webstores, looking to see how much their clients’ competitors are charging for items, and adjusting prices just enough to give their customers an advantage. Their product also includes AB testing price strategies and automated repricing using an optimization feature.
“While we deliver competitive intelligence, it’s not necessarily about price matching,” Wiser Marketing Director Min-Jee Hwang explained to Geektime. “Often the data is used in conjunction with other internal and external data to find the right price, which isn’t always the lowest one.”
Wiser tries to put out information analyzing the entire industry. They recently published a white paper based off Amazon data explaining the importance of product assortment in eCommerce.
Wiser claims to have developed “advanced product tracking technology” and boasts of reaching profitability before receiving venture capital investment.
As the field of ecommerce continues to become more competitive, with different perks like a good record for shipping, positive customer service reports, etc, the fact is that price is still very important to folks when they are shopping online. Retailers are now more reliant on services like Wiser and competitors like Feedvisor and Prisync to stay ahead, landing on the right price to make the sale.
Crunchbase reports they got their first seed funding in September 2012 from 500 Startups, Gil Hirsch and Ofer Wald, before receiving another infusion in February 2015 from Plug and Play. They list several individual investors on their site: former Ask.com EVP Chuck Geiger, Houzz investor Oren Zeev, former eBay CTO Mark Carges, SGVC Managing Partner Dovi Frances, Audible CEO Don Katz, former Netflix CFO Barry McCarthy, Hybris Group President Carsten Thoma and Vaizra Invests.
Quad Analytix maintains offices in San Mateo, California as well as just outside New Delhi, India. They offer consulting and financial services to clients based on eCommerce data according to their website. They list Andy Ballard as its founder and CEO with Maureen Martin as Head of Strategy and Nitin Jain as VP of Engineering among other top brass.
Wiser was co-founded by Executive Chairman Arie Shpanya, CEO Raaid Hossain and Roey Brecher. They list another 23 employees on their website and maintain offices in San Francisco.