The acquisition comes as retailers and brands expand e-commerce capabilities and use internal and external market data to inform business and merchandising decisions.
“Together, [Edited and DynamicAction] close the loop between information and action, and equip retailers with the insights needed to make better data-backed decisions,” the companies said in a statement. “With the first fully integrated retail automation system, Edited and DynamicAction combine global market data alongside data from the supply chain ecosystem for rapid insights.”
The companies said in the current and “tumultuous climate,” their AI-powered solutions “empower retailers to move with precision and agility, while taking the risk out of retailing.”
The impetus behind the acquisition and merger of technologies is due to a disconnect between internal, company-level data analytics and outside, retail industry market data. “By bringing both AI-driven applications together, the combined platform from Edited and DynamicAction gives their customers — such as Inditex and Columbia — a holistic perspective to navigate retailing in a more profitable and coordinated way,” the companies noted.
Geoff Watts, chief executive officer and cofounder of Edited, said the retail industry “has experienced 10 years of e-commerce growth in the span of a year.” Watts described the retail industry as the “key channel for success.”
“Our acquisition of DynamicAction marks a significant milestone in our mission to transform the future of e-commerce,” the CEO added. “Together we can leverage AI across all parts of a business, unlocking never before seen retail automation. This brings us one step closer to the industry’s objective of high-speed retailing.”
John Squire, CEO and cofounder of DynamicAction, said data-driven decision-making “has always been our goal for retailers, and we’ve taken a big step forward to insight-driven action.”
“With the backing of great investors and customers, we have focused hard to find faster, smarter ways to empower merchants, marketers and brand operating teams,” he added.
Edited works with more than 200 global retailers and brands, and tracks more than 2.5 billion stock keeping units daily.