Can Google Revolutionize Retail and Beat the Competition?
The evidence is mounting: Google Inc. (NASDAQ:GOOG)(NASDAQ:GOOGL) is hoping to delve into retail with its latest acquisitions and services. On Monday, the company announced that it has reached an agreement to buy a U.K.-based startup called Rangespan, which uses data science to help retailers manage product listings and determine which products to sell and when to sell them, according to FierceRetail.
The news comes alongside another announcement in which the company said that it will expand its same-day delivery service, perhaps in an effort to better compete with Amazon.com Inc. (NASDAQ:AMZN), which expanded its own same-day services just last week.
The tech giant has been expanding its online Google Shopping Web portal, suggesting that Google may very well be serious about potentially expanding into the retail sphere, once almost solely occupied by Amazon and eBay (NASDAQ:EBAY).
It’s worth noting that Rangespan was founded by two former Amazon employees. The company, which maintains a database of more than 200 million products that are then ranked according to each product’s predicted future sales, could help Google better collaborate with a range of retailers and suppliers. In the past, Rangespan has helped major retailers such as Tesco and Asda use real-time sales data to help the companies better predict when certain products will be more popular with consumers.