Data analtyics group, Invigor, is using Big Data to slice and dice prices for consumers with its new real-time price comparison browser plug-in, Shopping Ninja.
The browser plug-in provides consumers with real-time price comparisons for products across the consumer electronics, white goods and alcoholic beverage categories from major Australian retailers.
A mobile app will also be available in coming months.
It initially works as a plug-in for the desktop version of all major browsers using Invgior's own database, which contains information on around 100,000 products across the initial three retail categories.
It discretely notifies shoppers when and where the product they are browsing for is available at a lower price.
Price are updated daily, with some more frequently.
The company will receive a commission from sales generated through Shopping Ninja's use by consumers.
In the first 12 months, the company expect to generate revenue of $3 million, with expectation of this increasing to $20 million over the following two years.
The forecast growth in revenue is based on the product expanding to new categories and outside Australian markets.Read more: Intelligent process automation is making businesses smarter: Cognizant
Shopping Ninja is the group's first consumer-facing product with the underlying technology based on the company's business-to-business retail analytics solution, which provides price comparison data to Australian retailers and brands so they can measure pricing marketing and brand share of voice trends.
It has invested several million dollars in underlying technology to create the platform.
Invigor executive chairman, Gary Cohen, said it was truly transformative as it unobtrusively supported a user's natural online shopping experience to purchase more smartly.
"It is a game-changer for the Australian consumer and a great example of how the deployment of data analytics in an easy to use platform ... is giving the edge back to the consumers," he said.Read more: Many companies in the channel have yet to jump on the Cloud bandwagon: Telsyte
"It's essentially a personal shopping assistant that automatically finds the lowest prices when you shop online."