If you asked me to define the last decade in one word, my gut reaction would be “disruption.” Unlike few other times in history, the rapid influx of startups flush with capital and fresh ideas mixed with new and maturing technologies like cloud computing, mobile devices, and IoT, forever changing the landscape of what we view as possible.
Did we step into the future The Jetsons predicted? Not quite, but as it turns out, the show was set 100 years into the future—2062—so we’re making pretty good progress. Sure, our cars don’t fly, but they're undeniably smart—guiding us to our destinations efficiently, self-diagnosing their issues, and even enabling purchases through conversational interfaces.
When I actually take a moment to consider the last decade, though, (and pause to do a web search for “top technology innovations of 2010”), I’m less convinced that disruption properly summarizes that period of time. Looking back, “evolution” might be better. Sure, many incumbents fell, and Uber, Venmo, and Yelp are now so ubiquitous that they’ve transformed from proper nouns to verbs, but as a whole, the last decade was largely characterized by new ways of solving old problems.
Of course, that was until 2020 really set in. This year feels disruptive in a way that nothing from the last 10 years has (yes, even more than when Netflix started producing its own content). Now, every business is looking for new ways to solve new problems.
Fortunately, when it comes to commerce, the investments and innovations made over the last decade into ecommerce platforms have helped mitigate many of the challenges that might otherwise have been disastrous—not just for individual businesses, but for the entire global economy.
At Oracle, we’ve been invested in understanding the barriers that companies face in successfully bringing complex products and processes online, and providing solutions that enable them to navigate those challenges successfully. That’s why it’s an honor that Oracle has once again earned recognition as a ‘Leader’ for Oracle CX Commerce, Oracle’s cloud ecommerce solution in Gartner’s Magic Quadrant for Digital Commerce 2020.”
As companies accelerate their digital transformations to execute in months what they had initially planned to do over the course of a few years, there are a few questions that remain top of mind. First and foremost, what is business-critical at this moment? Second, how do we continue to respond to our customers’ needs in real-time? And finally, what do we want to be able to achieve leveraging our existing investments, once we’ve made it past this hurdle?
Customers are adapting to their own changes and relying on the businesses they work with and trust to provide an easy path forward. They need to be able to make the purchases they need and manage their account and order history without the constraints of timebound operating hours or gatekeepers.
Oracle is helping companies solve these challenges by providing ecommerce solutions that enable organizations to use all their data more effectively. We call this Responsive Selling and it’s our unique approach to the entire buying and selling ecosystem. By seamlessly connecting front and back office data, we enable companies to deliver self-service capabilities with buyer-specific personalization in real time, using all of the customer data available, past and present. This goes well beyond using merely the CRM as the system of record.
This approach also enables companies to bring highly complex products and workflows onto their digital channels so that customers have greater access to the entire catalog of goods and services that they need, whenever they need it. And it bolsters the ability to leverage new subscription business models that generate predictable revenues, while improving the management of this process.
Companies that use these capabilities will develop competitive advantages that will enable them to achieve greater agility and solve new challenges faster than ever.
Although it’s extremely difficult to predict what the world will look like and what technology will help us achieve in the coming years, if you ask me to define what the next decade looks like from here, I would say “transformative.” I know it might sound trite given that the word has been buzzy for nearly as long as “disruption.” But honestly, the urgency of today didn’t exist just a few short years ago.
This is why Oracle will continue to invest in and innovate our solutions to help our customers be successful for whatever comes next.
We're thrilled with Gartner’s recognition of Oracle as a ‘Leader’ in the Magic Quadrant for Digital Commerce 2020. We believe our consistent recognition in this report shows our strong commitment to innovation in our enterprise commerce platform and self-service capabilities that are built to help companies withstand the kind of change the world is experiencing today.
Want to learn more?
Download Gartner’s Magic Quadrant for Digital Commerce 2020. You can also contact us to learn more about how the Oracle CX Commerce suite of products can help achieve greater success on your digital sales channels and revenue goals with connected real-time data at scale.
Note: This graphic was published by Gartner, Inc. as part of a larger research document and should be evaluated in the context of the entire document. The Gartner document is available upon request from Oracle.
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Gartner, Magic Quadrant for Digital Commerce, 25 August 2020, Mike Lowndes, Jason Daigler, Sandy Shen, Penny Gillespie, Yanna Dharmasthira