Last week, Oracle announced Oracle Commerce – the unification of Oracle ATG Commerce and Oracle Endeca into one complete commerce solution – to help businesses deliver relevant and personalised cross-channel experiences for their customers.
While the majority of consumers still shop in stores, the growing influence of a cross-channel approach means that consumers are now leveraging every touch point in their search for knowledge, deals and personalised experiences. Oracle Commerce enables organisations to provide a consistent customer experience across the web, contact centres, mobile devices, social media and retail stores.
Oracle Commerce allows organisations to quickly and easily launch new brands and websites, enter new markets and integrate new channels, as well as providing control over search and guided navigation, merchandising, content-targeting and personalisation.
In this blog post, Claudio Cavacini from Oracle Retail gives us an insight into Oracle Retail Customer Analytics, the latest data analytics tool from Oracle Retail to help retailers better understand their customers and what drives their buying decisions.
Oracle Retail Customer Analytics is a powerful business intelligence tool complementing Oracle Retail Merchandising Analytics, which was launched last year and created to enable retailers to better organise and understand merchandising data, providing visibility to item and store performance, inventory turn, sales and profit trends, and potential out-of-stocks.
Oracle Retail Customer Analytics uses the same intuitive approach to visualising data but draws on customer behaviour, adding a new dimension to Oracle Retail's industry-leading actionable insight solutions. For example, a merchandiser can see purchasing trends in different demographic groups or see what items are regularly bought together by customers, and use those insights to deliver more effective stock management, recommendations and store design both in store and online.
Today, retailers are notoriously “data-rich but information-poor.” Over the years they’ve accumulated millions of rows of data involving sales, inventory, suppliers, customers, promotions, employees and more, but fail to fully utilise this data to make more informed decisions.
Key functional BI opportunities exist both with the “buying” and the “selling” sides of retail, and involve managing both “top-line” and “bottom-line” concerns.
And especially today, knowing both customers and consumers and basing store selection, product assortments, pricing and promotional decisions on a deep understanding of those customers is something that EVERY retailer wants.
With Oracle Retail Customer Analytics, hundreds of different data sets can be combined to create unique dashboards specific to the user - whether these be category managers, merchandise managers, buyers or pricing analysts, and allowing them to quickly access the data relevant to them and act on the insight provided. Claudio's introduction to Oracle Retail Customer Analytics offers several examples of the metrics, with dashboards and reports being set up to answer specific questions. For example:
'How are my products selling across various customer demographics?' - A retailer can choose which demographic attributes are important to them and see sales broken down by those attributes, including income, household makeup, area of residence, etc.
'What are my top product affinities?' - That is, when the retailer promotes a certain category, is there another category that experiences a corresponding increase in sales? A retailer can then use this information to improve promotional activities.
With Oracle Customer Analytics, Oracle offers best-in-class business intelligence tools with retail-specific expertise that are optimised to run on Oracle Exadata Database Machine and Oracle Exalogic Elastic Cloud. This means these tools are designed to deliver the extreme performance and scalability required to accommodate high data volumes common to retail environments without sacrificing depth or speed of analysis.
With Oracle Retail Analytics, our intention is to bring this stack and our deep retail knowledge together in a cohesive solution that is built for retail, and offers actionable insights from storage to scorecard, covering enterprise-level BI needs, yet in a manner that is complete, open, integrated and dedicated to retail.
On Monday, China’s first multi-format retailer, Better Life Commercial Chain Share Co. announced that it has selected a broad selection of Oracle solutions including specific Oracle Retail applications to support the growth of its hypermarket operations.
The Oracle Retail offering will help Better Life to create a consolidated view of product, price, inventory and associated back office information that facilitates improved fulfilment of customer demand. These solutions will also provide a better understanding of inventory from buying through store transactions, delivering actionable insight with which it can make smarter, more profitable decisions around planning, forecasting and replenishment.