Tuesday Apr 23, 2013

Evolution of Experience Retailing: Top 5 Lessons for Retailers

In August 2012, Oracle commissioned new research to help retailers identify what today’s consumer wants from a shopping experience. The research aimed to support retailers in creating strategies and setting business priorities to meet consumer demand and compete more effectively in the global market.

Below are the top five lessons that retailers can take from the research findings:

1. The People in Your Store Are Your Brand

90% of respondents said that service was important to them, and more than half of respondents defined “good service” as having knowledgeable store associates - this is something retailers must get right. Store associates who are knowledgeable and approachable are an excellent way for consumers to access persuasive purchasing information.

The store associate also plays a critical part in defining a negative service. An average of 70% of respondents aligned bad service with poor associate knowledge, unfriendly or unhelpful associates. Even in a digital age, consumers remain highly sensitised to personal interactions with store associates.

2. Meet Your Customers’ Needs

Consumers want a retail experience that is ‘good for me’, that meets their requirements and expectations. To achieve this, retail supply chains must be integrated effectively and capable of managing complex fulfilment options that typically include home delivery and click and collect.

Consumers don’t care how their needs are being met – just whether they are or not. They want their experience to be simple and easy, with 52% of research respondents stating a simple returns policy, 52% stating flexible delivery options, and 61% stating product availability at the time of purchase as indicators of good service.

3. Innovate with Technology

Consumers want to make use of the latest technologies available to them. This creates a challenge for retailers who must move with the times to provide an experience desired by their customers.

The Evolution of Experience Retailing highlighted examples of this interest in the latest technologies with 67% of respondents wanting a fast and easy payment process, with options available around mobile point-of-service and self-service. Social media is also playing an increasing role in the retail experience, with 26% of global respondents following retailer social profiles and a third use social media channels to share their experiences.

4. Offer "Commerce Anywhere"

Consumers want to shop anytime and place with a retail experience that is ‘good for me’ in every aspect.

The global marketplace has changed the retail environment and encouraged consumers to engage with retailers from all over the world, with 76% of respondents declaring that the Internet offers no barriers to where they can shop.

This has resulted in increased competition and further highlights the need for retailers to deliver an experience that meets the needs of individual consumers. As consumers use multiple channels to research, compare and purchase goods, they are less concerned which channel they use - rather that this process is connected across all touch points, indicating the importance of developing a single view of the customer.

5. Get Personal

Over half of research respondents (54%) stated that personalisation was important to them, primarily defining this as receiving offers and discounts based on preferences (39%) and having access to a single shopping basket across channels (36%).

If retailers can get personalisation right, they can differentiate themselves and build a lasting relationship with their customers. Personalising the retail experience can only be achieved if retailers have a consolidated view of their data and therefore, their business. Currently, too many retailers are struggling to remove data from the many siloes and utilise it to inform decision-making.

However, it’s not just the responsibility of the retailers to unlock the secrets of their data. If retailers can persuade consumers to share personal information, they can tailor their offer to meet individual preferences. 45% of respondents stated that they would be happy to share personal information with a retailer. However, in exchange customers expected lower prices, a safe and secure shopping environment and exclusive offers pertinent to them. 51% wanted to receive order and delivery updates, 50% to receive latest service and product information and 44% wanted interaction only when instigated by themselves.

Evolution of Experience Retailing Methodology:

Our research interviewed men and women between 18 and 60 years old in Brazil, China, Germany, Japan, Russia, the UK and USA on their views to fundamental retail principles, including customer service, overall experience, preferences and shopping trends and attitudes to technology in the retail process.

The full findings of research are available on the Evolution of Experience Retailing microsite, and can be accessed through a range of resources, including a whitepaper, byline articles and fact sheets. A research infographic is also available.

Tuesday Apr 16, 2013

Oracle Retail: Supporting the Morrisons Supply Chain

Morrisons, the UK’s fourth largest grocery retailer, is undergoing a large scale implementation of end-to-end Oracle Retail solutions to streamline and improve its vertically integrated business from manufacturing through to store.

In this video, Adam Coy and Stuart Rowlings detail the process behind the selection of Oracle, the strategy taken around implementation and securing business support for the project. They also discuss the benefits Morrisons is starting to see throughout the supply chain including increased forecast accuracy, which is allowing users to focus on areas that provide value-add, such as promotions and pricing. Ultimately, Oracle Retail solutions are providing Morrisons with a single version of data and a more sophisticated system to manage its supply chain.

Adam and Stuart also reference the role the strong partnership with Oracle has played in the project success, particularly the support of Oracle Retail Consulting.

Video available at Oracle Media Network.

Further information about Oracle Retail Supply Chain solutions is available on the Oracle Retail website.

Thursday Apr 11, 2013

Italian Co-operative Retailer Selects Oracle Retail

Unicoop Firenze, an Italian retailer operating over 100 hypermarkets, supermarkets and stores across seven provinces in Italy, has selected Oracle Retail Stores and Inventory solutions. The company is Italy’s largest co-operative retailer, and has selected Oracle Retail solutions to enhance the customer experience through the streamlining of store and inventory operations.

With Italy’s grocery market adjusting to a reduced spending power of its consumers, retailers are increasingly looking to both enhance the customer experience and streamline their processes. Italian retailers have focused on promotional sales, which accounted for 70% of total sales volumes last year. Effective promotional activities rely on effective inventory control and data to be readily available to decision makers.

Unicoop Firenze is already a user of Oracle solutions, having previously implemented the Oracle Exadata Database Machine to improve data processing, leading to improved decision making and more efficient operations. The Store and Inventory solutions will now be implemented to complement existing Oracle assets, and will unify all processes within a single solution to give greater control over assets in store.

With greater control over store assets and operations, retailers benefit from a range of efficiencies in process and time which reduces costs and allows key staff to focus on areas of true value add, such as pricing and promotions. The Oracle Retail Store Inventory management solution will enable Unicoop Firenze to prevent stock-outs and overstocking, as the solution provides in-store location level tracking on inventory. Unicoop Firenze will also benefit from having simple access to cross-store and omni-channel inventory information.

Having all data in a single platform ensures data is linked and works coherently to give a single true vision of the business – something critical in providing a genuine view of performance and inventory.

Implementation and store roll-out is expected to be completed in September 2013, with Oracle Retail Consulting providing support throughout the implementation journey.

Learn more about Oracle Retail Stores Solutions, and Oracle Retail Store Inventory Management, or read the press release.

About

Everything Retail.


Principal contributors:

Sarah Taylor, Senior Industry Director, Oracle Retail.


Marie-Christin Hansen, Senior Industry Campaigns Manager, Oracle Retail.


Follow Oracle Retail:

LinkedIn

Twitter

YouTube

Facebook

Xing

Oracle Retail Microsite

Search

Archives
« April 2013 »
MonTueWedThuFriSatSun
1
2
3
4
5
6
7
8
9
10
12
13
14
15
17
18
19
20
21
22
24
25
26
27
28
29
30
     
       
Today