The last time you shopped online, did you ever stop to think about how much the shopping experience has changed in your lifetime? It may be hard to remember, but it was very different - where getting in your car, driving to the store, and buying at the store was the only way to shop.
With technological advances, this path to purchase has been dramatically altered. In the last decade alone, retailers have been under increased pressure to adapt their business model in response to consumers demand for differentiated experiences from in-store to online, across channels and formats.
The retail industry has become a hyper-competitive market to be in, where consumers expect more convenience than ever with access to mobile connectivity to shop whenever and however they wish. The convenience of e-commerce online ordering versus in-store, and more choices for receiving products with pickup or delivery options. Many retailers have failed to recognize that traditional models are no longer sustainable and having the right mix of channel engagement across different formats is the key to survive. In 2017 alone, a study by JLL research mentioned on Forbes, estimated there would be more than 5,300 stores closures. This is a staggering number of store closures, however according to a recent Deloitte study, the reality is consumer spending is shifting and the retail industry is simply evolving. As a result, retailers are considering new ways to make improvements across their infrastructure and technology use to reposition and gain real-time visibility of their converged channels across mobile, web, supply chain and in-store.
Oracle Cloud for Retailers
Oracle’s cloud products provide retailers with the means to improve data quality, unify on common business processes, and optimize the foundation for processes around core design, inventory planning, logistics, store operations, and e-commerce. The pressure for retailers to stay competitive, and create the best experience is often challenging without using cloud.
The opportunities that cloud represent provides our retail customers with the needed scale, and performance for an effective converged commerce approach. To that end – it’s important for a retailer to consider factors like having the right mix of products to sell across all of their channels, the product placement in the store vs. online, and the end-to-end customer experience. And more recently, retailers are embracing emerging technologies with AI-assisted styling or chatbots to improve mobile engagement. Ultimately, redefining their operational approach and using technology to advance their position helps retailers address the needs of their customers better and improve their brand loyalty. With Oracle’s latest product announcement of Autonomous, our retail customers stand to make additional gains from Oracle Cloud as they can move from operations to innovation, quickly spin up new development environments without having to worry about all the administration functions like patching, securing, tuning, deployment parameters.
Oracle’s vision of automating and optimizing database software that writes and creates itself is revolutionary. Oracle Autonomous Cloud is backed by its Autonomous Database capabilities which is a suite of products differentiated by the type of workload optimization. Autonomous technologies can completely reshape how retailers approach to IT – enabling them to free their budgets, and resources to focus on innovation. Our customers are already seeing with the Autonomous Database and ultimately the role that autonomous will play in the enterprise for businesses of all sizes.
The Autonomous Database
Oracle continues to advance our autonomous capabilities and services for our customers, this week Larry unveiled our latest service in the Oracle Autonomous Database Cloud portfolio, Oracle Autonomous Transaction Processing. This is a complete data management system – a single database for transactions, reporting, batch and IoT workloads. And when you’re thinking of a use-case for high performance transactions and mixed workloads, no one understands the importance of these autonomous capabilities more than the retail industry.
We heard this week how impactful and beneficial this can be to retailers, as one of Oracle’s global retail customers described, how critical the performance and scale is to support their business. They spend a lot of time optimizing performance, dealing with the large volume of transactions and a massive amount of disparate data to contend with - all while trying to manage the supporting infrastructure. With Oracle Autonomous Database, they can clearly see how the self-patching capability can help save them time and make their systems more secure, up to date – ultimately reducing their risk. This would lower resources costs and at the same time deal with retail cycles during peak demands such as Cyber Monday, and Black Friday. And finally, customers are excited by the concept of using Oracle to offload the mundane DBA tasks, and use our machine learning to do the heavy lifting for them.
With Oracle Autonomous services, retailers truly have the building blocks to disrupt entire business models, move from operations to innovation, drive better outcomes for their customers, see the signals sooner and adapt faster, and reduce costs and risks. The availability of our Autonomous Transaction Processing is incredibly important for retailers as they can depend upon us for the capabilities to get performance, availability, scale and at the same time freeing their database teams to focus on new innovation.
And when you think about the future of retail, and what’s next, think Oracle, #ThinkAutonomous.