Retail has shifted in innumerable ways in the past ten years and will continue to evolve in the new decade ahead, but one factor in retail remains constant: the customer.
Now and in the future, the key to achieving retail success and customer satisfaction will be rooted in keenly understanding people—your brand’s customers and the broader pool of consumers that are potential customers—to help shape your brand’s retail experience and retail decision-making.
In the spirit of innovation, Oracle has brought to market a new, groundbreaking solution that will help brands and corporations better understand their existing and potential customers. Oracle Retail Consumer Insights is a strategic collaboration with Oracle Data Cloud and provides an unprecedented level of insight for retail marketing teams seeking to better understand their existing customers and optimize new retail customer acquisition campaigns.
(Pictured Above: Analyze demographic and behavioral attributes of customers vs consumers with an intuitive, federated suite of analytic tools.)
But that’s just the beginning. In addition to helping retailers acquire new customers, Consumer Insight provides contextual intelligence to help brands make smarter decisions across retail operations – from marketing to planning to merchandising.
We’ve curated a very short list of three critical retail decisions that will be made better by pivoting to the customer with contextual intelligence delivered by Oracle Retail Consumer Insights in 2020 and beyond:
Although some consumers want to feel they are getting the best deal, others may be motivated based on speed and convenience. With limited information on even your most loyal customers, its’ difficult to ascertain what will motivate someone to buy but it’s safe to say pricing is always part of the equation. In our research, consumers behave differently and reach the tipping point on purchase decisions differently depending on what they are buying.
They may be looking for the best deal in some cases but in other scenarios, they may be after the most convenient path. What’s more, micro or life events and macro events impact consumer behavior and decision making which creates a moving target for retailers attempting to execute a personalized offer strategy.
Utilizing Consumer Insights to marry your first-party data with Oracle Data Cloud’s extensive third-party information from over 1,500+ retailers can help you build a holistic view of your customers, beyond their interactions with your brand, and refine your promotional strategy for optimal results.
Online sales growth continues to soar and according to many, has singlehandedly taken the retail industry by storm. As we’ve seen in the headlines, many retailers are pressed to make hard decisions about store closures. These decisions are crucial and have a broad impact across the brand, employees and the community at large. It’s prudent to not only consider same-store sales and profitability but how a store closure will impact online sales in the surrounding region.
We know most consumers prefer to not only buy in-store but return to the store. Assessing the potential impact of a store format change – say from traditional to showroom, or as a buy online pickup or buy online and return in-store (BOPIS and BORIS) hub, is something retailers can achieve through contextual intelligence. A broader understanding of the behaviors and attributes of not only existing customers but the broader pool of consumers that are most likely to be a good fit for the brand if a new approach to the store is taken gives retailers a more strategic view of the future impact of their store strategy.
For brands to remain relevant they need to create loyalty programs that recognize consumers as individuals with a level of service that goes beyond the traditional brand experience. In our retail research there are two essential characteristics of loyalty programs:
1) they need to be connected to the individual and
2) they need to deliver immediate gratification.
In an oversaturated market of loyalty apps, points, and thinly veiled promos, brands are spending massive bucks on loyalty programs but how effective are they? And how do you quantitatively assess the efficacy of current programs and model out the potential impact of future loyalty schemes?
Consumer Insights gives retailers contextual intelligence on existing customers and potential customers that is based on 375+ customer attributes and five trillion+ transactions. With access to insights of this magnitude, brands can have a clearer understanding of what their customers want and need and deliver more relevant and effective loyalty programs that yield ROI.
Retailers need to know their customers better than anyone else, so you can serve them better than anyone else. Once that best practice is establishedthe next practice of coupling the known with keen insights gleaned from third-party sources, and retailers can find their next best customer and make smarter choices across the retail enterprise. Whether you hope to grow your base in the year ahead or focus on expanding your brick-and-mortar footprint, Consumer Insights will be crucial to being ahead of the curve in 2020 and beyond.