Retailers are having to embrace digital to find new ways of understanding and reaching their customers to create experiences—both online and in-store—that meet ever-increasing expectations and foster brand loyalty.
Consumers are seeing innovation today in malls and department stores in many ways. Some examples are life-size avatars of shoppers that allow them to visualize how garments will look on them; reserve online and try on in store; personalized shopping assistants helping you based on your online behavior; geo-fencing and mobile alerts when near stores that you've browsed online; AI and chatbots, and much more. These are just examples of what customers can see.
If retailers and brands are to successfully bridge the gap between the digital and physical worlds of shopper behaviors, they need to be equipped to create the end-to-end view of their customers, connect their online and in-store environments with a digital thread, and ultimately develop greater loyalty.
Crucial to delivering these experiences in a timely, cost effective and sustainable way is up-to-date planning and supply chain operations. And this needs to be informed by a holistic and detailed picture of the whole business. Connecting your planning with real-time insights detailing what customers want, when they want it and where they'd like to have it is possible, thanks to modern retail cloud planning solutions.
While embracing digital may seem necessary to survival, it is not simply an exercise in self-preservation. There are significant cost savings to be made and opportunities unlocked for increased profits and customer experiences.
Using this benefits ROI calculator tool can help you to visualize the monetary savings of moving your planning solutions to the cloud.
By bringing a more detailed view of sales histories, weekly reporting and clearer forecasts, your planning accuracy will vastly improve. Accruing this granular level of detail and combining it with a greater understanding of customer habits enables bottom-up item planning to reconcile with top-down financial plans to prevent overstocks and reduce markdowns. Aligning weekly receipt flow planning and promotional activity with the strategic goals broken down across categories can yield an increased return on inventory investment.
These all combine to support a much more proactive approach to retail management, resulting in fewer lost sales, excessive markdowns and costly exit strategies, while simplifying overall business processes through embedded science and optimization throughout the solutions.
With a cloud continuous delivery model, retailers benefit from the latest application and platform enhancements, allowing the agility to adopt the latest innovations to support market and business changes.
So whatever industry trends emerge, the configuration options tailored to retail businesses give the opportunity to shift strategies as needed. By moving to a SaaS model, the large initial capital investments can be moved to operational expense, freeing up budget to be invested in growth and innovation.
How does this equate to your business?
Simply enter a few details into the retail planning benefits calculator to see how much your business could save by moving your retail planning solution to the cloud.
The Oracle Retail Planning Cloud Solutions benefit calculator allows you to drill down to see possible:
In addition to the savings shown in the benefits calculator, you can download your own custom report and access further resources specific to the retail industry including videos, blogs, retailer successes, guidebooks, infographics and more.