By Rose Spicer-Oracle on Mar 16, 2016
Retailers in Latin America seek integrated solutions that get quick results in order to speed up their omnichannel activities
It is impossible to speak about the retail Latin America market as all companies in all countries of the region were at the same stage of development. On the other hand, this heterogeneity offers the possibility of an intense experience exchange among retailers from different sectors and countries.
According to Carlos Victoria, Vice President of Oracle Retail for Latin America, although the scenarios are quite different in region countries, they have many common issues. “Latin American retailers face challenges such as optimizing inventory and anticipating demand, which are basic issues, but that continue to offer opportunities for increasing efficiency”, he said.
The growth of e-commerce and its integration with other sales channels has also been opening up business opportunities, both for Oracle Retail as well as for retailers that get their staff better trained and processes changed in order to get in the top of consumer expectations.
“We have been noticing a continually increasing interest for our e-commerce solutions, as a part of a retail movement to increase revenue, and most of all, to extend the contact base with customers”, says Victoria. “In the last two years, omnichannel has become relevant around the world, and with the reach we already have on a global level, customers request support to help them improve this cycle and capitalize much more quickly on its benefits”, he explains. It is a little shortsighted to see ecommerce as a one channel more to generate new revenue.
The best examples are those who understand that e-commerce and mobile applications are an additional omnichannel point of contact, to maintain in an integrated way the consumer experience with the store. The most important thing is to attract the customer to the physical store to complete your experience and your purchase.
Know Your Customers
It is proven that consumers that interacts through multiple channels plus the physical store is a customer whose average sale is higher. A customer who starts their online interaction or in an application and completes the transaction in the physical store, just add other items of physical store. The key is how to attract the customer to the physical store. Oracle Retail can help retailers through science and technology better understand this client with Oracle Retail Customer Engagement Cloud Service, allowing promotions and concrete and custom actions that attract the customer back to the physical store.
The need to increase speed of implementing and obtaining results in order to optimize return on investments has brought on changes to the structure of the solutions and market approach. “Today, our solutions focus on practical and concrete issues, so that the retailer can implement and obtain a more appealing ROI”, according to the executive. This approach involves shorter cycles of solution implementation; and allow quickly and appealing results, turning business more attractive to the shareholders.
Drive Incremental Revenue and Profitability
One example are loyalty programs that for many years was considered a great opportunity for retail, but until now with intangible results. “That is because our competitors were concentrating on completely transforming companies, introducing impressive monolithic CRM solutions without worrying about retail strategy. Why did the company want a loyalty program? What was the purpose? This question was not usually asked”, Victoria recalls. “Our approach is more consultative. We seek to understand what the intention of retail is with the loyalty program, and then build the ideal solution. As a result, companies have found ways of making their programs more appealing to consumers, who notice this personalized and relevant attention and return to the sales outlet to buy more. “By working with retail, we create solutions that strengthen their relationship with customers and accelerate return on investments”, explained the executive.
In order to speed up ROI for customers, Oracle Retail has invested in cloud services and embedded science in retail solutions. “The idea is to provide solutions based on the scientific analysis of the information and that through alerts and exceptions support decisions that should be taken by the executive, in a relatively simple but robust way”. These insight are now available as cloud services for quick and easy deployment.
Our global customer community will convene in Orlando, FL on April 11-13, 2016 at the Oracle Industry Connect. We will feature over 30 global retail case studies talking about omnichannel success including Big 5 Sporting Goods, Decathlon, Falabella, Livraria Cultura, Kohls, Nordstrom, PacSun and several others.
Drive Incremental Revenue and Profitability with Oracle Retail Customer Engagement Cloud Services
Gain Visibility into Consumer Preference with Oracle Retail Customer Insights Cloud Service