By Rose Spicer-Oracle on Sep 17, 2015
Customers are king in today’s evolving retail industry, demanding tailored shopping experiences and instant gratification. Retailers have responded by creating highly localized assortments across varying store formats and locations, making efficient and profitable execution extremely challenging. In response, Oracle Cloud solutions do more than just capture vast amounts of data—they integrate data, combine it with foundational best-practices scenarios, and deliver realistic, actionable recommendations in an easy-to-consume format.
“As consumers become increasingly empowered, retailers are much more likely to lose sales when customers cannot find items on their shopping list,” says Oracle Retail Solutions Director for Planning and Optimization Marc Koehler.
In July 2015, Oracle launched three new software-as-a-service (SaaS) offerings that go beyond traditional optimization tools to help retailers quickly create and execute profitable, localized assortments based on advanced, actionable retail science.
“The new cloud offerings enable retailers to quickly adopt advances in retail science with lower risk and costs. Retailers can utilize transaction-level information throughout their planning process to gain actionable insights and recommendations, enabling them to drive out customer-centric and targeted store assortments,” says Koehler.
The new offerings include:
- Oracle Retail Assortment and Space Optimization Cloud Service Optimize assortments to store- and cluster-specific needs to maximize return on space, sales, and gross profit.
- Oracle Retail Customer Decision Tree and Demand Transference Science Cloud Service Go beyond traditional analysis of SKU/location sales history with sophisticated data-mining capabilities to analyze customer shopping decisions, ultimately delivering the right product mix across segments and channels to drive loyalty.
- Oracle Retail Advanced Clustering Cloud Service Leverage data-mining capabilities to create store groupings at various product and location levels using multiple inputs, including performance data, product attributes, store attributes, third-party demographic data, consumer segments, and more.
Fast, Modular Adoption
Oracle Cloud solutions remove much of the cost of adoption, from hardware to databases, which is vital in an industry with margins as narrow as those in retail. Just as important, retailers can get up and running—and achieve value—much more quickly, a key benefit given the rapidly changing, competitive landscape in retail.
The cloud-based solutions also allow retailers to expand their retail science capabilities in a much more modular manner, quickly adopting new solutions only as needed. At the same time, the cloud model speeds and simplifies upgrades.
“You can begin by adopting foundational capabilities, and then add new layers of retail science as needed,” says Oracle Retail Senior Director of Technology Solution Management David Dorf. “And you can take advantage of Oracle’s latest innovations much more quickly.”
With Oracle Retail solutions, retailers can utilize a combination of purpose-built retail science and automation to drive out customer-centric and targeted assortments. Retailers can define an action plan to optimize assortment and inventory investments by enabling a 360-degree view of the market, customers, competitors, and vendors—with fact-based starting points that maximize available time to plan product categories.
To learn more, download the e-book, Use Science to Drive Profit and Differentiation by clicking www.oracle.com/goto/sciencetodriveprofit