Tuesday Oct 28, 2014

Oracle OpenWorld 2014: The Pace of Change for Retailers

At the center of change in retail are the 9 Billion devices now connected to the Internet – a number predicted to go to 50 Billion in fairly short order.  Beacons and other location devices are a disruptive force for the retail industry, and they completely change how retail experiences are built. The proliferation of mobile devices, among shoppers and store associates, opens up new ways to tell customers where inventory is, where can they get it, at what price, and it invites a whole new set of competitors.

Welcoming retail executives, partners and industry experts to the Retail Experience @ Oracle OpenWorld 2014 in San Francisco, Oracle Retail Senior Vice President and General Manager Mike Webster said that the rapid pace of change being driven by mobile and other influences will not slow anytime soon. It’s one of many reasons retailers are suddenly looking to accommodate a higher velocity of data in a variety of different formats.

“Big data is not big news in retail but we are having to solve problems around the velocity and the variety of data,” said Webster. “How do we bring in social interactions and marketing interactions together, to give you a more unified view of the entire customer engagement. We are a mobile world, with 6 billion mobile subscribers.”

In retail today, there are tons of investments across social, mobile, analytics and cloud. Seven out of ten companies don't know their current stock position. Retailers must return to the basics. The biggest item on retail balance sheet is inventory. Transparency is the key to shift inventory closer to customers to impact the bottom line and satisfy the consumer.

To help retailers succeed, Oracle “spends more on R&D than any other solution provider in the industry, and the most basic element of what we are creating is to make sure you reach customers where you need to, that you are able to hit the basics and innovate. Our focus is building the best solutions for retailers,” said Webster. During his keynote, Mike Webster took the opportunity to share the highlights built into our upcoming release coupled with the unique capabilities that MICROS adds to the footprint.

Our success is measured in terms of customer results. Oracle Retail saw great success with vanilla implementations and this trend reflects all of the work done to fine-tune retail functionality across the Oracle Retail suite of applications. With the introduction of version 14 and the work with world-class partners, we have allowed customers to focus on the business opportunity with less complexity, customization and integration from the implementation process with best practices built into the solutions.

Customers including Hot Topic, Kohl’s, Gordmans, and Zenni Optical are just a few of the retailers benefiting from recent implementations of Oracle’s robust, mature retail solutions. Customers should continue to expect us to take out complexity and take out cost, Webster added.

The Retail Experience @ OpenWorld 2014 presentations are available in the Oracle Retail virtual community. Log in to the RACK to review the presentations from the retail track.  

-  Commerce Anywhere: Retail Innovation
-  ULTA Beauty: Improving the Customer Experience with Oracle Commerce
-  Inventory Management for Commerce Anywhere with Dubai Duty Free
-  Running Oracle Retail Applications on Oracle Systems with Kohls
-  TOMS: Oracle Commerce Case Study
-  Retail Analytics: Creating Value from Insight
-  How Two Brazilian Retailers Linked Shopping Across Channels with Oracle Commerce (Part 1)
-  How Two Brazilian Retailers Linked Shopping Across Channels with Oracle Commerce (Part 2)
-  Retail Trends: An Oracle Perspective

Thursday Apr 10, 2014

Stage Stores Rounds-up

Steven Hunter, SVP and CIO at Stage Stores, said something at Oracle's recent Industry Connect conference that caught my attention.  He was retelling a story about how Stage Stores customers, communicating through social media, said they wanted to make donations to charities at the point-of-sale.  So Steve implemented round-up functionality that allowed donations to several nationwide charities.  The program was good, but not great so they went back to social media to receive additional guidance.  This time they swapped the nationwide charities for local charities and donations rose by 600%!

There are a few lessons to take away from this story.  First, listening to customers is important and never easy.  Social media can be a big help, but sometimes it still takes experimentation to find the right solution.  Second, customers want to be charitable, but they want to be involved in the choice of charities and prefer local organizations that directly impact their communities.

Donating to worthy causes feels good, so why not associate that feeling with shopping?  The donation jar by the register has been around forever, but it presents issues for security, counting/reconciling, and lack of audit trail.  So retailer's have a couple requirements for taking donations at the register:

  • Must never increase checkout time.  Long lines are bad news for retailers.
  • Must be integrated into the payment process, without requiring prompts from employees that are awkward for both parties.
  • Must be electronic, so theft is minimized and there's no overhead for counting.
  • Prefer to give customers a choice of charities, so they get a say in where their money goes.
  • Prefer configurable charities, that are local and can be changed to align with events.
  • Prefer to provide receipts for donations, so customers can collect them and take deductions at tax time.

Based on these reasonable requirements, ARTS developed an integration standard that aims to reduce the cost of integrating the POS to "charity processors," the third-parties that process donations for retailers. Greg Buzek, who is very active with his own charity, quickly calculated that 1.4 million POS registers were represented by the companies involved in creating the standard,  Just imagine if each one of those collected $10 a day for a year.  That would be $5 billion, significantly more than what's collected today, for those in need.

Using the standard, Oracle Retail has integrated its POS with Mini-Donations as a proof-of-concept to show what's possible.  As more retailers follow Stage Stores' lead, vendors will incorporate the interface into their POS and e-commerce offerings, making it easier for retailers to adopt the practice.  Then retailers can strengthen the bonds with their customers and community, and reap the benefits that follow.

About


David Dorf, Sr Director Technology Strategy for Oracle Retail, shares news and ideas about the retail industry with a focus on innovation and emerging technologies.


Industry Connect


Stay Connected
Blogroll

Search

Archives
« March 2015
SunMonTueWedThuFriSat
1
3
4
5
6
7
8
9
10
11
13
14
15
16
17
18
19
20
21
22
24
26
28
29
30
31
    
       
Today