Oracle Corporation (NYSE: ORCL) reported that a new offering from Oracle Retail, Consumer Insights aids retailers in understanding the characteristics of their best customers, then extends those traits to find similar potential customers among the petabytes of third-party consumer data in Oracle Data Cloud. The feature enables retailers to optimize customer acquisition campaigns with more relevant, targeted products and offers.
The effects of technological convenience (E-Commerce) on the retail industry are extensive, and increasing demand for innovative solutions to simplify business operations. In a recent press release the Company claims that with Oracle Retail Consumer Insights, retailers can achieve a better understanding of their existing customers through enriched attributes and advanced data science. As an example, the question whether most profitable athletic gear customers also purchase particular brands of soft drinks or deodorant or snack foods can become easier to answer.
"The future [of retail] belongs to visionary leaders and forward-thinking organizations that are able to break the shackles of legacy systems and accelerate mastering digital-first strategies," commented Leslie Hand, vice president, IDC Retail Insights. "The strongest businesses will be truly customer focused, with big shifts in internal culture that prioritize data-driven decisions and personalized approaches to experiential retail. In-store mobility and inventory accuracy across the shopping experience – from research and discovery to selection and fulfillment -- are essential to empowering consumers and associates alike."
The data in Oracle Data Cloud represents profile-linked transaction-level sales data and a rich set of other demographic, geographic, and interest attributes from Oracle Data Cloud. Through this new solution, that third-party data can now be coupled with first-party data retailers have on customers, omnichannel touch-points, inventory movements, promotional response, and much more.
"The value of data can't be found in zeros and ones, but in human connections to the interests, experiences, and behavior of current and potential customers," said Cecilia Mao, vice president of product, Oracle Data Cloud. "When you know that your customers are also more likely to buy at the grocery store, brand affinity and hobbies, you can build more accurate models to find your best potential customers, then use multiple channels to reach them at scale."
The Oracle Cloud offers a complete suite of integrated applications for Sales, Service, Marketing, Human Resources, Finance, Supply Chain, and Manufacturing, plus Highly Automated and Secure Generation 2 Infrastructure featuring the Oracle Autonomous Database.