Retailers Now Able to Deliver Commerce Anywhere
An oracle (with a small o) in ancient Greece was an obscure or allegorical prophecy. An oracle was purported to be somewhat of the Wi-Fi channel to the gods — a cosmic information super highway — a way to get feedback on how the will of the gods matched the plans of mortals.
The Oracle (with a big O)
Today’s mere mortals in commerce adhere to the will of more prosaic, but powerful forces: the multi-millions of customers who now have multi-channel access to products on the Internet. The modern oracle for those seeking to tap into the will of the consumer is the Oracle Corporation.
In a January 6, 2014, news summary, Oracle announced the release of version 14 or Oracle Retail “encompassing new features and functionality across its complete offering of retail business solutions.”
Why use Oracle Retail?
Oracle is the product that connects consumers with “an experience that allows them to shop and receive their purchases where they want, when they want and how they want.” That means across channels on a variety of devices — smartphones, tablets or conventional personal computers.
What Oracle knows
Oracle knows what customers expect and what turns them off. Surveys have shown that:
- 89% of customers will go elsewhere after a single negative experience with a company.
- 42% of customers will also go elsewhere if a product is out of stock.
- 85% of customers expect a seamless experience, regardless of the channel or device they use to purchase a product.
Oracle is a data cruncher
To remain competitive, you need to be agile.
Retailers — at an overall rate of 90% — are gathering more information to make data-driven decisions.
Leveraging data that has already been collected now accounts for 10% of retailer revenues.
Gather and leverage your customer data
Oracle Retail comes with a complete and integrated suite of business intelligence applications. The Oracle Data Sheet, Oracle Retail Customer Analytics cites the popularity of Oracle:
“20 of the top 20 retailers worldwide –including fashion, hardlines, grocery and specialty retailers — use Oracle solutions to drive performance, deliver critical insights and fuel growth across traditional, mobile and commerce channels.”
It’s the big data
Knowing your customers, how they behave and how you can convince them to buy something additional is all about insights gleaned from sifting big data coming at you. Oracle’s customer analytics provides the insight and analysis retailers need to answer additional vital questions about potential and actual customers:
- Who are they?
- How can you win their business?
- Where do they live?
- How do they prefer to shop?
- How should you segment them?
- How do they leverage your available channels?
Answer those questions, especially the last one, and you’ll be one of those retailers who, with the help of Oracle — of the big O variety — will have a firm grasp on your future, which will be neither obscure nor allegorical.
CREDO Technology Solutions President