REDWOOD SHORES, Calif., Jan. 9,
2020 /PRNewswire/ -- Oracle is helping retailers
find their top future customers using data science. 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. This
enables retailers to optimize customer acquisition campaigns with
more relevant, targeted products and offers.
Gaining new customers is a top priority for retail marketers,
with the cost growing every year. In the recent holiday season, a
new survey showed that 77 percent of retailers planned to
increase their spend in this area. But are they reaching the right
prospective buyers?
With Oracle Retail Consumer Insights, retailers can achieve a
deep understanding of their existing customers through enriched
attributes and advanced data science. For example, do the most
profitable athletic gear customers also purchase particular brands
of soft drinks or deodorant or snack foods? Is there a common
denominator in the type of vehicle they drive or restaurants they
frequent or vacations they take?
By enriching first-party data retailers have on their existing
customers with purchase data and other characteristics that happen
outside the retailer's vantage point, Consumer Insights can cluster
together attributes and actions and identify new segments that
would be otherwise unknown. Retailers can then use this information
to find similar buyers to target with offers that are highly
relevant to their lifestyle and tastes.
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."
Applying predictive and prescriptive analytics to this data,
retailers can connect, analyze, experiment, and explore new
customer segments, knowing that advanced decision science is under
the hood. Consumer Insights evaluates "what if" analysis and
explores and finds prospects in a continuously iterative process to
get the criteria right and identify the most appropriate customer
segment. Once correctly identified, retailers can take action by
launching campaigns, promotions, or advertising, with the option to
activate using Oracle Data Cloud's industry-wide connections.
"When it comes to grabbing the attention of potential customers,
every second and moment matters," said Jeff
Warren, vice president, Oracle Retail. "Armed with
intelligent data based on real customer attributes and behaviors,
retailers will truly be able to put the needs and likes of shoppers
at the center of their new customer acquisition strategy."
Visit Oracle (booth #4837) at NRF 2020 Vision Retail's Big Show
(January 12-14) at Jacob K. Javits
Convention Center, New York City,
to see Oracle Retail Consumer Insights live. While in the booth,
see the full Oracle Retail Insights Suite and demo the new Retail
Home dashboards to see why Oracle is the modern platform for
retail.
About Oracle Retail
Oracle is the modern platform for
retail. Oracle provides retailers with a complete, open, and
integrated platform for best-of-breed business applications, cloud
services, and hardware that are engineered to work together.
Leading fashion, grocery, and specialty retailers use Oracle
solutions to accelerate from best practice to next practice, drive
operational agility, and refine the customer experience. For more
information, visit our website www.oracle.com/retail.
About Oracle Data Cloud
Oracle Data Cloud helps
marketers use data to capture consumer attention and drive results.
Used by 199 of AdAge's 200 largest advertisers, our Audience,
Context and Measurement solutions extend across the top media
platforms and a global footprint of more than 100 countries. We
give marketers the data and tools needed for every stage of the
marketing journey, from audience planning to pre-bid brand safety,
contextual relevance, viewability confirmation, fraud protection,
and ROI measurement. Oracle Data Cloud combines the leading
technologies and talent from Oracle's acquisitions of AddThis,
BlueKai, Crosswise, Datalogix, Grapeshot, and Moat.
About Oracle
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. For more information about Oracle
(NYSE: ORCL), please visit us at www.oracle.com.
Trademarks
Oracle and Java are registered trademarks
of Oracle and/or its affiliates. Other names may be trademarks of
their respective owners.
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SOURCE Oracle