Cloud innovations in the Oracle retail platform
make it easier for retailers to manage pricing and promotion
strategies that move inventory while building customer loyalty
AUSTIN,
Texas, Jan. 17, 2023 /PRNewswire/ -- Inflation
and marketing offer overload are making it harder for retailers to
engage increasingly fickle customers with a price point and message
that gets them to act. To address these challenges, Oracle today
announced a series of new cloud capabilities. Price Hub extends
Oracle Retail Merchandising Cloud Services to automate the
pricing process so retailers can easily make purchase price updates
across thousands of products to maximize sales and margins. And new
promotion capabilities in Oracle Retail Customer Engagement Cloud
Services help retailers drive incremental revenue and
profitability by executing more personalized and compelling offers.
The cloud services are running on Oracle Cloud
Infrastructure (OCI).
"Consumers are bombarded with a barrage of offers and messages
every day, and well-executed promotions and great prices are what
most often get them to pay attention and take action," said
Mike Webster, senior vice president
and general manager of Oracle Retail. "By extending our
comprehensive platform for modern retail we are eliminating the
hassle in executing effective pricing and promotion programs, while
helping retailers support their broader financial, merchandising,
and customer engagement goals."
The price is right
In a recent
survey* of more than 8,000 global consumers, 47% noted that
price is the leading factor in getting them to make a purchase. As
such, retailers need the flexibility to quickly adjust prices based
on market forces and consumer demand. However, with thousands
of products distributed across multiple geographies, manually
managing pricing changes is often laborious and
inaccurate. Price Hub automates price movements and calculates
the best price based on the retailer's specific pricing strategy.
Price Hub modules include:
- Price Strategies allows retailers to automate price
changes based on their configured strategies using pre-defined
fields such as cost, margin, area differential, or competitor. They
can also build in their own unique fields as required.
- Price Modeling enables retailers to model prices based
on cost, margin, or a 'what-if' analysis prior to making
pricing updates to mitigate risk.
- Event Planning helps retailers create and manage a
significant number of promotions and/or clearances. This includes
supporting collaboration between teams in developing promotions and
managing budget data and marketing materials.
Promotions that pay off
Second to price,
the survey* showed that a special offer is what most
often moves a consumer (39%) from a browser to a buyer. And 30%
added that compelling offers are what attracts them to buy from new
brands. Yet clearly defining and fulfilling these offers across
channels is often a time-consuming headache for retailers. New
extensions to Oracle Retail Customer Engagement Cloud Services
eliminates these challenges to help retailers drive incremental
revenue and profitability by more executing relevant offers. New
modules include:
- Oracle Retail Promotion Engine Cloud Service is a
highly scalable promotion management solution. Its calculation
engine has built-in APIs that make it easy to integrate with a
retailers' existing transaction systems such as Point of Sale
(POS), ecommerce, order management, and other shopping apps. It
provides a unique 'single point of definition' for each promotion
so retailers can publish a wide variety of offers at the same time
without system confusion. This helps ensure that consumers receive
a consistent purchase experience regardless of channel.
- Campaign and Deal Management Cloud Service can
seamlessly publish offers into the Oracle Retail Promotion Engine
to extend promotion capabilities to include single and multi-use
coupons. Built-in performance scorecards provide key performance
metrics on how each promotion is performing.
- Oracle Retail Customer Management and Segmentation
Foundation Cloud Service securely stores customer data so
that retailers can define and focus on high potential customer
segments that can increase loyalty, average spend, and repeat
purchases. The campaign and deal management module uses this
information to get the right offers to the right customers at the
right time to improve satisfaction and marketing ROI.
See these solutions and Oracle's complete platform for modern
retail in action at the National Retail Federation (NRF) show on
January 15 – 17, 2023 in New York at booth #5121 or virtually by
visiting https://www.oracle.com/industries/retail/zoom-zone/
*The survey polled 8,107 global consumers across 11 different
countries in late September 2022. Get
your complimentary copy of the Oracle Retail Shopper
Outlook: Consumer Research 2022 report.
About Oracle
Oracle offers integrated suites of
applications plus secure, autonomous infrastructure in the Oracle
Cloud. For more information about Oracle (NYSE: ORCL),
please visit us at www.oracle.com.
Trademarks
Oracle, Java, and MySQL are
registered trademarks of Oracle Corporation.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/new-oracle-pricing-and-promotion-capabilities-help-retailers-increase-sales-301723328.html
SOURCE Oracle