Retailers estimate they could earn an extra 10% in revenue - which translates into $100 million annually for a $1 billon company - by offering customers and employees a highly individualized experience.
"Retailers know that they need to be focused on pleasing the individual in order to be successful in what is called the "Era of the Individual - Era Of I," according to Oracle's recent survey of 300 C-level executives across a number of industries. And "I" includes employees as well as customers.
But although executives across industries acknowledge the importance of the individual, just 13% of retailers gave themselves an "A" grade for these efforts (more than 50% gave themselves a "C" grade), as noted in the survey report, titled: The Era I Enterprise: Ready For Anything."
RSR analyst, Nikki Baird, shares her learnings from Oracle's Industry Connect event, which focused on how cloud will support the future of retail.
"Oracle has upgraded its line of POS solutions to include the Oracle MICROS Workstation 6 Family and Oracle Retail Xstore Point-of-Service solutions. The updated solutions are designed to deliver digital content to both store associates and customers, so they can enable faster, more personalized transactions at checkout."
"Today, whether shopping for an item, making reservations, examining a bill, evaluating projects, or viewing medical information, the digital age has brought us to a point where we now expect the ability to make real-time decisions, transact, and customize options at the tap of the screen. In the new service-driven economy, innovative enterprises must focus on two things: taking care of their customers and taking care of their employees," said Bob Weiler, executive vice president, Global Business Units, Oracle.
BTM Global Announces Successful Implementation of Oracle Retail Point-of-Service and Store Inventory Management for Perry Ellis - BTM Global, a premier provider of retail system integration and development services, today announced the successful implement
Helzberg Diamonds knows its clientele expects quality, both in merchandise and in the service they receive.
So the Kansas City-based, 230-plus-store specialty jewelry retailer is implementing Oracle Retail XStore POS software, as well as other third-party customer engagement and payment processing technology. With retail system integration services provider BTM Global handling all implementation, Helzberg will obtain point-to-point encryption, tokenization and EMV certification.
Jewelry retailer Helzberg Diamonds is implementing Oracle Retail xStore to meet customers’ demand for “commerce anywhere," and to achieve improved ease of use and productivity of the POS system will give customers a more seamless check-out experience.
Fashion icon Perry Ellis is using a new retail point of service and inventory management tools to provide secure payment transaction and improved customer interaction at the register.
BTM Global deployed the solutions, Oracle Retail Point-of-Service v14 and Oracle Retail Store Inventory Management v14, for the lifestyle apparel company’s U.S. location in less than nine months. The new system also provides for new mobile payment option such as Apple Pay, according to an announcement.
"Enterprise retail systems are also firmly committed to weaving science into decision-making. Oracle debuted Oracle Retail Release 15 in January, updating the entire suite and featuring several new cloud services that embed science and analytics.
“We’ve simplified the science of business intelligence, made it more contextual and put it into the application versus having the retailer invest in a whole new BI platform,” says Mike Webster, senior vice president and general manager of Oracle Retail and Hospitality. “We’ve had demand forecasting for some time, but we can now provide data at an attribute level in order to pre-populate a forecast.”
“It’s now possible to look at the financial plan or the assortment plan across the store, franchises, the wholesale business and online,” Webster says. “The merchant now has a holistic view, and that’s critical for decision-making.”"
"Perry Ellis International is now able to provide secure payment via tokenization, accept Apple Pay and other next-gen payment options, and enhance the customer experience thanks to the implementation of Oracle Retail Point-of-Service (ORPOS) v14 and Oracle Retail Store Inventory Management (SIM) v14."
"Fujitsu and Grid Dynamics have delivered a new cloud-based e-Commerce service on the Oracle Commerce Platform that enables retailers to create new projects and push experimental features and applications to production at a fast pace. With the solution, retailers can make decisions without worrying about hesitation or downtime."
"Specialty vertical apparel retailer Perry Ellis International is solidifying its enterprise approach to the systems that support store processes.
Perry Ellis teamed with retail system integration and development services provider BTM Global to implement Oracle Retail Point-of-Service (ORPOS) v14 and Oracle Retail Store Inventory Management (SIM) v14 for its stores throughout the U.S."
"Furthermore, Lenox has gained functionality in managing promotions. In addition to its own brands, Lenox offers designer exclusives that aren’t eligible for discounts. With Oracle, Lenox can separate out the exclusive offerings, which allows the retailer to preserve pricing on designer goods even during storewide sales. Previously, exempting designer items from sales required extensive, time-consuming manipulation of its e-commerce system requiring involvement of IT. The business is now empowered."
“Since Black Friday, we were able to implement a more robust and enhanced promotional strategy, and have achieved a dramatic lift just based on the fact that we can promote at the product level,” said Mario A. Castano, VP of e-Commerce Implementation for Lenox. “Using Oracle, our peak period outpaced sales the last two years by 26%.”
"Lenox has reported a 26% increase in eCommerce sales compared to previous years, thanks to the implementation of Oracle Commerce.
The luxury dinnerware retailer implemented Oracle's new solution earlier in 2015 to boost sales with improved search results, recommendations and targeted promotions.
The retailer has used Oracle to tailor its search results based on customer history, as well as pattern or place setting searches."
"It is not just on the website that Lenox are seeing the benefits of the E-Commerce solution. The customer service team uses the Oracle console to access data about customers, including their purchase history and their personalised coupons according to their preferences. Customers have a unified experience be it always receiving free shipping for orders over $29 or discounts off holiday ornaments regardless of the channel they use to purchase."
“The consumer is digital, the household is ‘virtual’. Smarter consumers demand smarter retailers who are looking into multi-channel customer service. Oracle is committed to helping retailers create and innovate, to strengthen relationships with new and returning customers,” said Jill (Puleri) Standish, senior vice president and general manager, Oracle Retail. “We will continue to deliver the solutions that make this possible for retailers of all sizes and segments.”
"Lenox re-launched its e-commerce site on Oracle Commerce earlier this year and has used it to tailor search results based on customer history and to suggest complementary items in a specific pattern or place setting. Oracle also helped Lenox shift to a pictorial format for dinnerware, since shoppers often rely on visuals rather than pattern names."
"After researching the industry, the company found that almost every one of its competitors was using Oracle Endeca, a search and guided navigation system that gives consumers control over their shopping experience.
The problem was that the system would have to be purchased and brought in-house — at a higher cost than a company the size of Andy’s, with less than 30 employees, could afford."