Oracle Retail is widely regarded as the best ERP suite for the retail sector, but why is that and what solutions do they offer? You'll find Oracle consistently ranked very highly across their retail offerings, and the best in a number.
Oracle has been recognised as a Leader in the Gartner Magic Quadrant for Digital Commerce for the 10th consecutive time.
And there is good reasoning as to why.
At elfware we specialise in Oracle Retail, and particularly in resolving related implementation, delivery and maintenance challenges through low code and automation. Having had such exposure to Oracle Retail, we thought it would be helpful to put together a basic summary of what Oracle Retail is.
Contents:
- Overview - What is Oracle Retail?
- Benefits
- Challenges
- Case Study: KOJ
- Oracle Retail's Product Suite
Overview — What is Oracle Retail?
As the largest business software vendor globally, Oracle offers a huge library of products, including database services, platforms, software, hardware and more.
Oracle Retail is a division of Oracle focused on providing specialised retail application capabilities. You may have also heard the arm referred to as the RGBU - or Retail Global Business Unit. At the time of writing Oracle Retail claim over 5,000 retail clients.
One of the major reasons that people get confused as to what exactly Oracle Retail does is because of the sheer number of offerings that come under its umbrella. These products are split up into a series of categories, each fulfilling a different purpose - merchandising, insights and science, omni-channel, planning and optimisation, supply chain and hardware.
They boast software application modules to support pretty much any process that retail organisations require to run their company effectively. Predominantly, the software is used to enhance the company's capacity to manage stock, reduce waste, improve customer experience and, importantly; to increase revenue and profit.
Benefits
Product Variety
As has just been discussed, the fact that Oracle Retail has such a large offering of fully integrated products is a big drawcard.
They cover just about everything retail-related there, and they have a whole suite of integrated products that more generally cater to enterprise wide process support. This links into the next benefit…
Retail Solutions Integration
Retailers don't have to worry about cross-party integration, given that one suite of products can cater to just about every aspect of the business.
All aspects of the business' retail function are therefore inextricably linked, allowing for a more agile and streamlined operation. This can lead to reduced costs and, more importantly…
Higher Quality Customer Experience
Oracle Retail has focused heavily on improving the capacity for retailers to cater to an omnichannel, connected, and highly personalised customer experience. They use data and automation to ensure that customers feel valued by the business and have an experience that fits their archetype, resulting in incremental revenue and profit increases.
An Oracle employee explains that they've, "seen more than a $75 million increase in revenue at a medium-sized retailer turning over between 500 million and a billion dollars, just by optimising targeted offers at the point of pickup," merely one aspect of the targeted customer experience.
According to a recent article by SuperOffice, 86% of customers will pay more for a better experience, and keeping an existing customer happy is 14 times more profitable than landing a new customer.
Data-Driven Approach
A lot of the benefits of Oracle Retail spur from its data-driven approach. Recommendations from the Oracle Retail software are based off millions of data points used to gradually optimise and improve a business' operations.
Retailers all know they need advanced analytics and retail science to drive their business forward, but they don't all have the luxury of hiring on a data science team. We continue to enhance Oracle Retail Insights and Science Suite to provide retailers with packaged insights and science applications.
AI and Machine Learning Integration
Oracle has made it very clear in recent years that they want to lead the innovation front, and have done so with regard to AI and Machine Learning in retail solutions. Their AI solutions can be used in conjunction with Oracle Retail to improve processes.
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