Cloud innovations in the Oracle retail platform make it easier for retailers to manage pricing and promotion strategies that move inventory while building customer loyaltyAustin, Texas—January 17, 2023
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.”
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:
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:
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/
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