Online shopping changed forever with the introduction of omnichannel retail solutions. Unlike popular meanings of the term, Forbes describes omnichannel as “a mindset or a belief system that places the consumer at the center of retail” rather than e-commerce strategies to facilitate online shopping like curbside pickups for instance. A customer-centric approach is guaranteed to win. That’s where Oracle’s Omnichannel Retail steps in, bringing in omnichannel with a customer-first mindset.
Why retail omnichannel? Before omnichannel retail solutions, customer relationship management, order management, and loss prevention strategies were individual pieces of the e-commerce environment.
Oracle Retail omnichannel solution brings these separate elements under one roof so that retailers can view, access, and manage different angles of their brand from one handy location. The upside is that the benefits don’t stop at just the retailer side; customers get a host of perks too! A seamless and unified shopping experience is on offer thanks to a powerful omnichannel running the show in the background.
1.Storewide Shopping Experience
A whopping $12.7 billion. That’s Bloomberg‘s forecast for the global retail omnichannel market, and it’s growing steadily. Wise retailers will see the opportunity to invest in omnichannel and commerce by utilizing powerful POS technology like Xstore. Xstore by Oracle gives sales associates the opportunity to keep stores functioning at optimal levels, storewide.
With Xstore, sales associates at retail brands can personalize the customer shopping experience by pulling up the customer’s profile, purchase history, and loyalty program details. Giving customers the chance to feel special and important through tailor-made shopping experiences keeps them engaged. This in turn guarantees return purchases and the means to provide exceptional customer support always.
Physical store locations also have the ability to offer customers to make purchases on their own with the help of self-checkout options (SCO). And with a fully integrated platform like Xstore, customers stand to benefit the most. Lower expenses to retailers on the operations, training, and technology fronts translates to affordable prices on products for their customers.
2. Personalized shopping experiences, every time
Customer relationship management systems go beyond being a buzzword and inject customer engagement and loyalty through clienteling programs. Oracle Retail Customer Engagement can categorize customers and products based on customer buying behavior.
Analyze it to sell it
By accessing a customer’s purchase history, retailers can personalize the shopping journey to create one that’s tailored to their unique needs. CRM analytics hosts a world of data and information that assists in the decision-making process on what products retailers can focus on and suggest to customers.
Discounts just for them
Not every customer is excited by a buy-one-get-one deal. Personalized discounts and offers exclusive to individual customers piques their interest, leading them to make that all-important purchase. This is possible only through retail analytics gleaned from the wealth of data that retailers have, via technology suites like Oracle Retail Omnichannel Suite. Forrester tells us that digital customer service interactions are expected to grow by a whopping 40%, spurred by the reliance on online shopping, including purchases of groceries, essentials, and medicines. What a time to be alive and cash in on the value propositions that analytics via Big Data can offer!
A gamified approach to loyalty programs brings it to the future. Gone are the days when customers brought along a loyalty card while out shopping. Accruing loyalty points through a game-type layout appeals to shoppers young and old – especially when they get in-real-life rewards.
3.Extending commerce support services
An alarming fact thrown up by this study by IDC is that “a majority of consumers will buy elsewhere if they don’t get curbside delivery, same-day delivery, and visibility into fulfillment options”. Oracle Retail Omnichannel suite has that covered, too. Taking commerce to the next level, Xcommerce is extended commerce support that’s meant to enhance a retailer’s current site.
Store associates at physical store locations can bolster customer shopping experiences by offering them a larger variety of products. All products on Xcommerce are available at the store or can be stocked by request so that the customer can get it picked up or delivered when it’s in stock.
Armed with the Oracle Retail Omnichannel suite, retailers can offer custom-made shopping experiences to customers. It’s imperative that sales and marketing efforts don’t have a blanket approach, instead tailored to individuals to maximize their interest and purchase. With Aspire Systems, personalized customer experiences through Oracle’s Retail Omnichannel suite is a reality for every retailer looking to build brand loyalty.
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