Innovations in Retail
Blog: Oracle BPM
Retail has gotten incredibly competitive in the last several years. Online and brick and mortar retailers are continuing to innovate to grab consumers’ attention, not just for the immediate sale, but for multiple sales over time. In this video, top Oracle experts in integration, machine learning, and blockchain discuss how new technologies and approaches to data management are empowering retailers to harness their data and use it to better reach customers.
Managing Information in Retail
Retailers have historically struggled with how to take the massive amounts of information they have coming in from their customers and their suppliers and use it to their advantage. Cloud-based data lakes have become a real game-changer because they give the retailer the ability to combine different types of data, draw insights from that data, and scale with the data as it grows without having to pay for the pain of operating it.
Now that retailers are combining this information, they’re tackling how they can keep track of and use that information while complying with privacy restrictions and best practices.
The Role of AI and Machine Learning
Combining large datasets gives retailers the ability to apply analytics and ask questions of that data. Things get even more interesting when artificial intelligence gets involved. Unlike traditional segmentation where retailers have to approach the data with questions already in mind, artificial intelligence and machine learning proactively present insights for retailers to act on. This extra eye can help cue retailers into trends they might not have seen on their own and help them further personalize the customer experience.
Eye on the Supply Chain
The retail industry is also catering to its customers by giving them insight into the supply chain for a stronger guarantee that their products meet certain standards. For example, an extra-virgin olive oil company can back its claim that its product is from a specific region in Italy by using blockchain to trace olives and their oil from the farm to the pressing plant to the bottling facility to the warehouse and ultimately to store shelves. By using blockchain, they can ensure the authenticity of the product.
Ensuring authenticity can be a major plus for consumers who are looking to invest in a certain kind of product. For example, a sophisticated fashion consumer may want to make sure that the leather in his or her shoes comes from a specific manufacturer that is known for premium products. Or a consumer might want to know that the ingredients that go into his or her favorite snack are ethically sourced and grown using sustainable farming and production practices.
Keeping track of this information gets more difficult the longer the supply chain gets. But blockchain solves that problem by keeping records sorted across multiple companies.
These are just a few of the advances taking place in the retail industry thanks to cloud and emerging technologies. Take a look at the video below to hear more about these and other trends and observations from our Oracle experts’ experiences working with retail companies. Attending NRF? So are we. Stop by our booth to learn more about the latest innovations in retail and how we can help you position your retail organization apart from the competition.
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