Your Experience Platform: Gain Actionable Insight From Customer DataSource: Oracle Retail
This white paper from Oracle Retail deals with using the large amount of data available to retailers today to help gain actionable insight into shoppers’ behavior across channels. Big data can be used to better understand what products consumers are interested in purchasing. By getting a better understanding of what consumers want and the implications of promotions on specific customers and customer segments retailers can begin to adjust prices based on product performance, plan channel-specific assortments accordingly, and coordinate the supply chain processes required to fulfill projected demand.
Data is being gathered from everywhere consumers are shopping or interacting with your business: in-store at the POS (point of sale) when swiping their cards or receiving receipts, online while browsing or checking out, and at their front door when orders are being delivered. The challenges retailers face are how all this data can be transformed into actionable information and what tools they need to meet this challenge.
Decisions are no longer based solely on historical sales and price, but instead on data captured from every location a business interacts with a customer across multiple channels. Retailers have to gain new insights from all aspects of past performance and use that data to affect customer, assortment, price, and promotion decisions going forward.
Download this white paper to read more about how retailers can gain actionable insights from the data they are collecting.