Oracle Retail Consumer Insights Launches
Oracle Retail today launched Consumer Insights to help retailers understand the characteristics of their best customers then extends those traits to find similar potential customers among third-party consumer data in Oracle Data Cloud.
With Oracle Retail Consumer Insights, retailers can achieve a deep understanding of their existing customers through enriched attributes and advanced data science. By enriching first-party data with purchase data and other characteristics that happen outside retailers' vantage points, Consumer Insights can cluster attributes and actions and identify new segments. Retailers can then use this information to find similar buyers to target with offers that are highly relevant to their lifestyles and tastes.
The data in Oracle Data Cloud represents profile-linked transaction-level sales data and other demographic, geographic, and interest attributes from Oracle Data Cloud. Through this new solution, that third-party data can now be coupled with first-party data on customers, omnichannel touchpoints, inventory movements, promotional response, and much more.
"The value of data can't be found in zeros and ones, but in human connections to the interests, experiences, and behavior of current and potential customers," said Cecilia Mao, vice president of product at Oracle Data Cloud, in a statement. "When you know that your customers are also more likely to buy at the grocery store, brand affinity, and hobbies, you can build more accurate models to find your best potential customers, then use multiple channels to reach them at scale."
Applying predictive and prescriptive analytics to this data, retailers can connect, analyze, experiment, and explore new customer segments. Consumer Insights evaluates what-if analysis and explores and finds prospects. Once correctly identified, retailers can launch campaigns, promotions, or advertisingand activate them using Oracle Data Cloud's; connections.
"When it comes to grabbing the attention of potential customers, every second and moment matters," said Jeff Warren, vice president of Oracle Retail, in a statement. "Armed with intelligent data based on real customer attributes and behaviors, retailers will truly be able to put the needs and likes of shoppers at the center of their new customer acquisition strategy."