Oracle Unveils New research from a more democratic relationship emerging between power and digital consumer retailers, forcing retailers to re-evaluate technology investments and strategic initiatives to capture loyalty, drive spending and stay competitive.
The Retail New Democracy, a study issued this week by Oracle finds that consumers are demanding greater access to information, products and processes, as well as more individual interaction with retailers they take ownership of their retail experience. This requires retailers to provide priority commerce business model anywhere to be relevant and competitive in today’s complex market globally.
Democracy survey – New Retail exposure is the biggest challenge for retailers to understand, empower and showing the power consumers across all digital touch points.
Results demonstrate that wants 93-percent of the respondents to understand the availability of products, and 58 percent rate it as more important than price, reflecting the “Always Available” is a priority.
-The Undisputed link between availability, loyalty and spending, with 46 percent of respondents admitted to be more loyal and 30 percent more likely to spend a retailer that provides information about products’ availability.
-Ina Addition, 92 percent report that they are waiting for the product to come in stock, with 88 percent indicating that they will source the product elsewhere in this case, put pressure on retailers to integrate on demand forecasting, planning, merchandising, supply chain, marketing and commerce capabilities across touch points.
-The Study finds that “Access Anywhere,” or access to information in stores, online and on mobile devices, vital to enable consumers to make purchases anytime and anywhere, requiring retailers aligning business processes and touch points to connect the customer journey regardless of path to purchase.
-Empowering Retail employees, especially retail assistants, anywhere access is equally important in reducing the disconnection Empowered consumers and help to ensure that they can support a productive and profitable interactions at every opportunity.
Emphasis -73 percent of the respondents on the importance of “Retail Single,” which means that all transactions with retailer should be relevant to the individual consumer based on their interests, needs and purchase history.
With 48 percent of the respondents willing to buy directly from the brands, it is more important to improve consumer engagement through the use of science-based tools for retail analytic relevant and insightful interactions improve delivery of brand affinity.
-82 Percent of consumers consider important the adoption new technologies to their retail experience and using multiple touch points, including mobile, click and collect, social networking sites and online journals of their shopping trips out. -The Shop is still essential to the provision commerce anywhere with the majority of respondents rated physical interaction with products and people to be important to improve their shopping experiences. However, retailers must commit to investing in the operations to be transferred by offering value-add services and activities that support the local community.
-In The weeks ahead, Oracle will share detailed regional analysis of the research through a series of international events and communications.
“As consumers continue to dictate how, when and where they make purchases, Oracle believes that providing anywhere commerce essential to retail success.” Said Mike Webster, Senior Vice President and General Manager, Oracle Retail. “Retailers need to invest in aligning and integrating retail processes with individual consumer needs to compete effectively and grow in New Retail Democracy.”