Oracle Retail is offering Consumer Insights, a new offering to help retailers understand the characteristics of their best customers and then extend those traits to find similar potential customers among the petabytes of third-party consumer data in Oracle Data Cloud. This enables retailers to optimize customer acquisition campaigns with more relevant, targeted products and offers.
Gaining new customers is a top priority for retail marketers, with the cost growing every year. In the recent holiday season, a survey showed that 77% of retailers planned to increase their spending in this area.
With Consumer Insights, Oracle says, retailers can achieve a deep understanding of their existing customers through enriched attributes and advanced data science. By enriching first-party data retailers have on their existing customers with purchase data and other characteristics that happen outside the retailer’s vantage point, Consumer Insights can cluster together attributes and actions and identify new segments that would be otherwise unknown. Retailers can then use this information to find similar buyers to target with offers that are highly relevant to their lifestyle and tastes.
“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, Oracle Data Cloud. “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, knowing that advanced decision science is under the hood. Consumer Insights evaluates “what if” analysis and explores and finds prospects in a continuously iterative process to get the criteria right and identify the most appropriate customer segment. Once correctly identified, retailers can take action by launching campaigns, promotions, or advertising, with the option to activate using Oracle Data Cloud’s industry-wide connections.
For more information, visit www.oracle.com/retail.