Oracle has been named a Leader in the IDC MarketScape: Worldwide Point-of-Sale Software for Large Apparel and Softlines Retail 2023 Vendor Assessment and the IDC MarketScape: Worldwide Retail Price Optimization Solutions 2023 Vendor Assessment.
“It’s more imperative than ever that retailers have a holistic view of their data and customers. What separates the retail winners is the agility to act using real-time information, no matter how, when, or where their customers engage,” said Mike Webster, senior vice president and general manager of Oracle Retail. “Our comprehensive platform for modern retail is designed to help customers solve these complex challenges to deliver an optimal experience that drives revenue and customer loyalty. We believe being named a Leader in three IDC MarketScape reports is a testament to our commitment to delivering the solutions and innovations our global customers need to achieve and maintain success.”
Price is king
The IDC MarketScape for price optimization evaluated 14 vendors with a broad range of competencies and strategies in price optimization.
The report states, “Price optimization has become even more important as the economy emerges from the pandemic and inflationary pressure inconveniences retailers. Retailers must evaluate and leverage price optimization solutions to reduce costs, maintain profitability, and continue to offer effective price points that consumers will be willing to purchase at.”
Oracle Retail’s price, promotion, and markdown optimization applications leverage Oracle Retail Analytics and AI Solutions which combines AI, machine learning, and decision science with data captured from Oracle Retail SaaS applications as well as third-party data. The self-learning applications detect trends, learn from results, and increase their accuracy the more they are used, adding massive amounts of contextual data to get a clearer picture on what motivates outcomes. These pricing applications are complemented by a broad suite of retail planning, optimization, and execution applications. Oracle recently unveiled new cloud extensions that further enable retailers to execute pricing and promotion strategies that move inventory.
The report noted, “Oracle’s price optimization capability is one part of the company’s end-to-end retail enterprise capabilities across a large portfolio of solutions.” It also added that, “Oracle offers easy, efficient, and out-of-the-box integrations with a full range of adjacent modules and capabilities.”
Upleveling the shopping journey
The IDC MarketScape for 2023 Point-of Sale report, which evaluated seven vendors, added, “Deep commitment to innovation and customers and long retail experience combined with Oracle’s deep technology expertise makes Xstore a strong choice for omni-channel retailers looking for a complete POS solution that is future ready and can enable differentiation from competitors. A benefit of being part of Oracle‘s deep global reach, Xstore is an excellent choice for retailers seeking a solution with a wide global footprint and local support and expertise, especially knowing that Xstore is already live with retailers in 94 countries.”
Leading retail brands to recently standardize on Xstore to uplevel the shopping journey for their customers include Prada, Al Babtain, Hibbett, and more.
“The rapidly changing macroeconomic conditions as well as new shopper expectations for frictionless, engaging experiences means that POS providers must address not only the omni-channel needs of today but have a strong strategy for powering the omni-channel needs of tomorrow with the rapid innovation,” says Margot Juros, research manager, Worldwide Retail Technology Strategies at IDC. “Successful players need to enable seamless omni-channel shopping with features, such as mobile POS, self-service/kiosks, and mixed carts, that allow consumers to shop anywhere and any way they want.”
SOURCE: PRNewswire