A new tool will use analytics to help retailers better understand the characteristics of their best customers.
Retailers are always looking for a leg up, and now they can get some help thanks to Oracle Retail and Oracle Data Cloud.
The new Consumer Insights tool, part of the Oracle Retail Insights Suite, will provide retailers with data-backed intelligence that can assist retailers attempting to optimize customer acquisition campaigns with more relevant, targeted products and offers.
The tool is designed to give retailers a better understanding of what their customers are looking for so they can extrapolate it out and find similar potential customers by harnessing petabytes of third-party consumer data in Oracle Data Cloud.
"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.
"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."
Retailers are increasingly turning to data as they seek to expand their customer base, as seen in a recent report from CommerceNext, which found that 77% of the respondents working for traditional retailers are increasing their acquisition budget.
The key to Oracle Retail Consumer Insights is the connections it can decipher between different customer decisions. The tool is able to draw links between the customers of one brand or product to others, giving retailers some idea of who to target and where to target them.
"For example, do the most profitable athletic gear customers also purchase particular brands of soft drinks or deodorant or snack foods? Is there a common denominator in the type of vehicle they drive or restaurants they frequent or vacations they take?" a company representative said in a statement.
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Using troves of profile-linked, transaction-level sales data retailers already have on their customers' purchase history, Oracle is able to identify customers characteristics as well as discover new customer segments based on demographic, geographic and interest attributes.
The tech giant has an audience data marketplace spanning more than 1,500 US retailers and 1,000 product categories that include everything from fashion to groceries.
The Customer Insights tool gives retailers access to predictive and prescriptive analytics that can evaluate potential avenues for customer acquisition and streamline campaigns, promotions and advertising so they are put in front of the right audience.
"When it comes to grabbing the attention of potential customers, every second and moment matters," said Jeff Warren, vice president of Oracle Retail.
"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."
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