Oracle has announced a new feature from Oracle Retail to help retailers target potential customers based on the customers’ traits and characteristics, the company reported on Thursday.
"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."
Oracle will use data science to pinpoint the characteristics of their most lucrative customers then extend those traits to the public to find similar potential customers among the petabytes of third-party consumer data in Oracle Data Cloud.
Consumer Insights will then gather the attributes and actions to identify new traits within their customer base 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.
Additionally, Consumer Insights will evaluate a "what if" analysis and will find prospects in a continuously iterative process. The process will allow retailers to use the criteria correctly to identify the most appropriate customer demographic.
Once the customer base correctly identified, retailers will be able to act by launching campaigns, promotions, or advertising, with the option to activate using Oracle Data Cloud's industry-wide connections.
"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,” said Cecilia Mao, vice president of product with Oracle Data Cloud.
About Oracle Retail
Oracle is the modern platform for retail. Oracle provides retailers with a complete, open, and integrated platform for best-of-breed business applications, cloud services, and hardware that are engineered to work together. Leading fashion, grocery, and specialty retailers use Oracle solutions to accelerate from best practice to next practice, drive operational agility, and refine the customer experience.