MINNEAPOLIS, June 11, 2019 /PRNewswire/ -- ORACLE
RETAIL CROSS TALK – Fast fashion retailers are under an immense
amount of pressure to get their in-store product assortments
allocated perfectly. While customers expect their desired styles
and sizes to be in stock, retailers grapple to minimize excessive
inventory and dramatic markdowns. Part of the newly launched Oracle
Retail Science Platform Cloud Service, the Size Profile Science
features enable retailers to tackle this problem by helping
accurately predict sales to ensure they have the right inventory
mix in the right locations.
"Customer expectations are higher than ever and retailers are
constantly walking a tightrope, balancing between too much of the
wrong inventory and not enough of the right," said Jeff Warren, vice president, Oracle Retail.
"Predicting sales at the size and style level, with assortments
changing monthly, creates an exorbitant amount of data. Oracle
continues to invest in powerful machine learning and artificial
intelligence-based applications that enable retailers to quickly
turn that data into usable insights and an action plan when it
comes to ordering."
For example, using the application, a beachwear retailer would
be able to analyze proprietary and third-party customer or consumer
fit datasets to determine what size flip-flops were top sellers in
its specific markets. Combining that data with machine learning and
artificial intelligence, the company would be able to understand
what assortment of sizes would be needed to quickly sell at the top
price in each location and minimize those sizes that would end up
on the sale rack. On a million dollars of inventory, even a five
percent reduction in average load would result in $50K in savings, all as a result of putting the
right sized products in the right locations at the time of
demand.
Business benefits of Size Profile Science include the ability
to:
- Maintain and even decrease inventory levels necessary to drive
additional revenue
- Increase customer satisfaction by improving in-stock rates by
location
- Reduce missed sales by helping ensure optimal sizes are
available at time of demand
- Decrease workloads through intelligent alerts, exceptions and
streamlined parameter setting
- Design escalation paths to deliver accurate profiles when
useful lower level data is unavailable
"With the amount of choice the customer has today, retailers
must be able to effectively understand size and fit preferences to
preserve their brand equity and foster loyal shoppers. A targeted
assortment plan, as well as an optimized size strategy, will
maximize the sell-through of inventory at full price, enabling a
significant margin increase," said Marc
Koehler, solution director at Oracle Retail.
See Size Profile Science in action here.
About Oracle Retail
Oracle provides retailers with a
complete, open, and integrated suite of best-of-breed business
applications, cloud services, and hardware that are engineered to
work together and empower commerce. Leading fashion, grocery, and
specialty retailers use Oracle solutions to anticipate market
changes, simplify operations and inspire authentic brand
interactions. For more information, visit our website
at www.oracle.com/retail.
About Oracle
The Oracle Cloud offers a complete suite
of integrated applications for Sales, Service, Marketing, Human
Resources, Finance, Supply Chain and Manufacturing, plus Highly
Automated and Secure Generation 2 Infrastructure featuring the
Oracle Autonomous Database. For more information about Oracle
(NYSE: ORCL), please visit us at www.oracle.com.
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their respective owners.
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SOURCE Oracle