Deloitte has announced a new report, "Accelerating Retail Personalization at Scale," created in collaboration with Oracle Retail and MIT Technology Review Insights detailing the impact of retail personalization on customer experience. As retail technology evolves and consumer expectations become increasingly sophisticated, the report reveals that successful retailers are creating personalized shopping experiences that engage and fulfill customer needs throughout the buyer journey. In the report, Deloitte and Oracle Retail industry leaders address how cloud-based platforms and emerging uses of technology help retailers to break down traditional silos and place the customer at the heart of processes.
"Whether they are shopping online, in-store, or the spaces in-between like pop-ups, customers increasingly expect a more personalized, omnichannel experience from retailers," said Jeff Warren, vice president, Oracle Retail. "The rise of Artificial Intelligence (AI) and cloud technology offer a huge opportunity to not only analyze consumer behavior, but also put that insight into action to provide online shoppers more relevant offers and suggestions and empower store associates to deliver a higher value, more informed customer experience."
In shifting from traditional merchandising to a customer-centric strategy, retailers face several hurdles including navigating legacy technology, labor shortages and pandemic-induced supply chain and delivery disruptions. To help retailers embrace more personalized business models, Deloitte and Oracle combine deep industry experience and cloud-based applications and technology. The two organizations are helping retailers radically reorient their people and processes around customer needs. By analyzing consumer behavior and identifying key segments, AI enables retailers to target valuable customers through loyalty programs, launch contextually relevant digital marketing campaigns and drive more informed buying decisions with personalized customer service.
"Technology has the power to augment the customer experience and anticipate industry trends — but none of that is possible unless you can shift core retail processes and re-examine organizational structures," said Rudy Kulas, managing director, Oracle Retail, Deloitte Consulting LLP. "It's crucial that retailers find balance between caring for your customer and their preferences, while also ensuring the AI-generated recommendations and personalized messaging match the customer's actual needs and add real value to the overall shopping experience."
By modernizing aging technology and adopting best practices for a customer-centric approach, retail agility can be achieved. Tools like AI powered merchandising, automated pricing, smart beacons and demand transference models are examples of applications that are rewriting the rules for retailers. The report notes that looking forward, centering cloud-based business platforms in retail will not only break down silos to decrease operational costs, but also enhance the shopping experience to build greater customer loyalty.
Read the full report: https://www.technologyreview.com/2023/07/18/1076380/accelerating-retail-personalization-at-scale/