Oracle Retail has released Consumer Insights, a feature designed to help retailers better understand the characteristics of their best customers and extend those traits to find similar potential consumers. In combination with their own first-party data, retailers can leverage third-party consumer data from the Oracle Data Cloud to optimize customer acquisition campaigns with more relevant, targeted products and offers. The data within Oracle Data Cloud represents profile-linked transaction-level sales data and a set of other demographic, geographic and interest attributes.
By enriching first-party data with purchase data and other information gathered from outside the retailer’s vantage point, merchants can leverage Consumer Insights to cluster attributes and actions and identify new segments that would otherwise be unknown. Retailers can use this information to find similar buyers to target with offers that are highly relevant to their lifestyles and tastes.
For example, an athletics gear retailer may gain insight into whether its most profitable customers also purchase particular brands of soft drinks or deodorant, or if there are common denominators in the types of vehicle they drive or restaurants they frequent.
“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, VP of Product, Oracle Data Cloud in a statement. “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.”
Oracle Retail Customer Insights is part of the Oracle Retail Insights Cloud Service family, and can be extended with Oracle Retail Advanced Science Cloud Services.