As TCS’ lead for Oracle CX solutions, I am looking forward to the retail innovation at the industry’s biggest show of the year, the NRF Big Show 2015, January 11-14 in New York City. Retailers today face daunting challenges to deliver best-in-class customer experience and I look forward to starting the New Year by talking with them about how to get the most out of their Oracle technology to navigate some of their most complex challenges.
Oracle’s CRM and CX product suite provides companies with the tools they need to manage operations, as well as acquire, retain and grow their customer base. As an Oracle Diamond Partner and the 2014 Oracle Excellence Award winner for Specialized Partner, Customer Experience in North America, TCS partners with leading companies to design and implement the strategies and change management that they need to successfully harness Oracle apps to achieve their business goals related to customer engagement.
I see four main challenges that retail leaders must overcome to enhance CX. While many of these challenges are, in a way, a result of the emerging technologies of cloud, social, mobile and digital, so too are the solutions.
Biggest challenges for retail
- Rising customer expectations: Retailers today need enormous business agility to simply fulfill customer expectations and deliver best-in-class responsiveness. Companies must revisit their organizational structure and adopt a customer-centric model to enhance customer experience.
- Omni-channel: Modern consumers are hyper-connected, informed and empowered. Their need for digital convenience and physical interaction challenges retailers to deliver seamless omni-channel retailing, personalized shopping experiences and tech-savvy offers that leverage the latest technologies, including location-based promotions, interactive displays, augmented reality, and the list goes on.
- Data-driven retailing: Retailers are faced with the enormous challenge of trying to make sense of complex and vast sets of structured and unstructured data to gain valuable insights on customer engagement that will influence customer loyalty.
- Changing loyalty: Customers’ tolerance limits are substantially reduced; they are quick to offer loyalty when pleased and faster to defect when disappointed. This level of variance in customer behavior is compelling retailers to minimize experience failures and maximize customer relevance. To do this, retailers need to recognize, understand and engage their customers continuously, seamlessly and reliably across touch points and channels.
Innovate to drive results
- Rising customer expectations: Leveraging the cloud can bring the speed and agility that businesses need to realign to be customer-centric. Oracle has made a major investment into the Customer to Cloud (C2C) initiative, helping customers simplify and transform using all the new features and capabilities in the Oracle CX cloud. TCS leads companies through the transition to the cloud and helps them find the right mix of cloud and hosted solutions to best serve the business.
- Omni-channel: Many retailers are now actively investing in ecommerce capabilities to extend and fulfill their omni-channel engagement strategies. Oracle’s ATG Commerce product is a well-established leader in this category, and TCS teams are actively deploying it in several regions around the world.
- Data-driven retailing: As the available sources of customer information continue to expand, it’s critical to convert data into insight, enabling retailers to predict customer behavior and exceed their expectations. TCS is leveraging the advanced analytics and modeling capabilities of Oracle’s Retail Data Model along with our pre-built solution accelerators to help retailers mine and utilize actionable insights for crafting memorable and profitable shopping experiences. Our TCS and Oracle teams will demonstrate the power of this shared solution at the NRF Show, ARTS Pavilion booth # 4043, kiosk 6. Please let us know if you’d like to meet to discuss this technology and the benefits it can bring to your business.
- Changing loyalty: To stay relevant and one step ahead of customer expectations, retailers should continue to embrace emerging technologies that can deliver modern shopping experiences. The Internet of Things is a major emerging trend that retailers must consider as part of their digital adoption and transformation. As just one example of innovation, we’re looking at how beacons or sensors can be used by retailers to elevate shopping experiences and engage shoppers in personalized ways to build long-term loyalty.
I look forward to talking with you in early 2015 about your challenges in enhancing CX and am confident that we can share innovative ideas that leverage the latest technology advances.