Enabling retailers to build personalized customer experiences as well as voice-enabled assistants to help employees work smarter and more productively, Oracle Retail solutions are now integrated with Oracle Digital Assistant. Together, these offerings empower retailers to find answers to critical business questions such as, “What’s the current margin on our new BOGO offer for trendsetters?” faster than ever before.
Announced at Oracle OpenWorld 2018, Oracle Digital Assistant leverages artificial-intelligence (AI) to understand context, derive intent, and identify and learn user behaviors and patterns to automate routine tasks proactively on behalf of the user. By integrating the technology with Oracle Retail Offer Optimization Cloud Service, analysts can easily streamline location-specific sales forecasting, promotional deployment and performance, approval automation and target prioritization.
To see these technologies in action, visit: https://youtu.be/UcDTQa7Ff-w.
“Most retailers think about conversational AI in the context of the store or e-commerce, however, retailers can now apply conversational AI to their core operations’, via voice or text, to accelerate productivity and optimize processes,” said Mike Webster, Senior Vice President and General Manager, Oracle Retail. “Smart digital interactions are an integral part of our everyday life as we query Alexa, Google Home and Siri for recommendations. This latest integration between Oracle Digital Assistant and Oracle Retail Offer Optimization Cloud Service brings the power and simplicity of voice to retail operations, speeding time to insight and action.”
Built on Oracle Cloud Infrastructure, Oracle Digital Assistant goes well beyond standard chatbots available today that provide simple, single skilled, linear responses. By applying AI for natural language processing (NLP), natural language understanding (NLU) and machine learning (ML), Oracle is in a uniquely positioned to leverage its breadth and depth in enterprise applications to offer a digital assistant that can truly span the enterprise.
“Going forward digital assistants will transform how merchants, planners, and marketers collaborate, engage their company’s information assets, and how they work,” said Greg Girard, program director of intelligent product merchandising and marketing, IDC Retail Insights. “As digital assistants become more conversationally and analytically skillful and more aware of their users’ intent and context we’ll see more incisive decisions, made quicker, to deliver better business outcomes. Retailers should bring digital assistants into their digital transformation planning assumptions now.”
In April, Oracle launched the next generation of promotion, markdown and offer optimization capabilities as a cloud service with the launch of Oracle Retail Offer Optimization Cloud Service. With these new updates retailers can analyze promotion and pricing decisions for the entire product lifecycle while providing consumers with targeted and contextual offers.