Oracle named a Leader in retail price optimization applications worldwide

Rose Spicer, Global Senior Director and Kristy Mills, Senior Marketing Manager, Oracle Retail | March 28, 2023

Recognized for providing next-generation retail planning in the age of curated merchandise orchestration

Source: " IDC MarketScape: Worldwide Retail Price Optimization Solutions 2023 Vendor Assessment", By: Ananda Chakravarty, March 2023, IDC #US49458922
IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of ICT suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. The Capabilities score measures vendor product, go-to-market and business execution in the short-term. The Strategy score measures alignment of vendor strategies with customer requirements in a 3-5-year timeframe. Vendor market share is represented by the size of the icons.

Oracle was recently named a leader in the IDC MarketScape: Worldwide Retail Price Optimization Solutions 2023 Vendor Assessment. The list includes retail-focused price optimization vendors chosen for their enterprise-grade capabilities, such as tools that use machine learning and other applications of artificial intelligence (AI) to support strategic pricing across channels. Vendors were also chosen for their prominence on enterprise retailers’ buying shortlists. We believe Oracle Retail’s placement as a Leader underscores its continued investment in analytics, optimization, and retail AI solutions. With these offerings, retailers gain an unprecedented line of sight into the future performance of their assortments and the impact every promotional offer will have on the bottom line.

"Price optimization, once thought to be a mature space, is dramatically changing with the advent of AI/ML, enabling automation, prioritization, and scaling of enormous amounts of data related to pricing. The new and old vendors in this space will drive a new kind of price optimization that considers far more data than ever imagined," says Ananda Chakravarty, vice president of research, IDC Retail Insights.

The IDC MarketScape report states, “price optimization has become even more important as the economy emerges from the pandemic and inflationary pressure inconveniences retailers. Retailers must evaluate and leverage price optimization solutions to reduce costs, maintain profitability, and continue to offer effective price points that consumers will be willing to purchase at.”

The IDC MarketScape recognized Oracle for its breadth of capabilities and its easily scalable solutions.

This IDC MarketScape report highlighted these strengths for Oracle:

  • “Breadth of capabilities: Oracle's price optimization capability is one part of the company's end-to-end retail enterprise capabilities across a large portfolio of solutions. The price optimization solution is built within the context of the entire retail footprint, enabling efficient expansion and integration of solutions to meet the needs of retail.
  • Built for scale: Oracle's price optimization solution is well designed to meet the scale needs of any retailer, regardless of size, industry segment, geography, business model, or channel mix.
  • Integration/extensibility: Oracle offers easy, efficient, and out-of-the-box integrations with a full range of adjacent modules and capabilities. Oracle's easy integration extends to both internal modules and solutions, third-party integrations, and legacy solution integrations.”

Oracle Retail’s price, promotion, and markdown optimization applications leverage Oracle Retail Analytics and AI Solutions which combine machine learning, other applications of AI, and decision science with data captured from Oracle Retail SaaS applications as well as third-party data. The unique property of these self-learning applications is that they detect trends, learn from results, and increase their accuracy the more they are used, adding massive amounts of contextual data to get a clearer picture of what motivates outcomes. These pricing applications are complemented by a broad suite of retail planning, optimization, and execution applications.

“Retailers have a big opportunity to leverage machine learning and retail AI to bring their business to the next level of curated merchandise orchestration,” says Jeff Warren, vice president, Oracle Retail. “Oracle provides retailers with next-practice price optimization applications, empowering them to automate and predict the impact of pricing decisions while delivering offers that delight their customers and increase redemption rates.”

The Oracle Retail solutions considered in the IDC MarketScape: Worldwide Retail Price Optimization Solutions 2023 Vendor Assessment include Oracle Retail Customer Engagement Cloud Service, Oracle Retail Planning and Optimization Suite, and the Oracle Retail Analytics and AI Solutions.

1. Source: "IDC MarketScape: Worldwide Retail Price Optimization Solutions 2023 Vendor Assessment", By: Ananda Chakravarty, March 2023, IDC #US49458922

Access a complimentary excerpt copy of the report for further details.

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