New Report From Deloitte, Oracle and MIT Tech Review Insights Reveals Customer-Centric Business Models Are Imperative for Modern Retailers

NEW YORK, September 14, 2023 — Deloitte today 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 here.

Accelerating what’s next in retail innovation
Connect with Oracle and Deloitte retail leaders during Oracle’s Retail Strategy keynote at Oracle CloudWorld. Deloitte is proud to be the Global Accelerator Sponsor of Oracle CloudWorld in Las Vegas, Sept. 18-21, 2023. This global conference will bring people together to share ideas, develop in-demand skills and learn about cloud infrastructure and applications. Learn more about Deloitte’s learning sessions and exhibit with the Oracle CloudWorld Hub.

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Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500^® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters by creating trust and confidence in a more equitable society. We leverage our unique blend of business acumen, command of technology, and strategic technology alliances to advise our clients across industries as they build their future. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s approximately 457,000 people worldwide connect for impact at www.deloitte.com.