ORLANDO, Fla., March 22, 2017 /PRNewswire/ -- Oracle Industry
Connect -- Today Oracle announced the findings of new research
that examines consumer attitudes to new technologies and how their
implementation will shape consumer behavior in the years to come.
Insights from the Oracle Retail 2025 study highlight that consumers
are most willing to engage brands with new technology if they feel
that they are in control of their experience.
"Consumers clearly indicated that they have a conservative
appetite for retail technologies that requires deep personal data
and make decisions on their behalf," said Mike Webster, senior vice president and general
manager at Oracle Retail and Oracle Hospitality. "This signals
brands to focus on building a strong foundation to win trust. Warm
attitudes toward utilizing virtual reality and receiving
recommendations for custom-made accessories produced with 3D
printing points to consumers' willingness to adopt new technologies
if they are in control of their experience."
The Retail 2025 Report results provide a benchmark for where
consumers are on the retail technology adoption lifecycle and the
impact on retail in the next eight years. The Retail 2025 Report
polled 709 consumers in February
2017.
Smart Gets Smarter
AI, VR and IoT present the opportunity to better anticipate
consumers' next purchase. However, establishing a strong foundation
of trust is critical to success when rolling out new experiences to
consumers. If brands over step the reaction can be visceral.
- 64 percent of respondents liked the option of using virtual
reality to navigate a personalized in-store experience and having a
hand-picked wardrobe to try on in-store
- 58 percent of consumers indicated a positive attitude toward
the idea of having their grocer suggest a shopping list for their
approval based on purchase history, social and environmental
data
- 54 percent of respondents indicated that having a grocer
automatically charge and ship items based on purchase history,
social and environmental data was invasive
Fast Gets Fierce
Velocity in fashion is critical and it will only get faster. 3D
printing and drone deliver will accelerate the product design to
consumer process from months, to days and eventually hours.
- 67 percent of consumers like the option of near real-time
delivery to their doorstep by drones
- 64 percent of consumers responded favorably to the concept
having a retailer suggest a custom-made accessory for them produced
with 3D printing
- 57 percent of consumers find apparel recommendations from
robots based on their social media profile invasive
Personalization Gets Perfected
Consumers are wary about volunteering data necessary for
personalization but still look for a tailored experience,
reinforcing the need for stronger brand relationships. On the
flipside; there is a clear difference in consumer expectation for
retailers to make data available and customize information about
components, origin and recalls to their specific buying
patterns.
- 54 percent of respondents viewed the concept of linking their
wearable activity tracker to their pharmacy so they can suggest
products to meet specific health and wellness needs as
favorable
- 78 percent favor the option of having detailed information
about product components (e.g., cotton, spandex, etc) and their
origin prior to purchase
- 46 percent of respondents indicated that receiving real-time
alerts on current product recalls, and time since last recall by a
manufacturer, based on previous purchase history would improve
their experience
About Oracle Retail:
Oracle provides retailers with a complete, open, and integrated
suite of best-of-breed business applications, cloud services, and
hardware that are engineered to work together and empower commerce.
Leading fashion, grocery, and specialty retailers use Oracle
solutions to anticipate market changes, simplify operations and
inspire authentic brand interactions. For more information, visit
our website at www.oracle.com/retail.
About Oracle
Oracle offers a comprehensive and fully integrated stack of
cloud applications and platform services. For more information
about Oracle (NYSE:ORCL), visit www.oracle.com.
Trademarks
Oracle and Java are registered trademarks of Oracle and/or its
affiliates. Other names may be trademarks of their respective
owners.
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SOURCE Oracle