When a company sells its product to an individual user for his or her own use is known as retail sale. The retail transaction can be done through various channels like online, direct sale or from a physical store. Retail is usually categorized into four types:
- Food: eatable things like meat, bakery items, dairy items etc
- Soft Consumable : things like clothing, shoes etc
- Arts and Education : Thinks like fine arts, books and musical instruments
- Hard lines : Things which are durable or long term use such as home appliances, vehicles, furniture
Under these categories you will find different kind of retailer
This type of retailer offers a wide range of products of different price range. In other words it is a combination of small retail stores managed by an individual or company
This types of retailers basically a big grocery store including food and beverages. But some supermarkets offer products such as home appliances, fashion and electronics goods.
This kind of retailer stock huge amount of products and offer at very low price. You can find this retailer in business parks or in specific huge markets.
This retailer offer products from one or two companies and provide customer care too. This also provide accessories or related products
These retailers provide services online and cover a large geographic area. Customers buy products via internet.
This retailer offers discounted products. The products are of low price as compared to market price
Retail Market in India
According to wikipedia.com the retail market of India is one of top five markets of the world worth US$600 billion. This retail market is one of the pillars of Indian economy and it’s about 10 percent of its GDP. It is expected that this industry will be doubled by 2020. The factors behind this are increased income of middle class and increased digital connectivity
Prudence Technologies Taking Part in Digital India
Prudence technology brings Oracle Fusion Cloud service for retail market in India. This is an initiative towards digital India. Oracle Fusion Cloud provide various retail services which are really helpful to retailers to manage huge daily transactions. We discuss some of the retail services of Fusion Cloud below
Oracle Retail Insights and Science Products
There is an intense competition in retail. Due to the availability of internet and social media today we are able to know what customers want even if they don’t tell you. Oracle retail insights and science product help retailers to get this information using machine learning and AI algorithms. Some of these products are
- Customer Insight Cloud Service : It understands customer preferences
- Merchandising Cloud Service : Identify affection able merchandising opportunities
- Retail Science Platform Cloud Service : A complete suite of retail science applications, purpose built and field tested
Oracle Retail Omni-channel Products
A perfect Omni-channel retail experience needs a continuous and smooth combination online store, physical store, order management and customer care. Oracle does this consolidation. Some of these products are
- Commerce Cloud : Provides customized and optimized e-commerce experience
- Order Management System Cloud : Identify, attract and retain your loyal customers by providing unprecedented customer care
- Store Inventory Operations Cloud Service : Provides real-time and precise inventory data to execute efficient in-store processing
Oracle Retail Supply Chain Products
Managing your supply chain process efficiently could be profitable. Oracle retail supply chain management solution promotes collaboration across your supply chain network and inspires consumer trust and transparency. Some of its products are
Warehouse Management System : Enable retailers to control orders and inventory throughout the process
Advance Inventory Planning: Has a full grip over forecaster demands and guide to purchase inventory in-time.
Replenishment Optimization : Balance inventory in the whole supply chain process efficiently to achieve great customer service