Oracle Corporation (ORCL - Free Report) is slowly gaining ground in the cloud market. Recently, Things Remembered opted for Oracle Customer Experience (“CX”) Cloud suite’s Commerce Cloud solution to enhance business, resulting in a new customer win for Oracle.
Notably, Things Remembered is a prominent retailer with around 400 stores engaged in providing personalized engraving and other gifts, primarily based out of the United States and Canada.
Oracle Commerce Cloud is enabling Things Remembered to bolster customer engagement with enhanced online and in-store experience.
Oracle with its CX cloud suite aims to provide its business clientele with robust capabilities, enabling them to capitalize on the evolving customer tastes and expectations, which is a positive.
Oracle Commerce Cloud is a comprehensive Software-as-a-Service (SaaS) based commerce solution with support for B2B and B2C ecommerce portals on a single platform.
Offered by the broader Oracle CX Cloud suite, Commerce Cloud is witnessing traction from notable retail players, including Moleskine, The Vermont Country Store, and Lenox, to mention a few.
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Oracle is striving to enhance the functionalities of its cloud-based applications, which bode well.
Oracle’s Commerce Cloud solution enabled Things Remembered to consolidate online and traditional sales channels, consequently reducing complexities in business processes.
With the cloud solution, the customers can benefit from the improved website performance, enabling them to deliver an easy checkout experience to its customers. The accelerated launch of innovative services is also a tailwind.
In fact, while testing with Commerce Cloud solution, Things Remembered could support an additional 300% increase in online volume, which compares favorably with the volume at peak shopping period.
The advanced omnichannel experiences assist customers to upscale sales and support the increased traffic during the peak season.
Oracle’s focus on strengthening the comprehensive cloud-based SaaS application suites for its CX cloud offering is anticipated to drive adoption, in turn favoring top line growth.
In fact, per Gartner data, the global SaaS market is anticipated to reach $117.1 billion in 2021 at a CAGR of 18.1% from $60.2 billion in 2017. We believe the company is well poised to capitalize on growth opportunities of its domain on the back of its ongoing efforts in the domain.
The company’s top-line growth is benefiting from the ongoing cloud-based momentum. In fact, in the second quarter of fiscal 2019, total cloud services and license support revenues (69% of total revenues) advanced 3% (5% in constant currency) to $6.64 billion.
However, Oracle Commerce Cloud solution in particular competes with similar solutions from Salesforce.com (CRM - Free Report) , IBM (IBM - Free Report) and Pitney Bowes (PBI - Free Report) , to mention a few, which is a concern.
Notably, the pricing and functionalities of Salesforce Commerce Cloud, IBM Commerce On Cloud, Pitney Bowes Commerce Cloud, among others are likely to have an impact on adoption rate of Oracle Commerce Cloud solution.
Oracle carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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