US-based specialty off-price retailer Stein Mart has been able to gain a holistic view of its inventory and have a more streamlined approach to merchandise planning with Oracle Cloud.

As the planning and forecasting process for its physical stores, online store and warehouses have been consolidated into one solution, Stein Mart claimed that it is better equipped to manage its inventory, which is necessary to support the requirements of its customers, regardless of how they desire to shop.

Equipped with Oracle Retail Cloud Services, Stein Mart claimed to have the tools to keep its merchandise assortments fresh and relevant for consumers.

Stein Mart senior vice president of planning and allocation Nick Swetonic said: “We have been focused on simplifying our merchandising processes while expanding our omni-channel capabilities and new business initiatives.

“The enhanced functionality of Oracle’s Merchandise Financial Planning solution will help us analyse data faster to create better plans up front so we can buy smarter and manage inventory more effectively.”

Oracle Retail senior vice president and general manager Mike Webster said: “Today, retailers sell whatever they buy, often at the expense of the bottom line. Tomorrow, they will be able to more accurately predict placement, price, and sizes across every store and market. This is the promise of the Oracle Retail Cloud.

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“We are helping companies like Stein Mart refine their approach to inventory and purchasing, so they can continually delight customers while improving results with merchandise that turns quickly.”

Stein Mart teamed up with analytics firm Cognira and retail consulting firm Parker Avery Group re-engineer business processes and implement Oracle Retail Merchandise Financial Planning Cloud Service.

Cognira and Parker Avery are already members of the Oracle PartnerNetwork (OPN).

Stein Mart had earlier deployed Oracle Retail Merchandising, Oracle Retail Store Inventory Management, Oracle GoldenGate, Oracle JD Edwards, and Oracle Retail Point of Sale.