KEYS TO YOUR RETAIL FUTURESix Strategies to Succeed in a Changing Marketplace

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Six Strategies to Succeed in a Changing Marketplace

In today’s ultra-competitive retail environment, you need sound business strategies and the best information available.

Astute merchants are looking for better ways to engage their customers. You want greater operational and supply chain efficiencies. And you need new ways to drive sales and increase margins in every channel.

OKI understands. After all, we’ve built and supported innovative and cost-effective print solutions trusted by America’s brand leaders for more than 40 years. To help you navigate today’s retail challenges, OKI reviewed a wide range of independent research on today’s most effective retail strategies.

We’ve condensed these findings into this exclusive industry brief.

We encourage you to take a few minutes to review these insights. They are key to driving customer satisfaction and profits across your retail business.

TABLE OF CONTENTS1. The Customer Experience ..... 32. The Personalization Edge ..... 43. Instant Gratification ............. 54. Give Them Options............... 65. Look to the Cloud ................. 76. Retail Innovations ............... 8

KEYS TO YOUR RETAIL FUTURE

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You must provide a positive and engaging customer experience across every touchpoint including mobile, phone, desktop as well as brick-and-mortar channels. Anywhere your customers are, you need to provide a consistent brand experience.

To do that, you need to nail down some basics. Things like data management and analytics, CRM software, intelligent printing systems, and mobile communications. And to work, they all must integrate smoothly to serve and satisfy your customers.

1. ENHANCE THE CUSTOMER EXPERIENCE

KEYS TO YOUR RETAIL FUTURE

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70% of consumers say they would return to a retail store that delivered some form of personalized service or offering.

So how can you do it? It can start with basics like loyalty programs using data from POS and retail management applications to create more targeted, personalized messages. Some retailers offer invitations to exclusive events or personalized styling or shopping support. Others are using customization – from personalized messages and family photos printed on a gift item, to monogrammed clothing, or letting kids pick the color of the bands that bind their braces.

More than 40% of retail clothing consumers said their last store experience was impersonal. So there is tremendous opportunity in personalization.

2. THE PERSONALIZATION EDGE

KEYS TO YOUR RETAIL FUTURE

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In today’s world, consumers expect and demand instant gratification – and an anywhere, anytime retail experience. You simply can’t be out of stock or hard to reach.

That’s why successful retailers are investing in things like cloud, as-a-service applications and real-time data access to make faster and smarter business decisions. Inventory visibility is key, allowing you to locate a product on the shelf, in a warehouse or on a truck and deliver it quickly to the consumer.

Others are investing in “endless aisle” and in-store WiFi that allow them to connect to the consumer’s digital persona. This technology gives you the speed and visibility you need to meet and exceed customer expectations.

3. INSTANT GRATIFICATION

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Omni is the channel strategy of the future, and that requires the right technology. The “enabled store” movement is bringing anywhere/anytime capabilities into brick and mortar stores. And e-commerce channels are embracing traditional showrooms and service centers to complement their online strategy.

Smart retailers are also consolidating order and inventory management, CRM, ERP and other core technologies into single, centralized platforms. That helps drive faster decision-making and a single source of customer truth.

4. GIVE THEM OPTIONS

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Retailers are also moving to the cloud. As-a-service solutions are being used to improve networking, security and the user experience, as well as in merchandising, loss prevention and e-commerce.

Headquarter locations are using hosted document management solutions, such as scan-to-cloud, automated supply orders, and secure print releases. Cloud promises real benefits: cost and efficiency gains, faster decision-making and a more engaging consumer experience.

5. LOOK TO THE CLOUD

KEYS TO YOUR RETAIL FUTURE

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1 Retail Tech Spending 2017: A Quest for the Complete Customer Experience. October 2016, Innovative Retail Technologies magazine.

Consumers are creating and living their “digital personas”, and smart retailers are building ties to online and on-the-go customers. In a 2017 survey, retail leaders said they will focus their tech investment to meet three goals: supporting omnichannel visibility, improving warehouse and DC efficiencies and enhancing price management.1

In the stores, associate mobile devices have displaced POS as a key focus. Retailers are investing in wireless, store-level CRM and intelligent/personalized/on-demand printing. Many are migrating to the as-a-service model – think cloud-based apps and data, hosted digital and managed print services. All of which build closer links to the digital consumer.

6. RETAIL INNOVATIONS

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At OKI, our goal is to help you compete in today’s competitive retail environment.

• Increase customer engagement opportunities

• Grow channel presence, impact and sustainability

• Integrate strategic balance of print solutions and digital strategies

• Improve customer acquisition efforts and consumer loyalty tactics

• Drive cost efficiencies through innovation, flexibility and customer service excellence

To better understand how OKI can maximize your business model, call: 800-OKI-DATA

GET GAME READY

KEYS TO YOUR RETAIL FUTURE

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