Guidelines for Retailers by MONEXgroup

Transcription

1 Guidelines for Retailers by MONEXgroup The retail market today is demanding, evolving, challenging and competitive. Key factors contend with changes in: 1. Business Model 2. Adoption of New Technology 3. Competition To help you keep up, MONEXgroup presents strategic tips to improve retail performance. Whether it is an instore, on-the-move or an ecommerce type of business, MONEXgroup provides innovative, secure and hightech payment processing solutions to support all business needs. Tips to Improve Retail Performance

2 1. BUSINESS MODEL Strategic Management Tips Creating a Business Model allows you to identify your current services, distribution method, marketing and strategic management in terms of: Channels - Identify your distribution channels from raw materials to the point of checkout. Key Resources - List the resources you need to supply your product / service to the market. Key Activities - Introduce your brand to the market through multipe media channels, direct sales and maintain the availability of your product through operations management and networking channels. Value Proposition - Distinguish your brand in the market by looking at your product s attributes. Customer Relationship - Build a strong relationship with your customers and maintain this relationship through CRM system, direct interaction and event planning. Revenue versus Cost - Identify your direct and indirect costs and use your financial analysis skills to identify areas for improvement.

3 1. BUSINESS MODEL Key Success Points & Measurements Retailers should constantly measure and assess their business activities to improve retail performance. The following factors determine the strengths of your retail services: Assess the health of your existing products by looking at the product lifecycle stage since launching date. Maintain great customer service and delivery of support on time, every time to satisfy your customers. Be creative and offer marketing promotions (discounts / special offers) for different seasons to attract new purchases. Develop a Persona for each client to classify your customers and communicate through a supportive CRM system. Engage with your customers and stay connected with them through social media channels. Add a versatile POS Solution to secure your payments and let your customers choose their method of payment.

4 2. ADOPTION OF TECHNOLOGY Advancement of Technology in Retail To stay ahead in retail, you need to look to adopt the latest technologies available in marketing your retail services, plus the latest supporting payment processing. Here are some technology tips to help you stay up-to-date and improve retail performance: Synchronized technology to improve retail performance - this trend allows you to create multiple channels to accept commerce anywhere and allow your customers to purchase, return and pick-up their chosen items while you meet your targets. Gain a greater visibility to your finances and inventory management Mobility of service leveraging mobile technology - you can now implement a Point-of-Sale system and integrate it to your smart devices to allow your employees to process payments securely with Wireless Solutions.

5 2. ADOPTION OF TECHNOLOGY Revolutionize Retail with Technology Trends Technology Tips: CRM system - a software which allows you to create customer profiles and manage it with full integration to your client database. Virtually, you can access the system with compatible technologies and cloud solutions, in addition to accepting payments through MONEXgroup Virtual Terminal. Globalization & ecommerce create a storefront that is open 24/7 extending services to international markets. Your website offers new opportunities to promote products worldwide through E-Commerce Solutions. Source : (Forbes, 10 Technology Trends That Will Revolutionize Retail, 2015) Go Social & Stay Connected - your customers today are expecting to interact with you through your social media channels. Promoting your products with a description is one thing, but going a step further to create a dialogue with your prospects is what you might need to consider. This interactivity will further allow you to capitalize on their knowledge and understand their needs, thus enabling more relevant products and services!

6 OUT OF STORE IN STORE 2. ADOPTION OF TECHNOLOGY Incorporate the latest in Payment Processing WIRELESS POS SOLUTION COUNTERTOP POS SOLUTION NFC Contactless - a built-in technology embedded into Smartphone / Tablet devices which allows customers to settle payments by tapping their smart device to the Point-of-Sale terminal (in-store and on-the go) available with the tap and go feature. Integrated ECRi an Electronic Cash Register Interface placed in-store which allows you to integrate payment processing into your existing POS solution and offer great visibility to your operations and data management on each processed transaction. Wireless Solution a POS solution which allows for mobility of service and flexibility. Mostly used with businesses on-the-move and for direct interaction with customers at the point of checkout. E-COMMERCE POS SOLUTION INTEGRATED POS SOLUTION E-Commerce Solutions - an online payment gateway integrated to your website through a hosted or nonhosted checkout solution which allows you to process payments anytime, anywhere and generate online revenue.

7 3. COMPETITION Know What You re Up Against The most rewarding strategy to implement in your business is looking at your brand positioning, unique products characteristics, availability of service and customer satisfaction. If you are only considering your costs to assess your profit margins, then it s time to look into different parameters to run your business in an ever dynamic marketplace! Create a strategy to penetrate into the chosen market and distinguish your brand among other rivals in the market.

8 Selling Price Product Attributes Availability of Service 3. COMPETITION Positioning & Key Success Factors Your current strengths and competencies highly rely on your quality of service, products features and benefits, competitive pricing and after-sale service. The following factors can directly impact the strength of your business and must be scrutinized to consider in order to improve retail performance: Selling Price - set a competitive price and offer seasonal pricing discounts to attract new customers and boost sales. Product Attributes - offer something unique to the market and educate customers about your products characteristics. Availability of Service - be proactive in reaching out to customers and use multiple channels of communication to interact with them.

9 RETAILER BENEFITS WHEN PARTNERING WITH MONEXgroup Create your merchant account and access your portal anytime to view your history of transactions. Integrate your product database to an online portal and start accepting payments online/virtually. Directly access your online reporting and benefit from all the powerful administrative and accounting features. Improve visibility for operations management and cash flow by previewing your finances. Expand and keep processing securely by adding the same POS Solution to different locations. Focus on knowing your customers while we maintain a secure and reliable payment processing solution. The benefits of partnering with MONEXgroup start from receiving an outstanding customer service and an exceptional technical support.

10 CONTACT US TODAY! TO ALL TYPE OF BUSINESSES RETAIL ELECTRONICS TECHNOLOGY DELIVERY RESTAURANTS TRAVEL AGENCY HOTELS + When partnering with the number one payment processor in Canada; MONEXgroup will increase your efficiency and quality of service and lower the related costs. Request a Cost Comparison Analysis today. Call and ask about our latest promotion.