With the rise of eCommerce and the ever-changing retail landscape, traditional retailers have been forced to rethink their businesses from all angles. Established retailers with and without brick-and-mortar stores are constantly working to adapt, adjust, and stay relevant in the age of online shopping and Amazon. While retailers have executed various tactics in order to accomplish this, we will be digging into a company that has recently made headlines for doing so in a few unique ways.
Office Depot is Pushing Up & Over
Over the past year, Office Depot has been reshaping its office supply-selling operations. With a new CEO leading the way, the company has made moves to pose itself as a retailer that wants to enhance its in-store and online customer experience, diversify its offerings, and acknowledge the importance of green business. These three moves have allowed Office Depot to push forward as the retail world continues to see quick changes and stiff competition.
Improving the Customer Experience through a Forward Supply Chain Enhancement
In September of this year, Office Depot announced its partnership with Elementum, the SaaS vendor that provides retailers with forward supply chain management and streamlined omnichannel operations. This collaboration, made partially in an effort to better the customer experience, vows to speed up the delivery process and provide real-time accuracy of material availability across all customer channels. While the work with Elementum does not guarantee Office Depot a seamless forward supply chain, it does show that the company’s looking to enhance its internal operations as a way to gain and retain customers.
Diversifying Product Offerings through Acquisitions
Earlier this month, Office Depot announced its $1 Billion acquisition of CompuCom Systems. Through the acquisition, Office Depot has taken a foot out of the office supplies space and planted it in the IT services and fulfillment market. This diversification will allow the company to become a one-stop-shop for both tech products and related services that will cater to individual customers and SMBs. Additionally, it will provide increased foot traffic to stores given that CompuCom will set up services stations in all Office Depot brick-and-mortars. This acquisition illustrates another way in which the company is readjusting to stay fresh and remain competitive.
Encouraging Green Businesses & Sustainable Practices through Customer Recognition
As consumers are becoming increasingly environmentally and socially conscious, retailers must position themselves the same way. Recently, Office Depot publicly recognized companies for their leadership in green buying. As the press release states, “Award winners were selected from among Office Depot’s largest customers based on their expenditure on products with eco-attributes…” Not only does this encourage customer loyalty, but it positions Office Depot as a business encouraging sustainable practices. This move gives Office Depot another opportunity to positively increase its marketplace presence.
Overall, there are numerous ways for retailers to push forward as retail continues to evolve. We believe Office Depot has recently illustrated some unique, thought-provoking tactics and are eager to see how they continue to push ahead in the coming years.