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Many businesses have shops that don’t simply sell one product. eCommerce platforms such as Amazon and Argos sell multiple products across several different channels. Some of these channels include the likes on social media, online stores and also mobile applications.
Now more than ever, businesses are seeking to diversify their channel retailing. Some are looking to sell on multiple channels instead of restricting themselves to only one. This is part of an attempt for some to increase their market and to generate more sales.
This blog will discuss exactly what multiple channel retailing is, its benefits, as well as how to successfully implement it for your business.
What is multi channel retailing?
Before we go into great detail concerning how to implement this and its benefits we must first understand what multi channel retailing is. Firstly we must look at what a channel is in the context of retailing. A channel is simply an avenue by which you sell a product or service. For instance, Amazon selling products through their online store is a channel through which they sell their services. The logic is the same behind the concept of multi channel retailing, here a business has several channels through which they can sell their products and services.
The Benefits of Multi Channel Retailing
There are a multitude of benefits that you will receive by branching into multi channel retailing. One such advantage is that you will now have a much wider reach in the market. This is ideal for any business as the wider your reach, the greater the potential for larger consumer pools and in turn an increase in sales. Through multi channel retailing you can tap into already established consumer groups without extensive marketing and advertising. This is especially the case when you look at the data. Over 60% of consumers use or have used their mobile phone to make purchases. By this alone, we see the huge revenue potential a business can gain by opening a retail channel for mobile shopping.
Better Customer Trust
Despite the constant desire for consumers to shop at specialised stores and businesses, the general store will never cease to have demand. Quality customer service is important to building and maintaining customer trust. Branching into multi channel retailing will allow you to cater to the general needs of your consumers. Whether they prefer to shop through mobile, online or even physically in-store you will be able to offer multiple channels to their preference. Moreover, this will increase customer trust in your business and services. If customers see that there are several avenues to buy your products through, they are unlikely to shop anywhere else. A key outcome you want through establishing multi channel retailing is for customers to have a shopping experience that retains their interest.
Have Access to Better Data from Customers
By having multi channel retailing, you’ll also be able to better data on your customers across multiple channels. Many social media platforms such as Facebook and Instagram have analytics that you can view to get a better picture of the behaviour of your customers. This data can prove advantageous in refining marketing strategy and even your products. This is as through many of these platforms, you have access to useful data about your customers. Factors such as their interests, frequency of visits, their purchasing behaviour as well as much more information.
Also, if you are looking for your own eCommerce business that can provide you with multi channel integrations then consider going with us at Getshop Today. Getshop Today offers you your very own functional eCommerce website, tailored to be compatible with platforms such as eBay, Amazon, Facebook and Google Shopping. With eBay you can not only export your listings from your website to eBay, but also import eBay listings and sell those on your website.
Tips to Implement Successful Multi Channel Retailing
When it comes down to advertising the channels you are considering, it is important that you use appropriate marketing strategy. Certain platforms show better marketing success with some ads compared to others. Because of this, it is key to consider the channels you are using and optimise your marketing for that. An example of this would be using Instagram as one of your channels. The platform is heavily centred around visuals and images, and because of this these types of mediums will garner more success when marketing on the platform. You wouldn’t want to make your marketing text heavy when promoting through the Instagram channel. Overall, be sure to optimise marketing for the channel you are doing so through.
Juggling multiple channels will require you to be tight and organised with your inventory management. Many businesses who have multiple retailing channels struggle with managing several inventories at once. Due to this fact, it is important that businesses seek to invest in an inventory management system.
The benefits of this are huge. Mainly, it means that you have better control over the items you are selling through your multiple channels. Also, an inventory management system will help to maintain stock of certain products being sold through more than one channel.
For instance, if you are selling mobile phone cases through more than one channel then you can set a limit on the amount of stock each channel can sell - helping to make your stock last longer.
Another benefit that is offered through an inventory management system is that it makes the order fulfilment process more efficient. You’ll be able organise and ship your products to customers more seamlessly as you can manage inventory across multiple channels easier.
There are many benefits for your business by choosing to branch into multi channel retailing. It is an effective way to expand the reach of your business, paving the way to increasing your customer pool and in turn your sales.
Ultimately, the decision to go with multi channel retailing depends on the aims and capabilities of your business. Going with it can mean building stronger trust with customers and the ability to automate shipping processes more effectively. Regardless, do not feel the need to rush into having multiple channels, you never know when the right time for your business will arise