Modern customers prefer comfort and flexibility compared to traditional retailing. Moreover, with the advancement of technology, they are able to do frequent product research online. As a whole, customers want full control of their purchasing experience.
Do you own a retailing business? If yes, you have to meet your customers’ expectations to keep up with the competitive retail world, especially delivering your products and services to more sales channels. One of the solutions starts with multichannel retailing.
In this article, we will guide you through:
The definition of multichannel retailing and how it helps you grow your business
A recommended multichannel selling solution and boosting sales tips
What is multichannel retailing?
Multichannel retailing is the practice of engaging multiple distribution channels to sell products or services to customers, usually in a business-to-consumer (B2C) setting. It facilitates businesses' online and in-person interactions with customers via channels such as brick-and-mortar stores, online marketplaces, E-stores, social media, etc.
Suppose you own a single online store and want to expand your sales by adding more sales channels. Integrating your store with marketplaces like Amazon, eBay, Etsy, etc., and using digital solutions to manage the expansion, is one of the best methods you can make use of. Accordingly, you can choose between Shopify eBay integration, Etsy Shopify integration, WooCommerce Amazon integration, or many other integrations/applications to help you increase sales and connect with millions of buyers.
To put it another way, multichannel attaches the customer experience and allows customers to engage in the channel of their choice. It forces retailers to develop new selling plans through various channels and, simultaneously, interact with customers.
Multichannel vs Omnichannel selling
You may mistakenly believe that the terms "omnichannel" and "multichannel" are the same thing. Although they both focus on various sales channels that are used to interact with customers, there are significant differences:
Multichannel retailing: It focuses on using multiple distribution channels to promote and sell your products to customers. You can contact them through social media, online marketplaces, or in person.
Omnichannel retailing: Omnichannel also occurs across multiple channels. The key distinction is that omnichannel puts customers at the core and allows them to have a consistent shopping experience across all platforms.
Multichannel retail provides new opportunities to connect with customers and scale up your stores. However, it doesn't just bring in new users. In fact, providing people with many ways to shop for their favorite products through multichannel retailing can help enhance brand loyalty.
Successful multichannel selling entails selling products and services through multiple distribution channels, thereby broadening your customer's reach. That appears to be straightforward, but can it lead to increased revenue?
The answer appears to be a big “Yes”. Stitch Labs reported that retailers that sell through two marketplaces generate 190 percent more revenue than those sold through one.
Enhance customer experience
Modern customers are mainly tech-savvy and prefer flexible and simple shopping experiences. Multichannel retailing gives your customers more options - flexibility, to shop and purchase your products. Convenience simply cannot be priced.
A larger audience reach
Multichannel retailing also helps to grow into untapped customer groups. You can own the best eCommerce online store but it will mostly attract regular customers or those who are familiar with your business.
The more channels are used to promote your brand, the wider range of audiences you will reach. Using multiple channels enables you to expose the products to new customers that might turn into first-time buyers, resulting in new sales. You can try integrating with online marketplaces, opening a new online or offline store, testing pop-up experiences, exploring new demographics, etc.
A multichannel E-store is more difficult to control due to multiple sales channels. Inventory tracking, order fulfillment, information management, etc. are all part of the process. To do so, you'll need to find a tool that fulfills your needs.
LitCommerce is a multichannel selling tool that enables you to list and sell products on the most popular online marketplaces such as Amazon, eBay, Etsy, Walmart, etc. while mainly managing data from these channels within a single system. As a result, you can easily fulfill orders from various marketplaces while providing the best customer experience.
With any channel integration, you can effortlessly take advantage of LitCommerce’s extra features:
Product Listing in Bulk: With LitCommerce bulk listing software, any merchant can start selling quickly and easily. You are able to create listings from your central catalog and publish them in your store with a single click.
Real-time synchronization: LitCommerce will automatically update between your sales channels whenever you make changes to your product attributes - name, price, inventory, images, etc., saving you time and minimizing repetitive tasks.
Advanced order management: Order management and fulfillment are no longer a chore with LitCommerce. Your orders from different channels will be automatically synced into a single dashboard. It enables you to offer products on time and catch up on statistics.
Furthermore, LitCommerce presents an outstanding selling function compared to other online software. Here you are able to integrate your store with more than one channel simultaneously and manage your business within a single dashboard.
LitCommerce is determined to further empower you efficiently to grow your eCommerce businesses. You can always look it up to understand the entire integration process, i.e. Amazon with Shopify and Etsy with WooCommerce, or connect with their support team for more details.
Create strategies for each sales channel
Customers behave differently across different sales channels, so it is a must to understand the differences.
Let’s say, a customer purchases through Google Shopping and another one goes to your website. Google Shoppers, in this situation, mostly compare prices and want to get a good deal. Your website visitors will be more concerned with your brand and overall quality.
Therefore, you can start analyzing each channel to point out the best strategy for each. Pick one at a time, optimize all listings, and then move on to the next one when you've established a process for that channel.
Make price adjustments for each channel
Your prices will vary depending on the channel, similar to customer behavior.
You'll need to take additional fees and costs into consideration, but also consider your market's competition. It's critical to stay competitive, but there's no reason you shouldn't tailor your pricing to your customers' preferences. As a result, you'll frequently see different prices for products displayed in different selling channels.
Using a multichannel selling tool
If you plan to sell through a variety of channels, it’s time to make the investment in an efficient multichannel solution (i.e. LitCommerce) to keep track of all your inventory and processes. The tool must allow you to control all sales channels from a single place and enable you to:
Increase your profits.
Save time and maintain control.
Modern customers are swamped with options.
To survive in the retailing world, you need to explore multiple channels, both eCommerce platform and offline stores. Implementing the right multichannel retailing strategy will boost your business up for growth opportunities and ongoing success.
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