In today’s online ecommerce space, it is important to understand and take advantage of multi-channel retailing. This article will explain the concept of multi-channel retail and the key components of a successful multi-channel retail.
1. Multi-channel Retail Definition
Multi-channel retail is the retail of products through several channels including brick-and-mortar stores, online websites, online marketplaces, etc. Using multi-channel marketing can help increase your conversion rate by a significant amount.
Most marketers will recommend using multi-channel retailing that is through at least one physical store and one online store or one standalone store and one store on muti vendor marketplace to maximize your profits because it allows your products to reach more people (from traditional shoppers to online users). Multi-channel retailing also helps build better brand identity, increase brand awareness and establish a loyal customer base.
Ecommerce websites are now no longer the only marketplace for online stores due to the skyrocketing interactions of buyers between channels. Even ones that were normally used as a part of the sales funnels have become profitable channels.
2. Three Important Channels In The Ecommerce World
- Social Media: Selling on social media platforms namely Facebook, Instagram or Twitter is popular among young entrepreneurs and you should join in too.
- Online Marketplaces Marketplaces like eBay, Amazon, etc. have millions of users and every business owner should take advantage of that.
- Comparison Shopping Engines (CSEs)
3. Three Factors That Can Lead To Multi-Channel Retailing Success
- Differentiate: In today’s saturated market, to survive your business has to have a niche so as to stand out from the crowd. Be different. Create better advertising content as well as product descriptions to entice customers and grab prospects’ attention. Some of the ways to make yourself special are giving out free samples, offering discounts and coupons, etc.
- Branding: You need to create a better brand identity and be consistent with your image. Every platform of your store should have the same aesthetic.
- Streamline: Once you have turned your business into a multi-channel retail, things can be messy. Find a way to manage your channels