Why Multichannel Selling is Smarter
Your e-commerce store is up and running, you’ve ironed out the bugs, and your customer base is growing. Expanding your online reach through multichannel e-commerce is the next logical step as you continue to grow your retail business. There are lots of reasons multichannel sales make a lot of sense: here are eight we would like to highlight:
1. Sell More Stuff
The first and most obvious reason to sell your products through multiple online outlets is that you will sell more stuff. With a higher profile, more visibility, and access to new customers, your products will be seen by more people, shoppers who are in the right frame of mind to click that ‘buy now’ button.
2. Give Your Customers Options
Happy customers are loyal customers. More and more often, customers are multi-tasking, shopping using their smartphones while they are on a coffee break or waiting for an appointment. Finding your products wherever and whenever they happen to be virtually shopping makes you more accessible. Online shops also have the potential to offer quick customer service and customers who feel well looked after are more likely to purchase and leave better reviews.
3. Gather Data and Get Smarter
The more places you sell your items and engage with your customers, the more opportunities you have to collect data. And, the more data you have about your customers, the better you can understand their needs and provide what they are looking for. Knowing where and when your customers are shopping, what devices they are using, and how they are engaging with your content can help you design better and more effective marketing campaigns. Knowing what’s working helps you spend your marketing budget most effectively.
4. Scale Up!
The benefits of economies of scale are easy to calculate. Larger quantities ordered mean better purchasing power with your suppliers and that can mean bigger savings. By reducing your costs you increase your profits. By adding channels like eBay, Jet, and Shopify, you have the potential to increase sales dramatically -- and by doing so, improve your profit margin on each item sold.
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5. Improve Productivity and Efficiency
Increased staff efficiency results when you integrate several sales channels. This can work in a couple of ways. A staff member in your bricks and mortar store can check product details, locations, or special promotions on a tablet carried onto the floor, providing the customer with top notch service.
The workflow of your core team managing various online channels evens out because using more and varied sales channels tends to reduce dramatic day-to-day and hour-by-hour sales fluctuations. Smoothing out these ebbs and flows makes staffing easier. Staffing is also more efficient when you can use the same personnel to manage online listings, update images, send out coupons, manage special offers targeted to individual customers, and take advantage of the unique promotional tools offered by different channels.
6. Facilitate Customer Engagement
Integrating your online sales channels and social media feeds with bricks and mortar marketing strategies can prove to be a powerful mix when it comes to improving customer loyalty and increasing sales. Special coupons, time-limited specials, and contests that involve some sort of social media engagement are all great ways to encourage customer loyalty.
Different sales channels offer their own strategies for facilitating engagement: the cumulative effect of taking advantage of various options can be significant as your brand profile grows and you are seen to be everywhere.
7. Diversify to Decrease Risk
We all know the dangers of keeping all your eggs in the same basket. By spreading your online presence over multiple channels you reduce the risk of a catastrophic failure should one of your channels go down (which can happen, for various reasons). The costs for adding new channels is generally low but the potential benefits are huge.
8. You Don’t Have to Figure it Out on Your Own!
Managing multiple channels and making sure you stay on top of your inventory management even when sales start coming in from many directions doesn’t have to be a nightmare. Listing Mirror can help you keep on top of listings across multiple channels, coordinate order fulfillment and synchronize your inventory. Get in touch and let’s chat about how we might be able to work with you to expand your reach and take advantage of the potential of multichannel sales.
Sell More. Work Less.