Strategies for Multi-Channel E-commerce to 10x Your Revenue
According to a study by BigCommerce, 75% of customers browse products online while shopping in stores.
They’re double-checking the price. They’re checking if they can get the product online within a few days at the most.
Here checking doesn’t mean they are looking at the brand’s website.
They are looking at Amazon or eBay or Shopify or Walmart or Etsy.
Selling products on these platforms sounds apparent. But backing your claims with some data does support your sales efforts.
In a recent study by an inventory management company, it is found that merchants who sell on two or more eCommerce platforms see a 190% revenue jump over those who sell on one.
Besides, 75% of e-retailers said that using a multi-channel eCommerce management system increased sales, 62% said it gave them a competitive advantage, and 64% said it increased customer loyalty.
But, multi-channel eCommerce management doesn’t come without its logistical challenges.
So what makes multi-channel eCommerce management worth the expense? Why is it a necessity for retailers?
You must have heard the saying, “If you all have a hammer, everything looks like a nail.” The same concept applies in marketing, and that’s a reason why choosing a proper eCommerce development is so crucial.
To help you become better in multi-channel expansion, here’s a quick guide to managing inventory across more than one marketplace.
Why go Multi-Channel with Market Space?
You must be where your customers are. Plain and simple!
Nearly 50% of customers who engage with the brands on ten or more eCommerce platforms will buy from any one of them at least once a week. That percentage falls to 21% if they use four or fewer platforms.
Because - A buyer’s journey has become more complicated than ever. They are now empowered on and offline to interact with brands before they even consider purchasing.
When you expand into multiple channels, you’ll meet more people who may be needing products precisely what you’re selling.
How Did it All Start?
As research has demonstrated, approximately 34% of product searches begin on Google and 44% other spills into Amazon.
But, Why Amazon?
Amazon is home to 2 million sellers. It is the only eCommerce platform that offers businesses 109 million monthly views.
A big chunk of that figure is made up of millennial shoppers who spend around $200 billion each year. Not only this, Statistics show that 19% of the 80 million US millennials have an Amazon prime account.
The Reason - It is amazing!
How can Multi-Channels Help?
Broadening your online presence at multi-channels can do more than just increasing your conversion rates.
There are many advantages to adding multi-channel eCommerce management to your sales process.
- Get New Customers: Every customer has a different buying behavior. Some will start shopping with a Google search, some will use Amazon, and some will come straight to your eCommerce website. If you increase your options for buyers to find you, you also end up increasing the opportunities for buyers to buy from you.
- Reduced Barriers to Entry: ‘No need to wait for the racks to fit in your new store.’ There are no such barriers to entry in this case. Setting up the additional sales channels is much easier, and much, much cheaper.
- New Revenue Sources: More Customers = More Money. According to a study, if an e-retailer sells on at least one site in addition to their own, revenue will increase by 39%. One more addition and the number will jump to 120%.
Multi-channel eCommerce management can pay-off perfectly. If you know how to get started, that’s it.
Strategies for Multi-Channel Ecommerce to 10x Your Revenue
Multi-channel eCommerce management can be effective, but it’s not infallible.
It takes some strategies and coordination to ensure that multi-channels are working to your advantage and keeping your customers happy.
Below are some strategies to make that happen:
Strategy 1: Prioritize Channels
Not all eCommerce platforms are similar when it comes to what will work best for your brand.
Each one has its unique features. Each one has its payment terms and inventory-control guidelines.
So, choose what suits your business best.
But, it is crucial to consider channels you want to use from a variety of angles:
- Can your brand reach your target customer base?
- Is the shipment cost-effective?
- Do margins and payment terms work?
- Does the increase in customers make up the first three issues?
Once you figure out which channels are perfect for your business, spend some time pinpointing the audience you want to target on each one.
A better understanding of customer behavior on each platform will help you plug into what they are looking for, their values, and how they like to make online purchases.
Do they want fast delivery? Amazon
Do they like handmade goods? Etsy
Strategy 2: Centralize Data
Logistic and inventory management starts with centralized-data management.
Running from one channel to another to get information is a time-consuming process and opens the door for errors. Instead, all necessary information and data need to flow back to one foundation.
For the purpose, tools that allow data to be in one place will help you make better decisions on purchasing, which decreases the potential for miscommunication and inventory errors.
But, centralizing data from several different marketplaces requires one thing: an integrated CMS.
Your eStore needs to work across all eCommerce platforms and payment getaways so that data can be synced, shipping can be a breeze, and the customer experience doesn’t become disjointed in the process.
Strategy 3: Integrate Inventory & Operations
Great power comes with great responsibility.
When you go multi-channels, you have to be more coordinated to deal with the logistical challenges.
And this process starts with constant inventory management. More opportunities for sales means more chances to become store-stocked.
Based on statistics, around the globe, businesses lose around $634 billion just by annoying customers with stocked-out items. And, If they overstock, they lose $472 billion. That means, $1.1 trillion in annual sales revenue.
The Reason - Lackluster Inventory Operations.
Selling the same products on multiple channels isn’t going to make things easier, but that doesn’t mean you have to avoid multi-channel strategy in the name of stable inventory.
Syncing up the inventory can help you alleviate these issues by centralizing your operations for all channels.
Strategy 4: Optimize Marketplaces For Sales
Joining multi-channels doesn’t mean that your sales materialize overnight.
You need to test, tweak, and optimize to drive results.
This means asking customers what they think: satisfaction ratings, surveys, follow-up emails. Combine these findings with raw data to make sure what you’re doing is effective.
Based on this information, you can specify your exact customers and get real feedback on why or why not your products look appealing next to the competitors’ product.
You can use this information to tailor your content to target your customers’ buying behavior specifically. Synchronized and tailored multi-channel marketing strategy will enhance the customer experience and aid your sales.
A multi-channel eCommerce strategy may seem overwhelming at first.
It includes many elements to consider.
Which channel will work best for your business? What will work best for your customers? How will you manage the inventory? Is there a need for eCommerce catalog content management services?
Luckily, with a little inventory management and centralization, you can reap the awards of multi-channel eCommerce management. Your priority should always be a more extensive customer base, and of course, more sales.
The multi-channel selling option is the name of the game these days, not because it’s trendy, but because that’s how your customers are already shopping.
Giving your customers more opportunities to buy with a multi-channel strategy makes both sense and cents.
Nowadays, marketing isn’t just about advertising or PR. It’s also about distribution too.
And, distribution means making your product available where customers expect to see it. On Amazon, Etsy, Walmart, eBay, Shopify, and more.
Choosing the right platform for your e-commerce business is not easy. You need a platform that meets your requirements. Read more to find the top e-commerce platforms tha ... continue reading