To meet the growing demands of customer shopping habits, merchants are turning toward multichannel selling. Merchants of all sizes now sell through mobile applications, websites, and online marketplaces. Successfully establishing multiple retail channels is necessary for competing in the world of eCommerce. While multichannel selling may seem complicated, it is beneficial to both your eCommerce business and customers.
What is Multichannel eCommerce?
A “channel” is anywhere that you sell your products. Channels can be brick-and-mortar locations, private agencies, or eCommerce platforms. With multichannel selling, you sell your products in more than one marketplace at the same time. You can sell your products on major marketplaces like Walmart, Amazon, or eBay as well as on your own online store. Managing all of your workflows on multiple channels is intimidating, but yields many incredible benefits for your eCommerce business.
Benefits of Multichannel Selling
Reach More Customers
By selling on multiple marketplaces and eCommerce platforms, you can reach more customers worldwide. Customers have their individual preferences for online shopping platforms, and when you offer more shopping options you increase customer engagement and purchase points. Customers who did not know about your store or products previously may never come across your online website on their own. However, when you sell on multiple marketplaces there is a better chance a customer will find your products through one of the touch points. With multichannel selling, you reach more customers worldwide who may not have found your products if only selling on one channel, and you cater to different customers who have their individual shopping preferences.
When you rely on a single channel for sales, you expose yourself to risk. In the event of a security breach, account suspension, or slowdown in revenue on the channel, your business is in grave danger if you do not sell on any other channels. With multichannel selling, you have other channels to help sustain your business by diversifying the risk.
Improved Shopping Experience
Customers enjoy the flexibility multichannel eCommerce offers. They get many options and personalized shopping experience. By catering to the needs of your customers, you improve their shopping experience which in turn boosts customer satisfaction and sales.
Grow Your Brand
Using multichannel eCommerce will help you expand your brand. By selling on multiple channels, you explore new markets. You may discover products that perform exceptionally well in certain markets, which helps you in future marketing efforts and product development. By exposing your brand to more customers, you will gain many new customers and build your brand on an international level.
Increase in Revenue Growth
With multichannel selling, you can both decrease your marketing expenses and boost your revenue growth. It is a very cost-effective strategy that makes your products and company visible to a larger audience. Major marketplaces like eBay, Amazon, Rakuten, and Etsy already have a large customer base. By adding your products to those and other marketplaces, you expose your products to their existing customers which will help increase your sales and revenue.
Collect Valuable Data
By selling through multiple channels, you can collect more information about customers. You can then use this important data for targeted marketing and other strategies to increase sales. When you learn about your target customer, you can fulfill their needs and retain them. Most of your sales will come from existing customers. According to Bain & Co, a 5% increase in customer retention increase’s a company’s profitability by an incredible 75%. This means that it is incredibly important to retain the customers you have and the customer data you collect through multichannel selling will help you do that.
Managing Multichannel eCommerce
Even with the many clear benefits for your eCommerce business, multichannel selling is an intimidating concept. Managing all of your business workflows across multiple channels without errors is not realistic to do manually. To reap all of the benefits of multichannel selling, you need to effectively manage all of the different sales channels. The best solution for effectively managing your multichannel eCommerce business is with an eCommerce SaaS enterprise solution.
By using cloud-based software to manage your multichannel sales, you will ensure the process is simple, accessible, and error-free. You can manage your inventory, integrate ERPs and marketplaces, and monitor all aspects of your business with a SaaS eCommerce platform. At MobilityeCommerce, we help you sell on the world’s largest marketplaces like Amazon, eBay, Walmart, and many more. With marketplace integration product management, we are the one-stop ERP solution to expand your business. We offer unparalleled integration with Oracle NetSuite and SAP and we allow you to manage all aspects of your business one a single platform. Take the first step towards seamless multichannel selling with MobilityeCommerce. Request a product demo today or speak with a representative by contacting us.