Multi-Channel Selling – What Needs To Be Done

There is no question that online selling plays a significant role in the economy today, whether it’s through your own website, in-store pickup, or marketplace sites like Amazon, Etsy, Flipkart, or even Instagram, TikTok, and even WhatsApp.

With the growth of the eCommerce industry, online shopping options and customer choices have multiplied along with it, accounting for 46% of cumulative eCommerce sales by 2023. 

One of the most significant aspects required in today’s scenario is flexibility. Consumers are getting diversified; hence retailers have to be flexible enough to cater to the demands of the consumers and attract new ones. But, if it’s merely about consumer happiness, why has multi-channel selling grown so popular? How are brands utilizing this strategy as a game changer in increasing sales and maximizing the potential of their stores? 

Multi-channel Selling 

The technique of listing and selling your products on multiple sales channels, usually in a business-to-consumer (B2C) environment, is known as multichannel selling. This strategy incorporates your own website, eCommerce marketplaces, mobile applications, and/or a physical store.

You must be aware that online marketplaces house various brands and businesses. The chances of finding the same product on platforms like Flipkart, Amazon, Walmart, and even Instagram are high. Now the dilemma arises, How can you stand out amongst the brands and make your products visible?  Well, Unique experiences are provided through high-quality product images, user-friendly web design, and augmented reality (AR/AI). 

But before starting to diversify your business, it is equally important to understand the algorithms and functioning of the channels. Once you get the hang of them, it will become feasible for you and the consumers because your products will be displayed and meet the targeted audience’s requirements. 

A Multi-channel brand enjoys strong branding and customers and records exponential growth in sales and target customers. While diving into Multi-channel strategies, the brand should conduct research on its competitors as well as customers. While setting up an online store on any social media platform, the brand should emphasize influencer collaborations, referrals, and best-selling products. This strategy will increase the brand’s visibility, help with customer retention, and gain new customers. 

Here are some facts about consumer shopping behavior 

• Over 70% of buyers prefer to shop through many channels.
  
  According to multichannel marketing trends, 73% of customers interact with companies across various platforms. Approximately 86% of consumers migrate between channels when buying, and 25% have purchased items from a brand’s online store while standing in the company’s physical store.

• A typical user has over five social media accounts. 
  
  Having a presence on multiple platforms demonstrates the power of multi-channel selling. Do you know on average, a consumer has numerous accounts across channels?  Engaging with customers online is vital since it expands the brand’s reach and promotes expansion. With multichannel marketing, you can connect with customers through their preferred channels and offer them relevant links to your products wherever they may be browsing. 

The Benefits of Multichannel eCommerce

Multichannel selling has several advantages, as it allows a brand to grow both horizontally and vertically. Here are some of the benefits that show why one should pursue Multichannel Selling 

• Wider Audience & Better Growth 
  
  Having your products listed across multiple channels provides you with the opportunity to display them to a more vast audience, which ultimately results in increasing brand awareness. 
  
  Well, it goes without saying that “the more you come across a similar name or product, the more you research and buy it as you become familiar with that.” Discovering the product on multiple platforms helps build trust and makes the consumer inclined toward the product. 
  
  Hence, you will not only tap into a more extensive base but will also have improved engagement and visibility. The brand will gain credibility and help you gain a competitive advantage.  

• Higher Sales & Revenue
  
  Once the product page is optimized according to the algorithms across various channels, the possibility of purchase increases without hassle. Since people’s buying habits and preferred platforms are different, it’s not practical to only use one platform. However, if a product is available to buy on multiple channels, customers may find it quickly and easily. 
  
  Increased conversions and fewer cart abandonments lead to higher revenue generation, enabling you to maximize sales opportunities.   

• Precise Far-sighted Data 
  
  The channels provide you with a wide variety of datasets about your best-selling or most preferred products, customer details such as location, purchase history, and many more. 
  
  This accumulated data will help you understand, upscale, and evaluate your strategies. Such metrics aid you in appropriately building your sales plan and marketing techniques to boost your conversion rate. 
  
  The fundamental difference between an old seller or shopkeeper and a new one is that the old stores have more contacts, many people recognize their name, and they have a lot of foot traffic in their shop. If a vendor has data about the masses, what they seek, where they reside, and their purchasing power, they may target the needy better.
  
  But, as the business grows, it might take a lot of work for the brand to keep up with the inventory, orders, promotions, price tracking, and much more. It further begins to expand as the advantages of this process outweigh the challenges one has to deal with. Here, have a look at some of the best multichannel selling practices that will further expedite the process.