Reasons to become a multi-channel business in 2020
The shift in e-commerce buying trend has changed the course of selling for online retailers. Today consumers shop across multiple channels on multiple devices. This change in consumer conduct forms the base of multi-channel marketing. For interacting with the audience and converting leads retailers are creating brand presence across multiple e-commerce channels.
Multichannel selling is one of the most effective and purposeful methods to streamline customer interactions. To meet your business expectations and to convey cohesive messaging to a large number of consumers it is the most-trusted method used for online selling today. The multichannel business generates revenue through cross-channel communication, including social media and mobile marketing.
In this article, I will share with you some reasons to become a multi-channel business in 2020.
Meet customers where they prefer to buy
There may be different reasons a customer chooses an e-commerce platform such as convenience, reliability, and better customer services. Meet them where they choose to buy. This makes things more convenient for your consumers by giving them access to your products wherever they prefer to shop. Also, it will allow capture more of the market and get your brand seen by different audiences. You can reach new international and local customers who are actively browsing for what you’re selling.
Increase Business Productivity
Selling on a single channel has a limited number of sales but expanding business on multiple channels can result in enhancing productivity. Tools like a multichannel order management dashboard will help you streamline product listings, descriptions, pricing, and feed management across all marketing channels. In other words, expanding business on multiple channels opens you up to fulfillment and management options that you can implement to manage all your sales channels.
Target your Niche Successfully
Each sales channel you cover will give you access to a unique set of buyers and winning categories. You can collect data from each channel such as buying trends, product reviews, and consumer expectations. Each marketplace brings a specific niche, for example, Etsy attracts consumers looking for crafty/handmade/boutique products. Your electronic products may not sell there but your handmade shoes will. With this market information for each platform, you can find specific products for a specific niche to target for maximum success.
Enhance Customer Experience
By streamlining your business operations, finding networks where your potential customers are and interacting with them there, and targeting niches with very specific products, you will be able to create an overall better customer experience. Various channels may be better suited to different interactions customers prefer to get in touch by. Customers expect to be able to switch devices for communication with little hassle or friction, and through multi-channel access, you can meet their experience expectations.
To Test New Markets with Minimal Risk
Adding a channel based on a specific niche or location, you can test new markets with minimum risk. If you have a plan to expand your business on an international level then instead of investing in a physical store, infrastructure, staff, or big advertising campaigns, you can test the market strategically through online channels. Just simply list your product into the most popular e-commerce channel in that region. Also if you see that other sellers are getting a good number of sales for a similar product there could be a space for your product. If no one seems to be selling your type of product there may be an untapped market you can test your product on a whole new audience with minimum investment.
Final Thoughts
Becoming a successful multi-channel business takes time and effort. However, the multi-channel marketing and management automation tools tailored to your specific business needs give you a good edge to start exploring new marketing channels.
Another important thing to keep in mind for the year 2020 is the impact of COVID-19 on the buying experience. This global pandemic has resulted in a drastic shift in consumer behavior, consumption patterns, and the use of social media and online platforms and led to redefining online selling approaches. No idea how long it is going to last but for this year it is for sure that selling through multi-channel is the best strategy to adopt to keep your business running successfully.
