This year, you may have heard a lot about terms like multichannel retailing, multichannel selling, omnichannel selling, cross selling. Most of the retailers are already taking benefits of this profit making strategy, however for those who have not, then this article is for you.
Multichannel retailing - The buzzword for retailers 2015
Multichannel retailing is a practice when retailers don’t tie themselves selling over a single channel, instead, list their products across different sales channels. These include brick-and-mortar stores, direct sales order over the phone, as well as online selling such as websites and marketplaces, both in local as well as international markets.
This strategy has already proved to be a bliss for many start-ups and medium business owners for their growth strategy. And, with increasing number of marketplaces, retailers must adopt the idea of selling their products online, differently. Because, multichannel sales growth is estimated to boom over the coming years.
- Increasing the number of sales channels
By listing your products across various channels, will allow you increased marketing opportunities. Some may do good while other may not bring in results as per your expectations, however having an ability to sell over multiple platforms, you can easily test your products line and focus more on those channels that are doing well, to divert more and more revenue for your retail business.
- Reaching out to wider audience
Today, selling products via leading marketplaces Amazon, eBay will help you with a readymade customers base. This means you don’t have worry about diverting traffic for your brand, as millions of online shoppers regularly visit these sites for making purchases. This way without much investment, pushing and promoting products to as wide an audience, as possible, will automatically increase sales and revenue for your retail business.
Ways that can help you make the most out of multichannel retailing
- Adopt a multichannel order management system
By implementing a multichannel order management system, you can boost efficiency when it come to sales. Such systems will automatically sync orders coming from multiple sources under one roof, allowing you and your staff to quickly access information about products such as location, price and availability. Knowing this you can speed up order fulfillment process, leaving customers more satisfied and staff at peace.
- Integrate inventory across all your channels
Multichannel retailing will help you grow only if managed well. And, speaking about managing various sales channels, tackling inventory has always been a biggest challenge. Adopting a centralized inventory management system, you’ll have an access to information such as product availability and warehouse across all your selling channels. There be no risk of overselling and you can always fulfill your customer’s orders on time.
Orderhive makes multichannel retailing easy, allowing tools to centralize and automate your inventory management, order fulfillment, along with intelligent reporting, each of which will save you time, cost- whilst making it easy to explore new markets for your products and increase profits for your business.