By Chitrangada Rathore
June 15, 2018
What is Multichannel Selling?
- It’s no secret these days that selling on your own website isn’t the best marketplace for everything and it’s always a good idea to consider alternatives.
- For many sellers that started on their own website are looking for new opportunities, this means a shift into selling on multiple channels.
- Thus selling simultaneously on multiple channels, for example, eBay, Amazon, etc., and perhaps even on your own website.
According to a Survey, the Multi-channel Shoppers:
- Increase your revenue by 3.5 times
- Purchase across more categories
- Shop more frequently
- Are more loyal and have a higher retention rate
Multiple Channels Selling can Enhance Growth and Opportunity for your Business in Several Ways:
- Stability and risk managementMultichannel selling can help to buffer you against the ups and downs in any one particular channel, meaning less risk of catastrophic slumps or being suddenly edged out of business by new competition.
- For-Profit maximization It can help you to make the most of your sourcing opportunities and inventory; average selling prices, sell-through rates, and buyer behavior can and do vary from channel to channel.
- Opportunity and insight It can open your eyes to products or categories that are underserved on a channel or help you to discover new buying demographics; if a product is doing well for you on one channel but is largely absent from another, it’s possible that there’s an opportunity there waiting to be seized.
But There Are Difficulties with a Multi-Channel Selling Approach
- Extra work monitoring your selling performance and books on one channel is relatively straightforward if at times labor-intensive, affair. The more channels you add into the mix, the more complex and murky your numbers become at the “big picture” level for your business.
- Added complexity and confusionMonitoring your selling performance and books on one channel is a relatively straightforward if at times labor-intensive, affair. The more channels you add into the mix, the more complex and murky your numbers become at the “big picture” level for your business.
- More policies to remember since different marketplaces and platforms tend to have different rules and policies, selling on multiple channels require that you wrap your memory around multiple sets of guidelines and integrate all of them into your business flow.
Multichannel Selling Software enables you to:
- Easily list and sell your products on multiple sales channels
- Control and sync inventory
- Manage and fulfill orders
- Generate multichannel reports
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