Multiple income streams are a need for all brands selling online. With the high competition, you can’t put all your stakes on just one channel. So why do huge brands sell on Amazon when they offer online shopping on their website?
While the online retail giant certainly is a significant player in the space, it's far from the only one. You can use several channels to sell your products and reach new customers. So, what are these channels, and how can you use them to grow your business?
This blog post will break down the basics of multichannel selling for beginners. We'll cover how and why you should diversify your sales channels and some of the most popular options out there. By the end, you'll better understand how to reach more customers and grow your business.
Most businesses use a single sales channel, such as retail stores or catalogs. In recent years, the internet and e-commerce have allowed businesses to sell their products through multiple channels. This can include online platforms like websites and online marketplaces, brick-and-mortar stores, catalogs, and even door-to-door sales.
Multichannel selling allows businesses to reach a wider audience and gives customers more options for purchasing goods. One of the main advantages of multichannel selling is that it offers businesses the flexibility to adjust their sales strategies in response to changes in the marketplace. For example, if brick-and-mortar stores are struggling to compete with online retailers, businesses can increase their focus on selling through online channels.
It also helps businesses build customer relationships by providing a more personalized shopping experience. By offering multiple channels for customer interactions, businesses can create a more seamless and convenient shopping experience using conversational analytics that leads to repeat business and loyalty.
73% of online customers shop through multiple channels. So if you are not using it already, get on the bandwagon to boost your sales.
Multichannel selling involves using multiple channels to reach and sell to customers. This could include having a physical store, an online store, and a presence on social media. Each channel operates independently of the others, and there’s little to no coordination between them.
Omnichannel selling takes a more holistic approach. It seeks to provide a seamless experience for the customer, whether they’re shopping online, in-store, or through a mobile app. There’s a clear strategy in place to ensure that each channel works together cohesively.
Multichannel selling is about using multiple channels to reach more customers. Omnichannel selling is about using multiple channels to provide a better experience for the customer.
There are primary and online channels you can explore while building your multichannel strategy. Each of these channels has its own unique benefits and drawbacks that need to be considered when developing a multichannel selling strategy.
Physical channels for multichannel selling were the traditional way of doing business before the online world existed. These include:
Online channels for multichannel selling have given companies many options to sell their products, which helps them increase their income sources and decrease dependency. There are multiple tools that help you make the most out of online channels, like Shopify marketing tools and Whatsapp marketing tools for e-commerce. Online channels include:
With the right strategy, you can successfully sell on multiple channels and take your business to the next level. However, before you start, it's important to understand the challenges and opportunities of multichannel selling.
First, you'll need to choose the new platforms you want to sell. Then, you'll need to identify the right integrations and automation for your business. Next, you'll need to create a marketing and multichannel CRM strategy. Finally, you'll need to track and analyze your performance to ensure you meet your goals.
Below, we discuss each to fully understand what successful multichannel selling takes.
It's important to think about where your customers are and how they like to shop. Are they online shoppers? Do they prefer brick-and-mortar stores? Do they like to buy through catalogs or other channels?
Besides customers, you should also think about the platform's compatibility with your business. Does it have suitable delivery and payment options? What about customer service?
The answer to these questions will help you determine which channels you should focus on when selling your products or services.
Once you've decided to take the plunge into multichannel selling, it's essential to identify which integrations and automation will work best for your business. After all, listing your products on multiple channels is only possible if you can keep them synchronized in real-time.
Bulk product listings are a great way to get started with multichannel selling. Using a bulk listing tool, you can quickly and easily list your products on multiple channels without having to update each one manually.
Real-time synchronization is another must-have for any business selling on multiple channels. This ensures that your inventory is always up-to-date, no matter where your customers shop.
The most common multichannel integration includes:
You need a marketing and multichannel CRM system because, without one, you won't be able to track and manage your customer relationships across all channels properly. And that means you won't be able to sell effectively through multiple channels.
With a marketing and multichannel CRM system in place, you'll see which channels are bringing in the most customers and sales. You'll be able to track what each customer buys and how often they buy it. You'll also be able to segment your customers based on their purchase history and other factors, so you can offer them the most relevant deals and promotions.
Whether selling using one or multichannel, online business is all about completing the sales funnel. You must have strong marketing and multichannel CRM to complete the sales funnel successfully.
When selling through multiple channels, tracking and analyzing your performance is important to determine which channels are most effective. By doing so, you can focus your efforts on the channels yielding the best results.
There are a few key metrics that you should track when multichannel selling:
Engagement is one of the most important metrics to track when multichannel selling. By measuring engagement, you can determine your customers' interest in your product and the channels most effectively generate engagement.
Conversion rate is another critical metric to track when multichannel selling. This metric measures the percentage of customers who purchase after viewing your product listing. A high conversion rate indicates that your product listings are effective and that customers are interested in your products.
Checkout rate is a metric that measures the percentage of customers who complete a purchase after adding your product to their shopping cart. A high checkout rate indicates that your products are priced competitively and that your check-out process is user-friendly.
There are a few more KPIs crucial for multichannel selling. Many tools allow you to track and analyze these KPIs. There are entire businesses running on message apps like Whatsapp. Know how to sell on Whatsapp if you use the messaging app for multichannel selling.
Multichannel selling is important for businesses in these crunch times when the competition is through the roof. Before you get started, know that:
We hope this article helped you understand multichannel selling and how it works. Get started today by keeping these fundamentals in mind, and you will be all set to establish your business on multiple channels.