Each year, the global economy becomes even more connected, making business more competitive for even the more local companies as they are indirectly affected by the inflow and outflow of goods. Ecommerce is just another factor adding to these challenges as the methods to market and sell your products revolutionalise. Multi-Channel Retailing is one such strategy we see being employed by companies all over the world.
As the name suggests, multi-channel retailing is retailing via multiple channels. These channels vary in type and form and each come with their own set of pros and cons. Therefore, companies decide to incorporate all these channels into their agenda in hopes that their overall sales increase.
Multi-channel retailing is a modern marketing strategy that draws from older forms of marketing but is more suited to todays’ age of technology. As the eCommerce market expands and more sales are made online, companies are shifting their focus from conventional forms of commerce to a more widespread approach. Utilizing numerous channels definitely exposes a product to a larger potential consumer base, which is why this method is seen to be extremely effective and hence adopted by several brands and companies.
Here are a few examples of the channels companies may use to sell their products through. The list includes the some of the most popular forms of channels:
Almost half of online shoppers use online marketplaces as tools to find products on the internet. Whether or not companies have their own website, several of them have begun to tap into this huge potential market to boost their sales.
Nothing beats the old conventional physical outlet for your products especially as users can see in person exactly what it is they are about to purchase and many still prefer to do so.
Combined with or without an existing physical store, advertisement and retailing on social media is a fantastic way of reaching a focused customer base. This is especially true because these websites allow you to edit and essentially target a very specific potential clientele. For example, when posting an advertisement on Instagram, you can choose your audience based on gender, age, region and their interests- and can also add a link to your own website or Instagram or Facebook page.
Using other websites, such as Google, as a channel is another great way of reaching new potential customers.
— LiveRamp UK (@LiveRampUK) 21 de junio de 2017