Changes are inevitable in business. Most of these changes are driven by changing consumer behavior. According to a survey, around 80 percent of buyers surf several channels – web, retail and mobile – before finally buying an item. With presence on multiple channels, retailers can maximize their sales.
As a matter of fact, multi channel selling is not a matter of choice anymore. In order to survive the highly competitive business world, you must understand and adapt to changing customer behavior. Despite all the benefits though, multi channel selling comes with a plethora of challenges. Due to a long supply chain, multi channel inventory management and multi channel order management can become extremely tedious and confusing. Moreover, the customer behavior and requirement also changes from channel to channel.
If you wish to maximize your benefits and revenues through multi channel selling, you will have to do more than just set up a website or ecommerce account. There are a number of challenges that you must prepare yourself for.
Optimize Listing According To the Channel
In a multi channel environment, efficient and quick listing must be ensured on all the channels including your ecommerce site, online marketplaces, mobile marketplaces and any other platform you may be using. At the same time, you must ensure that each listing has been optimized according to the channel as well as the product type.
For example, you’ve had been searching for days online for a brand new Motorcycle and had no luck until the last minute. The same goes for if you are looking to sell you motorbike, for either a new model or a new vehicle. Companies such as We Want Your Motorbike would have you covered. When it comes to online purchasing or dealing, it may seem difficult initially, especially if this is your first time doing anything like this. But, as long as you are using a reputable company and have done your research, you’ll be good to go and you can free yourself from this old motorcycle you have been wanting to get rid of for so long.
Efficient Inventory Management across Channels
With multiple selling channels, inefficient inventory management can lead to overselling or unnecessary cost of stock and inventory. When your inventory is not managed efficiently, it can reflect badly on your reputation and ultimately on your sales. Most of the risks in the multi channel environment are related to inventory and that is why a large majority of sellers now choose to shift their burden on third party dropshipping services. However, if your business is unable to locate a reputable dropshipping company, it might be worth finding some extra storage space to keep your inventory secure. Some eccomerce businesses have been known to previously hire self-storage units, such as some of the storage units pueblo co has to offer if you’re business is located in that area. This can help businesses manage their stock and inventory, without having to worry about it getting lost or damaged.
Re-Price Items In Order To Stay Competitive
When you increase your outreach through multiple channels, you also face a larger crowd of competitors. With multiple merchants selling similar products, consumer’s choice always boils down to the most competitive price. It always helps to redefine your prices according to the seasonal sales trend, fluctuating currency values or changing consumer choices. In this aspect, tools such as Amazon repricer can be of great help in multi channel selling.
Maintaining a Single support point for all Channels
With multi channel selling, it is easy to extend your customer base. However, it becomes more difficult to provide satisfactory support to multi channel consumers through a single point of contact. This is one of the major challenges that can badly affect the long-term relationship and may ultimately harm your online reputation. If you wish to embrace multi channel selling, you must be prepared to provide a single and effective point of contact and support to all your customers.