Multi-Channel Selling Technique for Upscaling the Online Sales!
There are multiple eCommerce websites that sellers use to sell their products online. Some use a single platform for selling, but some sell their products on multiple platforms. Selling your products on multiple eCommerce platforms is the process of Multi-channel selling. It can help you to reach as many potential customers as possible. Apart from this, there are numerous benefits of multi-channel selling. You may find it super easy to perform, but there are several points you need to know before applying this technique.
The online marketplaces have seen escalating sales over the past few years. In fact, last year only eCommerce sales accounted for about 18% of worldwide global sales, and it is not going to stop. Research shows that this upsurging trend will continue and may reach 23% percent by the end of 2023. Being in this industry, you can also generate enough profits. If you are not taking advantage of multi-channel selling, being an online seller, you are missing out on many sales opportunities. To provide you with a broader knowledge of this, we have mentioned a full breakdown of multi-channel selling and how it can upscale your online sales. Without losing a moment, let’s have a clear view of this.
Why You Need to Apply Multi-Channel Selling Technique
You simply need to understand that as much as eCommerce platforms you will get associated with, more customers will get to know you and eventually upscale your sales. For a sustainable online business, you need to apply this technique as soon as possible. A few points below can better make you understand why you need to apply the multi-channel selling technique in your business.
Vast Platform of Search by the Customers
The dynamic eCommerce industry is changing rapidly. Customer behavior and market trends are evolving as well; as a result of all of this, eCommerce businesses are suddenly faced with the challenge of having to use additional sales channels. If you look around, you will find that many renowned brands have marked their presence on almost every main eCommerce website, such as Amazon, Flipkart, Myntra, AJIO, Meesho, etc. According to a consumer survey conducted in 2019, 50% of all products have been searched on main eCommerce websites such as Amazon, Flipkart, etc. instead of Google. That is why you need to utilize the multi-channel selling technique. However, selling your products on multiple channels can increase your workload but make it easier; you can take the help of multi-channel order management software.
Upgrade Conversion Rates & Create Brand Awareness
Selling your product on a single marketplace helps generate limited revenue, but selling your product on multiple channels can upsurge your conversion rate by more than three times. Apart from that, if you want to create your brand, you have to utilize the multi-channel selling technique. Selling your products on various eCommerce platforms can attract more customers and increase brand awareness. More customers will come to know about your specific brand, and if everything goes well, they may stick to you for a longer time. That is why you need to implement this technique if you want to upscale your sales and want to create brand awareness.
Collecting Customer Data
The most straightforward point to understand is that the more platforms you use to sell your product, the more customers will reach you. Connecting to several customers can make you better understand their buying habits and shopping decisions. Several eCommerce platforms provide you detailed reports and customer data to analyze their behavior. For example, a customer can search for a specific product on one Platform and may purchase the same from a different one. Customer data from various channels will help you monitor the customer’s preference and on which term they prefer the other Platform to buy the same product. All this information can help you understand your customer better and serve them well. Eventually, it will help you in upscaling online sales.
How To Make Most of the Multi-Channel Selling Strategy
All the above advantages of a multi-channel selling strategy can excite you to apply it instantly. But wait a minute, there are several points you need to take care of before going any further. Here are the few parameters we have mentioned that you should keep in mind.
Always Choose the Right eCommerce Channels
Nowadays, various eCommerce platforms can be used for multi-channel selling. You may get confused about choosing the right platforms as each one has its advantages and disadvantages that can impact your online business. But there is one thing that can help you with it: your business’s requirements. If you are n’t a big brand and just want to sell your products in PAN India, you can choose Amazon, Flipkart, Myntra, etc., for selling your products. But on the other hand, if you are a renowned brand such as Puma, Armani, or Chanel, then Amazon, Flipkart, and Myntra will not be the right choice for you because no one searches for big brands on these platforms. Take your time and choose the proper channels according to the nature of your business.
Implicate Robust Inventory Management
Managing your inventory properly is an essential part of the eCommerce business. It can become complicated when you decide to sell your product on multiple eCommerce platforms. Becoming a multi-channel seller is a huge challenge because you have to manage every Platform’s inventory. It can increase the chances of mismanagement and can affect the overall health of your online business. However, to reduce the errors in inventory and make it a successful affair, inventory management software such as eVanik can help you with this. This software can easily manage the inventories of various platforms under one single panel. It can reduce half of your headache and never let you rethink your decision to use the multi-channel selling technique.
Centralization of Multi-Channel Data
You must agree that managing all your data in a single panel is way more accessible than managing multiple dashboards. Logging into multiple channels and monitoring them individually is a hectic task. However, with the help of centralized data software, you can monitor multi-channel data in a single dashboard. In this context, you will be able to upload all your products to multiple channels with a single click. You can manage inventory for each channel and may never experience an out-of-stock situation. Centralizing your data can help you make a decision based on real-time data information.
Thus, just like every other selling strategy, implementing the multi-channel selling technique has its perks and flaws. Although, the flaws related to this effective selling technique can get diminished with an eCommerce management software. It will help if you consider that multi-channel selling is not only about listing your products on various eCommerce platforms. But you need to focus on inventory management, accounting, payment processing, shipping, and returns. So, if you are planning to switch to various eCommerce platforms, you need to take a breath and plan out things first.