Businesses are seeking new ways to offer customers solutions for finding their products on and offline. In turn, companies are becoming more competitive by providing their products beyond their websites or brick-and-mortar stores. This is where multichannel retail becomes more valuable.
Businesses need a multichannel retail strategy that delivers a broader in-store and online experience to stay competitive now that consumers expect options. A solid online presence has become crucial to meeting those needs because 81% of shoppers research a product online before purchasing.
What is Multichannel Retail?
Multichannel retail uses several distribution channels to carry a consumer through their buyer's journey. For example, your brand might use a mix or all of the following channels to pave a clear conversion path that includes:
- A physical retail space
- A direct-to-consumer e-commerce website
- Online marketplaces like Amazon, Walmart, or eBay
- Social media platforms
- Digital ads
- Phone orders
Businesses benefit from having a multichannel retail strategy because it provides consumers with more places to buy or interact with a brand—and it works. Multichannel online sales accounted for $350 billion in sales in 2022. Economists also believe multichannel e-commerce sales will reach $535 billion by 2023. Therefore, diversifying both adds customer value and directly increases revenue.
The Consumer Benefits of Multichannel Retail
For brands and companies, having a multichannel retail strategy has become more accessible thanks to software, like SellerActive, which lets you manage your online marketplaces on one platform. But, multichannel retail also benefits your customers as well.
Customers Can Find Your Products Easily
Are multichannel customers really more valuable? The short answer is yes. Businesses that implemented more sales channels reduced lost revenue by 10%. That number is apt to grow as e-commerce sales continue to rise.
Remember that customers also want to find you. The competitiveness and importance of ranking high on search engines make that challenging. Still, brand exposure is tied to success, and diversifying where you are marketing your products is the most straightforward way to lead customers to you.
So, how do you start a multichannel retail experience? Start by selling on Amazon Marketplace. It's easy to run and it's extremely popular. Then, once you're comfortable, explore how the Walmart Marketplace can boost your brand exposure.
Improved Distribution and Inventory Management
Having a multichannel retail strategy that extends to online marketplaces like Amazon grants you access to end-to-end fulfillment services. The potential benefits this has for you and customers include:
- Faster delivery
- Reduced costs
- Better tracking data
- 2-day shipping options
Managing a multichannel distribution strategy has a steep learning curve and needs to be done right to avoid customer issues. That's why we recommend using an inventory management system designed for e-commerce businesses to simplify selling across multiple online marketplaces.
You Can Offer One-Stop Shopping
Reaching brand-loyal customers who need the convenience of shopping at one store is another reason to grow your presence online. Creating bundle options for similar products is a great way to offer one-stop shopping.
Take Walmart, for example. They've spent decades growing a brand supported by millions of loyal shoppers by delivering a one-stop shopping experience. Accordingly, 120 million shoppers visit their website, with 99% of those folks purchasing within a month.
For these customers, listing your products on Walmart Marketplace provides value by saving them money and time.
Customers Want Online and Offline Connections
Relying on direct sales isn't sustainable now that 84% of consumers want companies to integrate their online and offline channels, and retailers doing multichannel selling best know this.
The best way to connect with your brick-and-mortar customers is to offer a newsletter or invite them to your social channels. That way, value surfaces by engaging with your brand directly while staying abreast of new developments.
Consistency Adds Value
Today, nearly 90% of consumers expect consistent brand engagement, whether over social media, on Amazon, or in person. They also want those interactions unified. Customers appreciate language, imagery, and recognizable designs that match your branding across all touchpoints.
For some marketers, that's easier said than done. But that's where multichannel management software comes in. Having a tool like SellerActive allows you to deliver a tremendous cross-channel experience your customers will appreciate. In one platform, you can:
- Bulk update listings across online marketplaces.
- Synchronize inventory to avoid consumer confusion.
- Adjust pricing automatically to stay competitive.
- Easily create and publish listings for all major marketplaces.
When you're ready to try our software or wish to launch a new multichannel retail strategy, enroll in a free 14-day trial of SellerActive to get started.