As the owner of e-commerce businesses, retailers face numerous obstacles, but one likely stands out as the most significant one: selling things. Brands want to ensure that as many satisfied customers as possible receive their products. However, e-commerce faces stiff competition from 12 to 24 million businesses selling online and more than 350 million products on Amazon.
Introducing the Hyper-Scalable Era
We are now entering a new retail era—a Hyper-Scalable Era—that is defined by the ever-changing demands of consumers and the agile, flexible systems required to meet them now that we have finally emerged from the pandemic. E-commerce businesses will need to reevaluate their distribution and sales channels as a result of this shift, which will necessitate utilizing the power of a multichannel strategy for growth.
Brightpearl recently conducted a study in which merchants selling on multiple channels reported a higher level of growth—33%—compared to sales on a single channel, which experienced only 8% growth. A multichannel strategy is now one of the best ways for ambitious brands to deal with market uncertainty and shifting consumer behavior for four reasons:
Multichannel Can Increase Your Sales
Despite being obvious, it is nonetheless significant: Multi-channel selling may result in increased sales. This is due to the fact that it makes your products available to potential customers through a variety of sales touchpoints, including your own e-commerce store, Amazon, Etsy, and even social media platforms like Pinterest. However, Brightpearl’s own research shows that just 14% of retailers in the UK and 25% of businesses in the United States plan to add new channels
If increasing the number of channels is a surefire way to reach more potential customers, then why are so many brands avoiding doing so? At least if they use a cumbersome traditional ERP or OMS, the increased administrative and logistical burden of managing inventory across additional channels is a major obstacle that prevents many from growing fearlessly. However, operational issues do not have to prevent growth. You have the chance to reach a larger audience, sell more products, and generate more revenue when your products are available for purchase on multiple platforms. Retailers only need to be ready to deal with the complexity that can come with their business.
Strengthen Your Brand Awareness
Another advantage of multichannel selling is increased brand recognition. You can reach customers who need your products but haven’t thought to look for you or are just waiting for your brand to come to them by having a presence on multiple platforms.
However, without the appropriate technology infrastructure in place, adding additional sales channels is pointless. Although outdated ERPs are used by a lot of brands, they are unable to handle the speed and agility required to quickly integrate new technologies and selling channels. An essential requirement for expanding into additional online markets while maintaining operational efficiency is having systems that enable your company to quickly and easily turn on and off new channels while maintaining full visibility.
Enhance Customer Experience
Before making a purchase, the majority of consumers now conduct research and shop across an average of three touchpoints—online, offline, and both. As a result, as a single customer uses more channels to learn about a company or make a single purchase, the path from product discovery to purchase becomes more complicated. However, this is where multichannel selling comes into play. Brands benefit from being present at multiple points along a single buyer’s journey, making the journey from discovery to purchase much simpler and more integrated, enhancing customers’ experience with your brand and ultimately increasing sales.
Streamline Your Business
E-commerce businesses can definitely benefit from multichannel selling, but it can also add layers of complexity. Integrating their ecommerce website with their retail operations, such as inventory and order management, CRM, and accounting is essential for successful online retailers. Even though the process might sound daunting, it doesn’t have to be difficult, especially if you use a modern retail operating system that consolidates sales data and provides complete visibility for each online order.
You should be able to manage your inventory, track your orders, and report on performance in a single location with the right technology, which should be able to connect you quickly and easily to all of the major e-commerce providers and marketplaces. Additionally, switching between various marketplaces and websites is not required for a multichannel strategy. For instance, if you sell something on Shopify, Etsy, or Amazon, your inventory levels should automatically change across all of your channels to prevent accidental overselling.
If you want your business to grow in 2022, you need to implement a multichannel strategy. You can accomplish this by streamlining your operations and using a hyper-scalable system.
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