retail
Business

BUILDING AN EFFECTIVE MULTI-CHANNEL RETAILING STRATEGY

Making sales on more than one channel is a strategy that is effective for businesses that are fast growing. Multi-Channel retailing is the involvement of selling to customers through outlets that are offline like mortar stores, brick, pop-up shops and online channels like mobile apps, direct to consumer ecommerce sites and Amazon; multi channel marketing for retail and online retail experience is being shaped by digital communications. Use of channels such as Whatsapp, SMS and RCS, gives an opportunity to retailers to offer contextualized offers, personalization and have a real-time communications with the customers when need arises.

Mirroring the Buyer Journey

Customers normally use more than 12 channels before making a decision on the product that they want to buy. Research can be made on different sites depending on the buyer`s need and Google has made an expansion on its research in demonstrating how each form of channel lines up with sales funnels and most marketing. Therefore mirroring the journey of the buyer will help you come up with an informed decision of effectively building multi-channel retailing strategy.

Assessment of profitability of Multi- Channel Retailing

Making the right assessment on how much the consumers do spent will help you come up with the right strategy. Reports show that multi-channel consumers spend more money with each average transaction they make but not all multi-channel is for profit. Creating public awareness through e-commerce will make the customers willingness to pay extra if the services provided are good.

Pricing

Prices of goods and services normally affect the buyers` ability. Buying behavior is normally affected by the tastes, needs, preferences and fashion of the buyer. There are often discrepancies as results of the prices of goods and services in these channels. Promoting a lower price margin compared with other competitors but offering the same quality will always attract customers, in so doing, it will teach customers to buying from the sites hence effectively building the right multi-channel marketing strategy

Logistics

Providing services to customers through the buying habits are much easy with marketing and multi-channel sales, internally, the systems don’t often have integration of data from several channels to a single source. Having an order management system often pulls sales data from third party and other market places to enterprise ecommerce platform. This way it will help to investigate the channel that has highest value customers and the lowest value customers.

Creating promotion

Promotion plays a significant role as far as effective multi-channel retailing Strategy is concerned. It is much productive driving customers from Facebook to the website by use of an ad since this will help them making purchases faster and conveniently through messenger. Making a higher budget to make advertisement will increase sales through online store.

Providing answers to frequently asked questions

Shoppers often prefer to buy a particular product depending on their choice or preferences, they often have some questions after selecting the product whether they have made the right choice or not. In order to address such kind of scenario, Frequently Asked Questions need to be posted on these pages and answers are also supposed to be provided. Answers can be given out through a live chat, social media and email. In this way it will be providing the effective multi channel marketing.

Allowing free in store pick up to Ecommerce customers

Offering customer pick up points in strategic places such as stores will create good customer contact and relations. The customers can pick their items at the specified destination or stores after buying from an E-commerce site. Free shipping can also be provided to the customers giving you a great opportunity to upsell to customers when in the process of picking up their item.

Equipping stores with Digital Kiosks and Branded Ipads

Digital kiosks and branded ipads make it easy for customers to access an item that is not available in the store. The customers can search the item online and purchase the item that is not available in the store. Shipment of the product can be made for free if it is not available in the store. It brings ecommerce experience in the store and the likelihood of customer making purchases increases.