No doubt, success in the modern market is like applying the famous quote stating do not carry your eggs in one basket. In the modern competitive business world, using a single channel to reach out to your customer is the best way to remain in the startup position in the entire life of your business. This is if it will live long. In this essence, you need to employ multichannel e-commerce retailing to enable you to cast your net wider.
By this, you will enjoy the benefit of globalization where the marketplace is more of like a village. But the question arises, is this approach worth it? Here are the reasons why multichannel retailing is the way to go in the 21st century:
i. Ability to reach to your audience where they are
If you have some liking for politics, you know a time when candidates organize to meet the people tours. Such tours aim to inform the public on the candidates’ agenda, listen to the opinions, and possibly offer some feedback. Though there is a difference between politics and business, one thing is common – audience attraction and positive action taking. For your business to succeed, you must meet people where they are. Are they on social media? Is it through telemarketing? Are they using various shopping platforms and apps?
You have to go to them to enhance your brand awareness. The era of telling people to visit your online store is in its last phase. Modern customers are lazy and want to purchase products at their comfort- when they want and through the devices they possess. Thus, if you want to succeed, you must enhance your reach out missions. Take the product to them. As such, use of multichannel retailing is not optional.
ii. Enhancing your competitiveness in the market
You do not need to be an economist or business analyst to understand that competition is at its peak in modern markets. Unless you innovated a new product out of the world, what you are offering is just an improvement of another brand in the market. Also, whether you are offering the best quality, there are other fake and counterfeit products being sold at almost double cheaper than your prices.
So, sitting back and assuming that customers seeking original and high-quality products will find their way to your store is the best strategy for making zero sales. Also, using your online store as the only place to meet with your customers advances your chance to win the business failures trophy. For this reason, if you want to have a competitive advantage over your rivals, you must enhance your customer reachability strategies through employing multichannel retailing.
iii. Ability to control your brands future
No doubt that online marketplaces change their algorithms from time to time. For instance, Google has been consistently updating the SEO ranking criteria, Amazon has been updating reviewing policies and so on. These aspects can have a positive or a negative impact on your brands’ reputation in future.
For example, if a change on Google ranking algorithm hurts your search engine position, it will be hard for you to receive enough traffic and this will lower your shares. However, applying multichannel e-commerce retailing approaches assure you a great future of your brands as they remain intact through receiving new customers from other channels. Also, you will have your customer database which you can use to keep a healthy customer interaction and engagement.
We’ve seen that there are several benefits of using multichannel retailing in your marketing affairs. The approach is essential if you are seeking to grow your sales and enhance your long-term brand reputation. Remember, do not carry your eggs in one basket.