The internet, being as diverse as it is, has a number of different platforms through which one can buy or sell products and services. Electronic commerce has come a long way since it first started and it is now expanding to other components of the internet such as social media.
One such element of progress that electronic commerce has made is that of multichannel retailing. Multichannel retailing is a marketing strategy includes targeting customers outside of one’s own company website; this can be done through adverts and classifieds on other websites.
Although the number of channels on which multichannel retailing can be practiced are seemingly limitless, there are a few that are used most often which include:
- Social Media
Social media websites are the most popular platforms for multichannel retailing. Since almost everyone nowadays has a social media profile, retailing on social media has become easier than ever! Not only is it quite beneficial for business but it becomes tremendously easy for consumers to shop online, this is so because social media websites now offer features such as buy buttons that allow you to make transactions without having to leave the site.
Companies tend to view other electronic commerce websites to be competitors and often make the mistake of not engaging with electronic commerce websites other than their own. This can be a bit of a disadvantage because marketplaces like Amazon and Ebay can be a great source of revenue. Retailers that use these marketplaces to their advantage by places advertisements and classifieds on them have access to a larger audience and therefore, are more successful.
It is however, important to note that proper execution of the strategy is more important than the strategy itself and a few things to keep in mind while multichannel retailing are:
- Make sure to differentiate your product from the rest by using eye catching images and product descriptions or by offering special discounts and deals.
- Be sure to properly associate the product with your brand so that consumers develop a positive image of your brand and understand where the product is coming from. This will help build customer equity.
- Make sure to organize every aspect of your multichannel retailing so that you can manage your sales better without the risk of taking more orders than you can fulfill and to ensure that the services you provide are optimal.
— DigitalErra (@digierra) 2 de enero de 2017