By 2040, experts predict that 95% of all purchases will be made online. With global eCommerce giants, such as Amazon and eBay, it won’t be long before online shopping is the new norm.
This means as the eCommerce market grows, more consumers will look to the internet to purchase their favorite products. The question is – are your products found on all of the platforms your audience uses?
Selling your products on one platform has its advantages, but spreading them across multiple online stores will improve your store’s visibility and result in increased sales. This is known as multi-channel eCommerce.
Here’s everything you need to know about multi-channel eCommerce and how it can impact your store.
What Is Multi-Channel eCommerce?
Multi-channel eCommerce is the practice of selling your products in multiple different online stores. Many online stores do this to increase their reach and company profits.
For example, instead of selling all of your products strictly on Amazon, you can branch out and become a merchant on other marketplaces, such as:
Multi-channel eCommerce is a simple strategy for any online store to employ, and there are numerous advantages to doing so.
Why Is It Important?
According to a recent report, merchants to sell their products on another marketplace earn 38% more revenue than those who sell solely on their own website.
In addition, merchants who sell on two marketplaces can see their revenues increase by as much as 120%. To put it simply, multi-channel eCommerce is a lucrative business and marketing strategy for online stores.
By increasing your exposure to additional marketplaces where your target audience may shop, you can also improve your store’s brand recognition as potential customers make purchasing decisions.
Benefits of Multi-Channel eCommerce
Implementing a multi-channel eCommerce strategy can be extremely beneficial to your bottom line. Here are eight amazing benefits for selling your products on multiple online stores.
1. Your Conversion Rate Can Improve
Selling your products in different stores can do more than increase their visibility. It can also serve to help you attract new customers with a strong buyer’s intent. Higher visibility usually translates to a higher conversion rate.
People naturally shop on different marketplaces to narrow down their options before buying. By showcasing your products in multiple avenues, you can succeed in increasing your conversion rate.
2. You Can Improve Your Brand Loyalty
In today’s fast-paced society, consumers value convenience. They want to be able to make a purchase while they’re running errands or engaging in other activities. Multi-channel selling provides customers with a seamless shopping experience.
You can reach your audience through various social media platforms, major search engines, and lesser-known marketplaces across the internet. The more accessible your products are, the more willing your customers will favor your brand.
3. You Can Expand Your Reach
Even as a small merchant, you can take advantage of multi-channel selling to broaden your reach. The more your customer reach increases, your sales volume potential will also improve.
Overall, you could benefit from reaching a wider range of potential customers across the internet.
4. You Can Reduce Risk
Instead of placing all of your eggs in one basket, you can diversify your risk by practicing multi-channel selling. For example, if one platform loses sales momentum or your account gets suspended, you won’t suffer tremendous losses if you’re selling on multiple platforms.
Multi-channel eCommerce can not only boost sales, but it can also keep your online store profitable during tough stretches.
5. You Can Gather Helpful Data
For online stores, creating a buyer persona is essential. Ideally, you’ll want to know who your basic customer is, their habits, behaviors, and demographics. When you’re selling on multiple avenues, you can collect helpful data across these platforms to gain insight into who your ideal customer is.
With this data, you can make observations, such as:
- Purchasing history
- Time zones
- Devices used to shop
Once you’re done analyzing this data, an Ecommerce SEO expert can build a more effective sales and marketing strategy to further increase your store’s profits.
6. You Can Make Better Logistical Decisions
By selling across different marketplaces, you can centralize inventory data from each channel. This way, your team can track the stock of specific products across various locations.
One benefit is that you can save money on shipping costs by analyzing the best location to ship from. Next, you can check all of your warehouses to see if an out-of-stock item is truly available.
Overall, omnichannel selling can help online stores make better decisions regarding their inventory compared to selling at just one location.
7. You Can Reduce Overstocks
Overstocking costs merchants millions of dollars every year. It results from improper planning and forecasting based on sales and demand. When you actively sell your products on different channels, you’ll receive sales performance data.
This information will help you manage your inventory properly, save money, and make more informed logistical decisions.
8. You Can Offer Convenience to Your Customers
Price may be the deciding factor in a person’s decision to make a purchase. However, consumers are also more likely to deal with an online store that offers realistic return policies, fast shipping, and remarkable customer service.
One of the main benefits of multi-channel eCommerce is not only selling your products on different marketplaces, but it’s also interacting with potential customers throughout the buyer’s journey to make purchases simpler.
What Did You Learn About Multi-Channel eCommerce?
Overall, it makes the most sense to engage in multi-channel eCommerce to increase your profits and customer reach. The sooner you put this strategy into effect, the quicker you can begin reaping the benefits.
Working with an SEO professional will help you put the strategies in place to make your online store thrive.