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How to build a strong MultiChannel strategy

Online retail is extremely competitive in todays landscape. It is crucial for businesses to establish a strong MultiChannel strategy to improve business performance, profitability and engagement.

In order to build a strong Multichannel strategy you need to:

Understand your customers

MultiChannel retail is about more than just competing on price, and different customers will want different things. B2C consumers usually buy one-off purchases and expect a range of payment options such as Klarna. They look for product variety, free shipping, easy product returns etc… B2B buyers usually want a consumer-like experience, with personalised recommendations, detailed product information, real-time interaction etc…

Evaluate various sales channels

Not every sales channel is right for every business. Research is crucial to ensure that you are choosing sales channels which make sense for your products, customers and your business. Selling on many channels that are irrelevant is useless if you’re not reaching the target customer. It can do more harm than good.

Start by adding one channel

Every channel brings its own complexities, challenges and compliances. It is important to start with one channel to ensure you’re not biting off more than you can chew. Starting with a channel that will bring the most value to the business is a good idea. Taking it one channel at a time ensures that you master each channel before adding more into your strategy. Starting with one product line is also something to consider as this allows you work out any potential problems before scaling.

Inventory management

Inventory management is crucial when implementing a MultiChannel sales strategy.strategy. If you do not have an inventory management software, it is easy to begin overselling when selling across multiple channels. You need to ensure you avoid things like overselling, stock-outs and other inventory mishaps. Integrating your inventory management software to ensure important data from your channels is automatically synced across your channels in real time.


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