5 Tips To Build An Effective Multichannel eCommerce Business

2021 is the epitome of the digital era where most businesses have made a shift to an online marketplace to reach new customers and stay relevant to their old customers. With the advent of social media. Email, mobile phones and other digital platforms, consumers have a wide variety of multichannel eCommerce platforms to choose from, but the quality of each platform differs.

This blog addresses all the businesses that want to get into the profitability that having an eCommerce platform provides.

Having a multichannel ecommerce platform helps you manage your business effectively, take control and diversify your products, and also reach out to new, potential customers to increase your revenue. To make this transition easier, we have compiled a list of 5 tips to build an effective multichannel eCommerce business platform.

Tip 1 for a successful multichannel eCommerce business:

Pick the right channels.

The good thing about selling online is that not just online businesses, but retailers can have access to these channels. And with a wide range of these channels coming into existence, a little bit of research is required to pick the right ones. Let’s go with the statistics, Amazon is the biggest online platform right now.

For picking the right channel, you first have to figure out your potential target audience, give them the best price point after doing an analysis of your competitors. Then all you have to do is take a look at the selling price, logistical functioning and the reach of these multichannel eCommerce software’s.

Tip 2 for a successful multichannel eCommerce business:

Manage your inventory.

You have high-quality products and a good business plan, but sales will not be in order unless you have your inventory sorted. Ecommerce inventory management is one of the most important. This also includes updating the prices on all platforms, keeping track of the warehouse and sales, etc. Luckily, there are a lot of good multi channel inventory software’s, including ours to help you out with this.

Tip 3 for a successful multichannel eCommerce business:

Experiment with different strategies

As mentioned above, you’re going to have to find the right channels for your business, but it’s also important to keep up with time, and more importantly, to keep up with the algorithm. Experiment with different strategies and figure out of what works best for your business niche. For example, with Amazon’s Prime delivery service, consumers are already used to receiving their orders pretty quickly. So you’re going to have to tweak your shipping prices and speed to match this need.

Similarly, try out different plans and go with what suits your brand audience the most.

Tip 4 for a successful multichannel eCommerce business:

Focus on customer service.

Yes, all of the above points are very important. But nothing beats the good old business strategy of having impeccable customer service. You might be able to get new consumers to try your product or service, but to retain them and make them a loyal customer you will have to give them the service they need and deserve.

Speaking from a business perspective, bad customer service may lead to bad online reviews and a lot of those may also need to having your business being kicked off of one or multiple platforms. As and when your business grows, it’s a good idea to invest in a good customer service reps, an agency to handle it or some online service provider that may help you out in this endeavour.

Tip 5 for a successful multichannel eCommerce business:

Always, always keep an eye on analytics.

To get a deeper understanding of where your consumer is coming from and to have a good idea of customer behaviour in general. Analytics can show you the location of your consumers, how much they are spending, how many orders are being added to their cart but not being checked out, which products are bringing you the best ROI and which products are not profitable to you.

As they say, data is the new oil and having control of data is very essential when it comes to running a business. Analyzing this data will also help you in coming up with strategies for different platforms to boost your sales. A good eCommerce management software gives you the ability to look at all the data in one place without going to multiple websites. Compare all your analytics in one place and do what you think is best for your business.

It’s very important to understand that your sales are going to differ from platform to platform but following all these tips will definitely make your brand accessible to the potential consumer market. Have a plan in mind, set it in motion and see how your business experiences the light of success that you’ve always wanted it to.

 

Trends for the future of eCommerce

2020 might have slowed down a lot of things, but it definitely sped up the growth of eCommerce platforms and the number of consumers shopping online has gone up exponentially. If you’re looking to grow your online business and to sell your product/service to a wider audience, you need to keep a track of the trends that are about to or have already hit the industry.

Here’s what you need to know about the future of eCommerce and the trends to follow:

This blog addresses all the businesses that want to get into the profitability that having an eCommerce platform provides.

Having a multichannel ecommerce platform helps you manage your business effectively, take control and diversify your products, and also reach out to new, potential customers to increase your revenue. To make this transition easier, we have compiled a list of 5 tips to build an effective multichannel eCommerce business platform.

 

1. Marketplaces will takeover eCommerce stores

When you’re a new eCommerce platform, there is no way to compete with the backend infrastructure and the physical backup of an online marketplace like an Amazon or a Flipkart. These marketplaces provide 2-3 day shipping, sometimes closing it down to even 24 hours and they give the consumer a wide range of options to choose from, and they have a very comfortable return policy.

So a good step to take with your online business is to list your product on one or all of these marketplaces. This way, you get quick and easy access to their already huge traffic which gives your company good exposure. On the other hand, have exclusive offers and products on your own website to build loyal customers there.

2. Self-service platforms will gain popularity

A few years ago, starting an online business would have been a very tedious and expensive task. Getting a team of developers, designers and consultants costs money, and not everyone can afford to do so.

Fortunately, there are a lot of self-service platforms available now that give you templates, backend services and loads of other support to help you get your online business up and running within days, sometimes hours. All you need is a good idea of what you want, how you want to sell your product and a vision in mind, the rest will be taken care of by one of these platforms.

3. Video ads will take over

With the advent of social media, and the way a platform like Instagram is pushing Reels or Facebook pushing Shorts, there’s no doubt that video is the way of the future. We’ve seen with the massive growth of TikTok and Twitch, the best way to advertise to the current generation is through videos on social media. What’s even better is that a lot of these platforms also allow you to sell your products there, so it’s quick and efficient.

One thing to keep in mind is that the average attention span of a human has gone down drastically, so it’s always a good idea to keep your videos short. Keep it catchy, attractive and most importantly, entertaining. Similarly, try out different plans and go with what suits your brand audience the most.

4. Multichannel selling will become the norm

It’s no news that a customer looks at multiple platforms before purchasing a product. So it is more than necessary to have your product listed on all of the big eCommerce marketplaces and as mentioned above, you get access to their huge customer base anyway. Multichannel marketing has already become quite the norm in the present day and it is only going to go high up.

Fortunately, there are services out there that help you manage all your inventory, marketplace listings, analytics and much more all at one place.

Versatile Commerce is one of those multi-marketing channels that helps you manage your eCommerce business and helps you grow and stay ahead of the competition when it comes to selling on multiple platforms.

5. Influencer Marketing will be on the forefront

In 2020, the influencer marketing industry reached an estimated $9.7 Billion and this is an industry that’ll only keep growing. Getting the right influencer to market your product/service can boost your business by a lot. Here’s why:

  • You can pick an influencer with reach in your niche
  • Both your business and the influencer gain exposure
  • It’s much cheaper than getting a celebrity brand ambassador
  • You can build a relationship with your influencer and in turn, their audience
  • You get access to creative content without approaching a content agency

Apart from these tips, it’s always a good idea to keep an eye out for trends that are growing in general. For example, Artificial Intelligence seems to be a growing industry and it will soon take over eCommerce as well. One more important thing is to realize that the consumer has become more aware, so contributing to the society as a business has become really important.

At the end of the day, the most important thing is to have a good product/service to offer to your customers. Keeping up with the trends does not matter if you do not keep them interested and loyal to your brand. We hope this list helps you and wish you all the best for an exciting and profitable future ahead!