Multi-channel selling is an increasingly popular strategy for businesses looking to increase sales and gain awareness among their target customers. This strategy involves using different sales channels to reach a wider audience and provide a more complete buying experience for customers. Businesses that use multi-channel selling can enjoy a number of benefits, including increased sales, improved customer loyalty, better online visibility, and a better understanding of customer buying behaviors. In this article, we elaborate on the benefits of multi-channel selling for organizations and offer 6 sales channel alternatives.
What are the benefits of multi-channel selling?
Increased sales
By selling across multiple channels, companies can reach a wider audience. Consumers have different preferences and buying habits, and by offering multiple sales channels, companies can meet these different needs. For example, some customers prefer to buy online via a website, while others prefer to buy in-store. By allowing customers to choose the channel they want to buy from, businesses can benefit from higher conversion rates.
Better Customer Experience
By adopting this strategy, companies can offer a more personalized and convenient shopping experience to customers. A consumer can, for example, easily store and compare pieces of a brand's clothing on the company's website and then go try them on in store. He could even decide to wait to buy them until they are on sale and finally order them online and have them delivered to his home.
A customer could also switch from one channel to another online without losing their order history or account information, making the shopping experience more seamless. As an example, a consumer could start their purchase online via the company's website, and then use the company's mobile app to track their order and receive real-time notifications about their delivery status.
Improved brand visibility
Businesses can increase their visibility and presence in the market. This allows them to increase brand awareness and attract new customers. For example, if a company sells its products on a few online marketplaces in addition to its well-referenced website on search engines, it can reach a wider audience and potentially attract customers who were not previously aware of the brand.
Diversification of risk
By diversifying distribution channels, a company can reduce its exposure to certain risks and increase its resiliency to market fluctuations. For example, if a company sells exclusively through an online marketplace platform, it is vulnerable to the decisions and policies of that platform. Organizations can diversify their revenue streams and reduce their dependence on a single channel. By selling on multiple channels, the company can spread the risk more evenly.
More comprehensive data collection
This strategy also allows companies to collect data on customer preferences and buying behaviors from multiple sources, which can help them better understand their customer base and make more informed decisions. For example, a company can collect data about its customers' product preferences by analyzing purchase data on its website, social networks and online marketplace platforms. This data can help the company better understand the needs and preferences of its customers and tailor its sales strategy accordingly.
Which sales channels to use?
- Website: Companies can sell directly through their website. This can include creating an online store or integrating an online payment system on their website. A website is accessible at all times, allowing customers to make purchases at any time.
- Online Marketplaces: Companies can sell their products on online marketplaces. These marketplaces can offer a wider audience and greater visibility for the company's products.
- Social Networks: Companies can sell their products directly on social networks such as Facebook and Instagram. Social networks provide a platform for online shopping allowing customers to click on products directly from the company's posts and place their order without even leaving the platform.
- Mobile apps: They allow businesses to offer products and services to their customers in a convenient way that is easily accessible from their cell phone or tablet. Customers can browse the app to discover products, place an order and make a payment with a few clicks.
- Third-party online stores: Companies can sell their products on third-party online stores that offer similar products. These online stores may include retail partners or other online businesses that offer complementary products.
- Physical stores: Companies can sell their products in physical stores such as retail outlets or pop-up stores. Physical stores can provide customers with a more tactile and immersive shopping experience, which can be important for products where touching or trying is essential.
- Affiliate Marketing: Companies can use affiliate programs with influencers to sell their products through those affiliates' networks. These programs allow affiliates to promote the company's products on their social networks and on their own websites in order to earn a commission on sales made through their promotional efforts. This strategy also allows the company to reach a larger audience and increase the visibility of the products or services offered.
