How Multi-Channel Can Grow Your Business
by Adam Czach
As an eCommerce merchant, chances are you’d love to maximize your revenue and expand your audience reach. However, finding new revenue streams can be difficult. But with the global pandemic making eCommerce even more prevalent, we’ve seen a boom in online marketplace sales (Even beyond Amazon and eBay). For this reason, more and more merchants are adopting a Multi-channel sales approach which helps optimize their sales outreach.
1. What is a Multi-channel selling strategy?
Simply put, a Multi-channel sales strategy is an approach eCommerce merchants take in order to maximize their sales avenues. In essence, merchants will list their items not only on their online storefront but will place their items on multiple online marketplaces such as Amazon, eBay, Ali express, Wish, and so on.
2. Why Choose a Multi-Channel Approach
E-commerce is slowly replacing traditional brick and mortar retail. eCommerce revenue in the United States is over 600 billion has been steadily growing year over year and some analysts believe that e-commerce will eventually make 90% of the malls in the United States go extinct.
To further emphasize the global shift in shopping habits look at the chart below:
Over 90% of people have stated that they have shopped online in the past year, not to mention the fact they used multiple sales platforms.
Additionally, 20% of e-commerce shoppers have purchased a product via a market place, not directly from the company itself.
This further stresses the point that many retailers are cutting their sales efforts short by taking a single-channel approach.
3. Key benefits of Multi-Channel Selling
A summary of the key benefits of a multi-channel approach includes the following:
- Increased market penetration: Marketplaces are generally trusted and have a large customer base. This will add value to your brand as you reach new customers and have their trust.
- Good positioning: Market places tend to be highly ranked on Google, so there is more exposure to your products
- Easily reach international markets: Using international marketplaces will allow you to save on marketing costs as you do not have to undergo the hassle of reaching international customers yourself
Despite the upside, selling on marketplaces can be difficult
Just because you place your products on Amazon or Wish doesn’t guarantee you’ll receive sales. New sellers with little to no reviews or reputation often have trouble gaining trust and traction from buyers.
Additionally, taking a multi-channel approach can be very difficult as it is hard for sellers to manage their many profiles and inventory.
Sellers can also be lead astray as the number of marketplaces can make it difficult to choose which one is best for your company.
For these reasons, Firesell can help your store make a seamless transition toward a multi-channel approach!
Our Shopify integration allows you to easily select which items you’d like to sell, your minimum price, and Firesell takes care of the rest.
Our algorithm discovers which sales platforms will generate the most revenue for your products. We take care of the product listing and marketing so all you need to do fulfill the shipping.