ShipStation has shared its top tips on how you can increase revenue through multichannel selling.
With 57 percent of Australians planning to do most of their peak season shopping online, it is becoming increasingly important to adopt a multichannel selling strategy. Marketplace and multichannel formats are predicted to drive 86 percent of the sales growth over the next five years. Shoppers are flocking to marketplaces as they look for convenience and lower prices.
The benefits of marketplaces are plenty – new customers, revenue growth, increased brand recognition, and a low barrier to entry. The recent ShipStation Peak Season Report showed an astounding 88 percent of shoppers are gearing up to hit online marketplaces for their festive shopping. That’s not all – brace yourselves for a virtual shopping spree, because one out of every two holiday orders will flow through online marketplaces like Amazon, eBay, and even niche gems like Etsy.
But how can you use multichannel selling to increase your revenue?
ShipStation has compiled four top tips for implementing a winning strategy.
Picture a bustling market, merchants with almost identical stalls vying for the attention of a pulsing crowd. That’s exactly how online marketplaces work, it’s hard to picture the competition behind a screen, but a shopper has hundreds of options to choose from so it’s vital as a retailer to get your product in front of them first.
Make the most of advertising opportunities offered by each channel. Really take advantage of the full scope of available channels.
Recent Power Retail data has found that 54 percent of shoppers start their online shopping on Google, with 15 percent starting their search on Amazon.
Stake your claim on promoted products, from Google searches to marketplace homepages, promoted products will take priority on a webpage and social media. It’s important to budget for this and take advantage of the opportunity to get your product out in front of your audience.
Clean up your product catalogue
Again, when we picture that physical marketplace, no one is buying from a messy stall with no pricelist or tags.
A common problem when listing products on a marketplace is keeping consistent and uniform, especially when working with third party merchants. Inconsistencies are rife on these marketplaces.
Marketplace specs differ, so make sure you have a plan in place to adhere to different product listing standards.
Tailor your catalogue to your audience to build your rapport – product bundles are a great tool to use in this case.
It’s important that before you implement your multichannel selling strategy that you understand and then follow agreements laid out by a marketplace.
It’s more important than ever as people are becoming more savvy spenders. Shoppers are embracing the “early bird” approach to holiday shopping, and it’s all in response to challenging economic times. This savvy strategy lets them spread the festive spending across multiple paydays and seize the best deals.
In fact, the Peak Season Report revealed a significant 33 percent of consumers are gearing up to kick off their holiday shopping and gift-buying earlier than usual this year. What’s more, a staggering 54 percent of shoppers plan to dive into the holiday frenzy well before Black Friday and the bustling November and December Christmas shopping rush.
But here’s the real gem: the research unveils a fascinating connection between consumers wanting to tighten their belts and their newfound enthusiasm for early shopping. This trend is a golden opportunity for online retailers looking to cater to this growing “early bird” customer base. 44 percent of digital natives (under 45) intend to engage in their festive shopping during promotional periods like Black Friday and Cyber Monday.
Invest in fast fulfilment
When the sales come in, it’s important you have the infrastructure to support that. If fulfilling from your own warehouse, use a powerful shipping software to save significant time with automation to avoid inefficiencies. You can further optimise your fulfilment location logistics with automation across all levels – from sorting bots on the warehouse floor to automated shipping labels.
If you are working with a 3PL, as many multichannel sellers are, it is vital you carefully vet your 3PL for your unique needs.
As you grow, continue maintaining operational flexibility that empowers you to build a broad, diversified network that includes marketplace-specific options.
Create outstanding post-purchase experiences
The post-purchase phase holds immense significance for customers, yet surprisingly, many retailers tend to overlook this crucial aspect.
Here’s where ShipStation steps in: they empower retailers with a branded tracking page and a seamless returns portal, creating a sophisticated and impressive post-purchase experience so retailers can make a professional impact at every single point throughout the customer journey.
Elevate your brand’s reputation by delivering excellence even after the purchase is made.
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