three multichannel ecommerce myths holding your business back
March 9, 2023
The last few years have seen a marked shift in consumer attitudes towards multichannel ecommerce.
Approximately 72% of customers report that they prefer to connect with brands that use a multichannel approach.
Just 29% of shoppers will buy a product if it’s only available on one channel.
If you’re not multichannel retailing already, these facts alone should be enough to shock you out of your single channel seat.
But perhaps you harbour misconceptions preventing you from action.
“Multichannel retailing is too complex!”
“It’s not a retail strategy accessible for my business size!”
“My overheads are already high, I can’t afford to sell on more channels.”
In this blog we’ll dispel each common multichannel myth… as well as offering you advice that will help you to hurdle the obstacles and start growing today.
Myth #1 – It’s too complex
Multichannel retailing is often seen as a complicated and time-consuming process, with retailers worrying about managing multiple sales channels, keeping track of inventory levels, and dealing with the different requirements of each platform.
This perception couldn’t be further from the truth.
With the right tools and processes in place, multichannel retailing can be a simple and streamlined process that can help drive sales and growth for your business.
One of the biggest advantages of multichannel retailing is the ability to reach a wider audience.
By selling your products on multiple online channels, you can tap into new markets and reach customers who may not have found you otherwise. But this is often the reason why some who go multichannel struggle – they take everything on. They work hard, not smart.
This is where technology comes in.
Whether it’s through unified stock level display, or unified metric calculations, the right software solution can help manage your inventory, orders, and shipments across every channel, saving you time and reducing risk of errors through automation.
It’s always important to remember that multichannel retailing is a gradual process.
You don’t need to sell on every channel right away.
Start by focusing on the channels that make the most sense for your business, and gradually expand your reach as you become more comfortable with the process.
This way, you can minimise the time and effort required to manage multiple sales channels, and focus on the channels that are driving the most sales for your business.
Myth #2 – Only big businesses can sell multichannel
Multichannel retailing is often seen as a strategy reserved for large businesses, with some smaller retailers thinking that they need extensive resources and a large team to manage multiple sales channels effectively.
This is simply not the case.
Small- and medium-sized businesses can also benefit from multichannel retailing and take their business to the next level.
As we’ve already mentioned, one of the biggest benefits of multichannel retailing is the ability to reach a wider audience.
By diversifying the channels your business retails on, you can tap into new markets and reach customers who may not have found you otherwise.
This, paired with the right performance and growth strategy that harnesses the power of digital marketing, is essential for businesses who want to emerge out of the small- to medium-size business category.
Another advantage of multichannel retailing for small businesses is the ability to test different channels and see what works best for their business.
By starting small and gradually expanding your reach, you can test different channels, see what resonates with your target audience, and adjust your strategy as needed. And with the help of the right tools and processes, you can manage multiple channels with a smaller team and limited resources.
Myth #3 – It’s too expensive
Our final misconception surrounds expense.
We’re starting to repeat ourselves…
Some single channel retailers believe multichannel retailing is too expensive.
They may be concerned about the costs associated with setting up and managing multiple sales channels, such as listing fees, advertising costs, and software expenses.
While it is true that there may be some upfront costs associated with multichannel retailing, the long-term benefits far outweigh the expense. By reaching a wider audience and generating more sales, you can quickly recoup your investment and start seeing real returns on your investment.
Keep costs low when multichannel retailing by using technology to automate key tasks.
We’ve already mentioned some of the benefits that choosing the right technology will bring to your multichannel business, but automating tasks will also reduce the time and effort required to manage your sales channels, freeing up more time to focus on growing your business.
Multichannel retailing is an essential strategy for any ecommerce business looking to succeed in today’s competitive market.
By overcoming the common misconceptions and embracing this powerful approach, you can take your business to the next level and achieve the growth and success you deserve.
With the right tools and processes in place, you can easily manage multiple sales channels, reach a wider audience, and drive more sales. So don’t let misconceptions hold you back.
Start exploring the benefits of multichannel retailing today!