How To Be A Successful Multi-Channel Retailer


As the name already suggests, multi-channel retailers are businesses that operate on more than one platform to sell their products or services. This means that they either have a brick-and-mortar store along with an online store or they might be operating on multiple Ecommerce stores like Magento, WooCommerce, and Shopify etc.
Operating on multiple platforms means expanding your market reach. Therefore, orders can increase dramatically. However, just as small number of orders is an issue, a very high amount of orders can become a bigger disaster if the supply is not met.

It’s All A Game Of Demand & Supply!

In simple economic terms, your supply should be equal to the demand. Any deficiency or excess in the inventory can cause losses. Operating on multiple platforms might tempt retailers to keep excess inventory which can be a bad idea. Instead, you should focus on optimizing your inventory holding.

Build Awareness

For a business that uses online channels along with a brick-and-mortar setup, it’s best to utilize your online store as a catalog for your actual store. Make sure that your inventory on both platforms are in sync so that you can tell your customers to use the website as a catalog for browsing products.

Marketplace Inventory Sync

Make sure that all your product SKU inventories are synced on a single platform. If by chance, you don’t have a specific item at your store, you can assist your customer in placing the order online and have it delivered to their doorstep. This will ensure that even on days where you might face inventory issues, you can still save your sale and satisfy your customers.

Conclusion

Multi-channel businesses have unique challenges, which is why it's important to address them through solution providers that understand their concerns. ERP Gold Best Multi-Channel Inventory Management Software provides a cloud-based platform to retailers for managing a healthy inventory, integrating with e-commerce marketplaces, and maintaining healthy sales profits.

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