E-commerce sector has million ways to make more money. But when you only stick to a few of them it might not be as profitable as you hoped. That is where multichannel retailing comes in. Multichannel retailing covers all the processes that lead to a conversion and even the afterwards. Businesses can spend all their money to create the perfect website but they might be left with no money to drive traffic to that website. If you want to avoid such an example it would be good for you to think about multichannel retailing.
Creating a good SEO for your website is important but there are other ways to increase your profits or traffic as well. Multichannel retailing can be a good strategy to follow to have balanced spending on multiple sources. Here are a few ways to increase your conversions like paid research, marketplaces or direct traffic.
Direct traffic is an important way to increase your sales. It can be increased through e-mail marketing, affiliate marketing or URL navigation or bookmarking. E-mail marketing requires you to specialize for different stages and also be consistent if you are looking to create a weekly mailing.
Another way to increase your sales, is paying to search engines to gain the upper hand on researches. You can buy traffic from search engines such as Google, Bing or Yandex on a daily basis with PPC (pay-per-click). It is important to have good keywords picked out and manage them wisely.
There are also different shopping engines which can compare the prices or list the products the customer is interested. You can appear on them for free or you can have a PPC to drive your website traffic. A few websites that deals with product listing are Google Product Search, Shopping.com or Shopzilla.
Besides selling your products in your website you can also use marketplaces such as eBay or Amazon to increase your sales. The marketplace lets you present your products for sale. Another way we love the most is mobile. Mobile e-commerce allows your business to reach to a whole new segment of clientele. Mobile commerce is also expected to increase sales in general and become the new and main way to shop in a decade.
Social media is a must. Your business needs a presence to create customer engagement, announce discounts or new products and increase your customer loyalty. Also a few social platforms like Instagram and Twitter can have button to directly sell your products which makes it a lot more loveable.
What all of this boils down to is that there are many roads to take and if you only stick to one of them it can be a risk for your business. Direct traffic may be something you regard as a given, but, since its share of profit has diminished over the last decade it might not be enough. Make sure you have a handle for all of these approaches.
Treat these approaches like a portfolio of investment. You should make sure to risk pool all your approaches to avoid diminishing profits. A different group of market places can also increase your chance to increase your conversions and profits. Make sure you cover all land and reach any type of customers.
Competitive pricing is another gem in this list of approaches. It allows you to cut prices over your competitors and gain more customers. According to this article, retailers agree on a competitive pricing strategy to be crucial. Prisync can be just what you need. Prisync allows you to monitor your competitor’s price all over the world. Make sure to check it out.
Multichannel retailing is important if your business needs to create a variety of resources to drive sales and profit. Paid search, direct traffic, competitive price tracking or social media help your business to risk pool its spending. It allows your business to appear on many platforms and have a segmented customer database. Always have more than one approach to make sure your business reaches out to your potential customers. We wish you the best.
Multichannel retailing is an important strategy to increase conversion rates and profits.
Another strategy to increase conversions is competitive pricing.
Prisync provides a competitive price tracking system where you can monitor your competitor 24/7 and all over the world.
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