By Ben Kaye, E-Commerce and OMS Expert at Mintsoft
Your online store is going well but the question is, could it be doing better? What could help it evolve more, what could help increases sales and grow your business? One thing you could be overlooking is utilising more channels and platforms, and investing in an e-commerce management software to support this.
Ben Kaye, E-Commerce and OMS Expert at Mintsoft
With e-commerce demand growing hugely as a result of the pandemic, and no signs of demand slowing down any time soon, there are huge opportunities for online retailers to scale up. There is also a huge growth in multichannel retailers now launching online marketplaces, giving smaller online businesses even more channels to sell on, meaning that finding a platform to target your specific audience on is easier than ever.
To win bigger, better repeat sales, and to continue to grow new business without experiencing major hiccups to service, costly mistakes, or damage to your brand’s reputation, you first need a plan to identify and get on the right channels, and then you’ll need the right tech and software to support your new strategy. Read on to find out more.
Should you sell on other platforms and channels?
So you’ve got your product idea, and you’ve launched your business – marketplaces like eBay and Amazon have made it easy to turn your online business idea into a reality. So why not consider using multiple marketplaces if you are looking to scale up? By adding more platforms to your business, you attract more sales from a more diverse audience. If you want to go a step further, you could looking into implementing a new E-commerce solution to out with the admin and workload involved in using a multichannel strategy.
In order to have long term success it’s imperative that you diversify your channels; you want to be secure in knowing that if one channel goes under for whatever reason, you still have other channels to fall back on, which is another reason to consider implementing a multi-channel marketing strategy. A key feature of diversifying, is reaching new and different audiences and that’s easily done when you sell on multiple channels
Having said that, it’s important that you don’t rush the process. You first need to understand all the needs of your business, and how to make the most of your business model and strategies when looking to scale up.
Carving out a niche and figuring out your PR and marketing strategy should be the first step in your journey. By identifying exactly who your target market is, and where they hang out online, you’ll be able to select the right platforms and channels to be investing in. It’s understandable to want to take a step back on your PR and marketing after this is done, but it’s important to keep your foot on the pedal – more channels means more customers, and more customer means a bigger need for comms and marketing.
How to choose your next platform
When choosing which channels are best for your business needs, there are a few things to consider; the audience of said platform, how well known it is, the competition currently utilizing the platform and fees. Fees is something that can take away from your profit; from shipping fees, payment processing fees and annual subscriptions to name a few, so it’s important you take time to put them all against each other and see the benefits vs the cost.
Preparing yourself for new demand
It is important to be primed for your E-commerce store’s rapid sales growth when you add platforms or selling channels to avoid putting a strain on your ability to fulfil all of your incoming orders. If you’re already at capacity on one channel, don’t just add another and hope for the best.
You want to avoid chaos at all costs, so the benefit of all of this is being able to handle all extra sales, the stock you carry and delivery all in one place. When you make this move it’s important to be prepared, there will be a sale increase and you want to make sure you are able to fulfil all orders in a timely fashion to provide a great customer experience.
If the growth worries you, investing in and implementing an E-commerce platforms can help automate and manage tasks such as inventory tracking, sales reporting and shipping management. Ensure you continue to deliver great customer experiences as you grow by fulfilling your orders and keeping all your online shops updated at all times.
Wanda Rich has been the Editor-in-Chief of Global Banking & Finance Review since 2011, playing a pivotal role in shaping the publication’s content and direction. Under her leadership, the magazine has expanded its global reach and established itself as a trusted source of information and analysis across various financial sectors. She is known for conducting exclusive interviews with industry leaders and oversees the Global Banking & Finance Awards, which recognize innovation and leadership in finance. In addition to Global Banking & Finance Review, Wanda also serves as editor for numerous other platforms, including Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.