Online retailers of the eCommerce world always face the issue of reaching out to only a small part of the audience. The competition in the eCommerce world is at its peak now, and it becomes difficult to gather enough buyers for their product. Also, the ever-changing algorithms of these websites do not offer much help to online retailers. Listing their products on multiple sites is always an option but managing these listings becomes a hassle.
Why Multiple Listings?
Multi-channel eCommerce allows online store owners to increase their sales streams, reach a more extensive customer base and give the ability to diversify your product offerings. Listing your product on all websites is never a feasible option. The best way to get the right audience is by hosting them on your website and then moving on to sites like Amazon, eBay and Flipkart. Multiple listings allow the retailer to:
- Larger audience
- Better revenue generation
- Brand building
- Benefit from established marketplaces
- Increased organic traffic
- Competitive edge
Multiple listings can be difficult if implemented wrongly. A variety of factors, like inventory and time management, might play a vital role. So, how can you effortlessly manage your multiple listings?
How to Manage Multiple Listings
Online retailers have to work fast to capitalize on the variety of channels out there. Online marketplaces, eCommerce websites, and social media are some of the few channels which offer the largest customer bases. Let’s talk about some of the strategies you can adopt to manage your multi-channel selling:
- Choosing your channels: The trick to going from single to multi-channel selling is first finding and choosing channels that fit your brand, product, niche, and target buyer. Conversions are crucial when it comes to eCommerce and selling on the wrong platform can lead to unwanted expenses.
- Understanding the channel: Each eCommerce marketplace has its own set of secrets. Unlocking them requires a deep understanding of the channel you wish to sell in. They operate differently and have a unique set of the customer base. To adapt to their marketplace and get top ranks for your listing requires you to change your strategies according to that channel.
- Inventory management: Inventory management is critical when it comes to multiple listings. Having numerous products listed on various platforms and running out of items can hurt your rankings and your seller reputation. So, an essential part of successful multi-channel management is having an updated and stocked inventory.
- Customer Service: Overselling your product might take a hit on your customer service. Without proper customer service to cater to your customers can severely harm your seller profile. Unhappy customers lead to decreased conversions. Trading customer service for additional channels is not a good move.
- Data Analytics: Another important factor to consider when selling on multiple channels is Analytics. It is better to set up analytics and reporting for each of your products, to avoid situations like dead money. It helps in tracking your product on each channel and analyzing the profits. It also provides you with some scope to maximize earnings on that channel.
Managing multi-channel eCommerce requires an investment of time, patience, and money. These strategies if implemented in the right manner, can prove very beneficial for your product and your company.
Are you looking for an omnichannel inventory management solution with integrated B2B order management for your eCommerce business? Drop us a line at firstname.lastname@example.org or directly sign up for a demo here.