Whether you’re just starting out in the world of multichannel retailing, or you have established yourself across multiple channels for some time, these three tips will help you to really get the most out of your multichannel business. To get more industry leading advice on the topic download our free whitepaper “8 Tips for Multichannel Retail Success”.
Taking the step into the world of multichannel retailing opens up fantastic opportunities for your company, but managing expansion into new channels can be an exciting but daunting experience. From ordering and receiving inventory to pricing and invoicing, and from selling to shipping, there's lot's to think about.
Each venture expands your customer base and offers massive potential for growth, but it is this growth which also brings enormous challenges.
Staying on top of stock can be stressful and time consuming - distracting your attention from the bits of your business which you love. Selling across several platforms can easily lead to errors in order fulfilment and double-selling, and often retailers suddenly find their customer satisfaction dropping below acceptable levels, with overworked staff trying to manage new challenges.
So, how can you keep on top of the new challenges your business will face, and ensure that you reap the rich rewards of expanding into these new channels?
1. Make use of SKUs.
Stock keeping units (SKUs) act as unique identifiers for the products you sell and give you a common way to refer to them, regardless of channel. This eliminates cross-overs and miss-selling. Read more about how SKUs free 'Understanding SKUs' white paper.
2. Avoid pre-allocation if you can.
Double selling is a business halting problem. If your customers order something on one channel, it can’t still be on sale elsewhere. Stock is finite, and you will soon lose credibility and customers if you are unable to fulfil your orders. To find out more, check out the "8 Tips for Multichannel Retail Success" white paper.
3. Set up taxes correctly.
Moving into new channels means moving into new territory for taxes. Each channel handles taxation differently and especially if you are selling to another country, having a firm grasp on your taxes will be the difference between success and failure.
For even more great tips check out our white paper, just click the link below and you will be on course to multichannel success in no time!
Have you got any other tips for expanding multichannel retailers? We’d love to hear from you - just drop us a comment below.