Posted by Drew Estelle on Nov 15, 2018 5:59:24 PM
Why All Successful Retailers Have Multiple Virtual Storefronts
The web is filled with innumerable brands all vying for consumer’s attention. There’s no doubt there’s more pressure than ever to reach customers at every touchpoint possible.
To do just this, successful retailers are setting up virtual storefronts using multiple channels (e.g. social media, web and mobile applications) to continuously engage and sell to their customers. This tactic is referred to as multichannel retailing. This method helps them to bolster customer acquisition and sustain sales. Here's how this works and why you should start doing it too.
1. It helps to extend brand reach
The proliferation of channels in which consumers buy through give them more control over the buying process. In this way, multi-channel retailing is an effective tactic to get the most eyes on your brand. When you’re seemingly everywhere, from Facebook to Instagram to your website and even their mobile devices, you have more chances to reach both existing customers and also to acquire new ones.
Prospects typically need to hear or see a marketing message up to 7 times before they’ll take action to buy what you’re selling. By opening up other marketing channels, you’re expanding the opportunity for them to do so. The goal is to be as present as possible.
2. You can market to customers where they are most comfortable
With multiple selling channels, you can reach customers when and where they are ready to engage. Grant them the ability to receive brand and product information in whatever form they want to receive it. Whether at that point in time it’s through a push notification that sparked their interest in a new arrival, or if a Facebook Live Sale grabs their attention on a lunchtime social media scroll session.
3. It will diversify your marketing and revenue
Most of your customers will not have an “either/or” mindset when it comes to where they make their purchases. Customers will shop anywhere you entice them to and give them a friction-free opportunity to do so.
It’s also important to note that not all channels are created equal. Some will be more successful than others. Should one be stunted or start to fail due to outside forces, others can help supplement or replace it.
For instance, social media proves itself as an exceptional way to stay in touch with customers and build relationships with new ones. However, the drawback is that you cannot calculate when a new algorithm change will disrupt your business.
Adding multiple revenue streams will give you more control. Each channel will help mitigate risks of losing any single source of revenue. If done right, each should help boost overall sales.
The multichannel retail strategy is an all-important way to get more brand recognition, reach customers when and where they are in their buyer’s journey, to bolster and reduce risk to overall sales. With more and more selling channels being added over time, it makes sense to expand your brand message and purchasing options over a variety of channels.