In today’s highly competitive market, it is more important than ever for retailers to keep up with trends and ensure they are reaching as many consumers in their target audience as possible. This means that retailers must create a consistent brand experience across all channels – online, in-store, across contact centers and other customer touch-points. More than ever before, consumers are demanding 24/7, real-time transactions from anywhere in the world. So how do retailers (and e-tailers) create a business model that caters to customers’ demands while still enjoying large profit margins? Here are some ways retailers can simplify their e-business across multi-channels:
1) Embrace Multi-channel Selling
Retailers today must consider going omnichannel as it has become the new norm of everyday business. With this expansion comes opportunities for growth, it’s crucial to find a solution that allows for growth by adding platforms, sales channels and inventory. Running your entire enterprise from one software program will help you keep track of what is selling and shipping from different channels. Streamlining your workflow and order management allows for more productivity and less wasted time. Focusing on management control on a multi-channel market will allow you to make better financial decisions and experiment with new ways of reaching the consumer, such as mobile and social media outlets.
2) Streamline Multi-channel Inventory Management
Multi-channel inventory management is the key to a successful e-commerce enterprise. It’s crucial to keep accurate inventory counts, so your customers actually receive what they’ve purchased. Happy customers mean higher profits and higher reviews. Find a solution that helps with all your inventory requirements – from managing listing to automating price updates and syncing accounting across all stores. An inventory management system allows for collaboration between accounting, shipping and fulfillment. It will help keep track of products you have in which stores, what’s selling, how much it’s selling for and when you need to order more.
3) Know Your Profitability Across Channels
When you do business online, fees can skyrocket quickly. When you’re first starting out, fees are not a huge deal, but as your enterprise grows, you have costs associated with cart listings, shipping, processing payments and fulfilling orders. These fees can eat away at your revenue. If you do not see those costs in one central location, it’s impossible to track which products and channels are costing you the most, and which ones are the most profitable. A viable solution will allow you to track expenses across multiple channels, making it easy to check on your best revenue streams at a glance.
4) Automate Accounting Tasks
Just one online sales order can involve 15 different touch points; it can be quite difficult to ensure the accuracy of all of your sales data. When you consider the ever-changing world of tax laws, accounting can be a complex and confusing task. You need a solution that automatically posts your sales information into your accounting software, so you can be assured it is timely, organized, accurate and tax compliant.
Follow these suggestions and you’re ensured that you will have the financial insights and the strong mine to make smart decisions and build your empire. Imagine the world where you can focus on business, not bookkeeping. What’s more, imagine getting back to what inspired you to start this crazy business in the first place – demonstrating true value to your customer.