It’s certainly no secret that multichannel retailing is a growing phenomenon. However, with this in mind, sellers need a better understanding of this emerging market. Here are some expert insights that may help you along the way.
Breena Fain at Stitchlabs shares sales data her company has gathered data that highlights why it is so important for retailers to expand their market reach to multiple channels.
Their most compelling evidence illustrates that small to medium-sized retailers who sell through multiple channels are seeing a significant increase in revenue over single channel sellers.
“Retailers who sell on two marketplaces,” Fain points out as an example, “see 190% more in revenue than those who only sell on a single marketplace.”
Related Article: How to Successfully Manage Your Multichannel Listings
And this is valuable information for any online seller who wants to learn more about integrating their multichannel retailing platforms.
Here are some key points:
- The multichannel order management market size will reach USD 2.7 billion by 2023.
- The market is expected to grow at CAGR of 10% during the next five years— making this one of the hottest markets around.
- 41% of the growth will come from the Americas.
- Key players in the market include HCL Technologies, IBM, Oracle, Salesforce.com, and SAP.
- The emergence of smart cities is a key factor driving growth.
“Successful brand management requires retailers to consistently oversee all touchpoints that connect with their customers,” says Reyhle, “by making sure contact details, logos, store taglines and all other details that influence consumer behavior are cohesive.”
“Customers will better recognize and remember store branding no matter where they may land in their customer journey,” she concludes. And then adds that this association will ultimately help to drive sales while strengthening brand recognition along the way.
Related Article: How to Build a Powerful Brand Through Multichannel Selling
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