It is more important than ever before to master Multichanneling for marketing to gain your market share and lift your business. Awareness, recognition, and identity are everywhere present.
Available data shows that 31% of people shop online at least once a month, and 33% do it on their smartphones. This trend of using smartphones to conduct online shopping has increased significantly from 2016 (14%) to 29% in 2018.
Online shopping is a mixture of ups and downs for retailers because 80% of shoppers abandon their carts. They appear to do so because of things like additional costs, the pressure to create an account, of confusing checkouts. Of course, what they expect is the affordable price of the product they are interested in and quality service.
Additionally, nearly 60% are not actually intending to spend their hard-earned dollars. Yet, this is still a world where big players like Amazon turn in net revenue of $233 billion (2019). In fact, Amazon Prime has 100 million members, which certainly make a huge difference in driving its online sales. It’s no surprise then that we saw an increase of 39% in the sheer number of online stores in 2019, while online shopping itself doubled.
It is millennials who are driving the sales (80%) more than any other generation group. Naturally, the popularity of social media is having a huge impact on online sales, and 87% of shoppers say social media influences their shopping decisions. China is still the leading ecommerce market with $1,934.78 billion in revenue, with the US and the UK following behind.
While it might seem this is the evermore popular multichanneling approach to marketing, it seems we might not be entirely correct. Running various marketing campaigns on different channels is not necessarily the best way to go about building your business and boosting your sales. Instead, online entrepreneurs should use the same marketing campaigns on multiple platforms.
Certainly, retailers are aware of the importance of multichanneling, as 95% of them agree with this claim, and 73% already have a multichannel strategy.
However, 45% of retailers are not confident they can pull multichanneling off with aplomb as they feel inadequately schooled in technology and processes necessary for such an undertaking.
So how can online retailers utilize this amazing potential and drive their sales?
Key Factors for Succesful Multichannel Marketing Strategy
People use the internet in various ways. Some love spending their time on social platforms like Twitter, Facebook, or Instagram. Others love reading online newspapers or, indeed, window shop at their favorite online store. No matter how your audience spends their time, the multichannel market strategy needs to reach all of them via paid ads, social platforms, emails, or text messaging.
Where is Your Audience?
The starting point in creating an effective multichannel marketing strategy always begins with in-depth knowledge of your target audience. You need to know where your audience spends their time while being online and use those channels to reach them and deliver your message.
What is Your Message?
Creating and delivering a unique message that will stand out among millions of retailers is a tall order but not an impossible one. Think about your product and create a connection between it and your audience that will resonate and stay with them long after they have gone offline.
Did You Get Your Timing Right?
An automation tool is your “Santa’s Little Helper” – use it and deliver your content at the right time in order to drive your sales.
What Are Your Results?
It is impossible to run a successful business without analytics, online or otherwise. It is necessary to track all the main components like opening rates, responses, order values, cart abandonment rate, customer acquisition cost, and other important ecommerce metrics that are specific to your online business. This would help you create an effective multichanneling strategy.
The multichanneling strategy needn’t be a monster in your wardrobe provided you’ve done your homework properly. By using more than one channel to advertise your business, you stand a great chance to improve your sales and create a loyal following. And with projections that online shopping in the US alone is set to hit $735 billion by 2023 and that 95% of all purchases by 2040 will be made online, this is certainly a game worth mastering.