There is an ever increasing number of consumers who browse through multiple retail channels to research and learn about products before making a purchase. Picking up on this development, retailers have been prompted to perk up multichannel practices including opening up online stores and enhancing internet retailing capabilities.
“Multichannel retailing refers to the concept of selling goods through multiple channels rather than solely through one channel, such as traditional brick-and-mortar stores. The additional channels that can be used to reach out to consumers include the internet, mobile devices and catalogs, each of which present unique benefits and drawbacks. To succeed in multichannel retailing, merchants must optimally utilize the benefits of a variety of channels.”
It is crucial that retailers combine multichannel efforts with existing ones to maximize the benefits. Although the number of consumers engaging in multichannel retailing is constantly on the rise, many customers still prefer the touch and feel of a new product before purchasing. A survey, conducted by commerce solution provider ATG, showed that about 40% of respondents who read catalogs never made purchases through them.
Selling through online channels can be marginally more profitable than selling through traditional stores but, online retailing also provides other advantages, “retailers can avoid the risk of stocking inventory, since merchandise can be shipped directly from the supplier to the customer.”
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