India is one of the fastest growing hubs for online commerce. The marketplaces are gaining popularity and are growing by leaps and bounds. That calls for retailers to adopt the omnichannel retail strategy and become more discoverable by buyers.
What does omnichannel mean?
Suggested reading: All You Need To Know About Omnichannel Retail
In literal terms, omnichannel implies that your product should be available for purchase at various sale points, wherever the customer is willing to purchase it. This also comes to say that all your data related to your business whether offline or online should be accessible on a single platform in order to be able to serve the customer better. The key is to be available just when the thought of making the purchase decision is triggered in the buyer’s mind. Buyers are seen to research both offline and online before making a purchase.
Millions of small retailers are now encouraged to set-up online stores, to encash on the benefits of selling online. While online sales are attractive, they may call for a lot of paperwork and back-end management in various marketplaces and your offline business.
To get a solution to this concern, experts have developed multi-channel software as a single window to access all your online business, offline business integrated in one application.
What is a multi-channel software?
It is a software that can integrate all your stores including your own webstore, your online business across marketplaces and your offline business across different locations. It also provides you a unified window to manage your cataloging, orders, inventory, prices, shipment across business operation under registered under one name.
This helps you in saving a lot of time and money in overall human resource allocation to manage multiple marketplaces separately. You can then use your saved time and money in arriving at more important business decisions and avoid the operational work.
How to select a suitable application?
Well, that is dependent on your business, scale and future scaling plan. The software should have the following features to attain operational excellence:
- Functional coverage
The application should be able to manage different aspects of your business including inventory, orders, accounting, reporting.
The product should be scalable and should be able to support your growing business both online and offline.
- SaaS / Cloud based
It should ideally be a cloud-based application to ease the accessibility from the browser with just login credentials. It makes your control of business better and does not limit the access to one location, unlike desktop based software.
- App based
With almost everyone on the smart phones, it becomes inevitable to have an app for the software. It makes it easier for you to do business on the go.
- Integrations provided
The software available in the market have various integrations. It is vital for you to identify the right mix of it for your business, for example, Accounting integrations, shipment integrations, etc.
The support in times of difficulty should be really good since online business happens at the click of a button. And non-functional accounts on marketplaces can lead to loss in minutes.
How else does omnichannel apply in online retail?
With sellers registered across marketplaces, it goes without saying that they should be able to provide the same customer experience across portals, their own webstore. This leads to higher revenue in the long-run by engaging the customer and building on his/her loyalty.
Have an online social business identity to increase your buyer base along with hosting a shop on various marketplaces, since the buyers do tend to research for your brand and product before actually clicking the ‘Buy’ button.
Accepting different modes of payments is another way to become omnichannel, increasing the chances of customer conversion by providing a wider choice of payment modes and building on their convenience.
The concept of omnichannel can also be applied to collect customer feedback and increase customer delight through various sources, like SMS, email, or a thank you note at the time of delivery.
Primaseller is a SaaS based software that provides multi-channel retail by integrating your own webstore, offline store and multiple marketplaces. The application helps you to manage your order, inventory, invoicing, price lists, shipping and accounting.