You’ve probably heard the terms “single-channel” and “multichannel” floating around for a while, but what do they mean? In short, they’re both retail strategies that define how you approach selling and marketing products to your customers. Single-channel is exactly what it sounds like; choosing one avenue to reach customers. Multichannel means reaching customers on multiple platforms, including brick-and-mortar stores, websites, social media and email campaigns. Here are a few reasons why you should embrace multichannel retail over its single-channel counterpart:

Diversify Your Customer Base

With more channels to reach your customers comes a more diversified customer base. Many people have preferences for how they choose to shop. For example, some prefer shopping in a physical store while others prefer shopping online. If your business can accommodate a variety of needs, you can increase your chances for more customers to buy from you. The convenience of this approach to your customers can give you a competitive advantage over single-channel businesses. 

Expand Brand Awareness

When people see your brand in multiple places, they tend to recognize you. This can help develop a level of trust between you and potential customers and increase familiarity. There are many more opportunities to expand brand awareness when you’re promoting and communicating with customers on a variety of platforms, rather than on just one.

Collect More Consumer Data

Using a multichannel retail strategy often allows you to collect and compare more consumer data than you can using a single channel. It provides valuable insights by allowing you to track customer purchases across various platforms, revealing which sales channels are most popular and effective among your customer base. This improves your ability to set relevant retail and marketing goals. With multiple channels, you can better compare sales and product performance and identify areas for improvement, while a single channel can limit your ability to do so. 

Market to Customers at Different Stages

When a customer is first introduced to your brand, it’s unlikely that they will make a purchase on the spot. They often research and interact with your brand on different platforms before buying. This is what’s known as the buyer’s journey. With a multichannel strategy, you increase your potential customers’ access to interacting with your brand, making it easier for you to market to them at different stages of the buyer’s journey. 

A multichannel retail strategy makes it easy for your customer to purchase your product or service on multiple platforms, including in-store, online, on social media and in email marketing. These are all different stages of the buyer’s journey, and with a multichannel retail strategy, you can effectively market to them at each stage.

Increase Revenue

One of the primary benefits of multichannel retail is increased revenue. By expanding your business across multiple platforms, you increase visibility, giving prospective customers more opportunities to engage with your brand. Retailers who sell on multiple channels often see more revenue than those using just one, demonstrating that the expanded brand exposure and convenience for consumers are well worth the investment.

Embracing a multichannel retail strategy offers significant advantages for businesses looking to expand their reach and increase revenue. A multichannel approach enhances the customer experience, making it easier for potential customers to engage with your brand at different stages of the buyer’s journey. Business solutions from Pollock Orora give you the tools and support you need to effectively implement the multichannel retail strategy, helping you remain competitive in the modern retail landscape. Contact us today to learn more!