New Articles

The Art of Successful Multi-Channeling in Retail Sector

retail

The Art of Successful Multi-Channeling in Retail Sector

Headlines seem to be nothing but doom and gloom for the retail industry. Footfall on the UK high street was down 40% in July. Thousands of staff have been laid off by companies many would have considered unbreakable. Major high street names are closing stores by the score, and many others have started administration procedures. And yet, in the worst retail crisis of a generation, there are those that see an opportunity for the future – and that opportunity is e-commerce. While it can be tempting to adopt a “wait until this is all over” attitude (particularly when it comes to investing in new projects when budgets are already tight) the businesses that are leading the field in these difficult times are those that are making the most of this time to rethink and reboot their online portfolio.

It’s clear that in the current climate it’s vital for any retailer to have their own online store, but with more than half of B2C e-commerce transactions taking place on marketplaces, any successful e-tail strategy will need to involve multi-channeling. But it’s not as simple as listing on as many marketplaces and possible and just expecting buyers to start appearing – in order to gain the most benefits, retailers need to dedicate as much time and effort to multi-channeling as they do with their own e-commerce store. This may seem like too much hard work, but when you look at the benefits of marketplaces you may want to re-evaluate your priorities.

No matter how high your website appears on Google rankings, if you don’t offer your products on marketplaces you may be missing out on potential customers. Based on a recent 2019 survey, up to 49% of users start their search for products on Amazon compared with just 22% on Google. Many of these go on to make their purchase straight away – even if they’ve never come across a brand before, the level off trust provided by the marketplace itself gives consumers the confidence to try brands that they may otherwise not have considered. Other users search for products on Amazon before researching brands off the platform and may often decide to purchase from the brand page directly, so this sense Amazon can also work as an extra marketing channel to raise awareness of your brand.

But despite its apparent monopoly over the e-commerce sector, it’s important to remember that Amazon may not be for everyone. Particularly in the fashion industry, many retailers believe selling on Amazon may cheapen their product image due to the fact that so many Amazon retailers are from the low cost, super-fast fashion sector. Which brings us to one of the most important parts of your e-commerce strategy – choosing the right marketplaces for you.

When sales are struggling it can be tempting to sign up to as many platforms as possible, to go for the most well-known sites or the largest potential audiences. However, this tactic will only result in spreading your portfolio too thin and it’s all too easy to neglect under-performing sites. More effective use of your time and effort is to first analyze which marketplaces are best for your brand. Think of them as a department store – your products might be a great fit for John Lewis, but you wouldn’t necessarily want them displayed in a Walmart. And vice versa – Walmart brands are unlikely to enjoy much success by stocking in John Lewis stores. There are also a number of niche marketplaces that might be a perfect fit for your brand and allow you to access your ideal audience without the excess competition of the major players. Research each platform, look at what type of brands use them, consider online reviews and check customer testimonials. Investigate their terms – are they compatible with your own? Do they offer advertising options and detailed analytics? Finally, if looking at the attractive expansion possibilities of the international market, bear in mind local legislation.

While it may be tempting to access the huge potential of the Chinese e-commerce scene (worth an estimated $1.94 trillion USD), export laws and duties are much more complicated (and regional rather than national in some cases), so unless you have a native Chinese speaking e-commerce expert on your team you may want to leave this on the back burner.

Once you’ve chosen your selected marketplaces it’s time to optimize your listings. Bear in mind that it shouldn’t be a case of simply copying and pasting the same product descriptions for every site – this can have a negative effect on your SEO and you’ll be competing against your own online store. While it’s time-consuming, it’s highly recommended to create SEO optimized product descriptions for each marketplace you use. Look at your top competitors – what keywords are they using? How are they pitching their product? Where can your products stand out from theirs? It’s not a case of simply listing as many keywords as you can, try to create an attractive product description that will entice potential customers, but also provide enough detailed information so that there are no unexpected surprises (this should also help you reduce the rate of returns).

Where possible, you may want to dedicate some of your marketing budgets to platform-specific advertising to make sure your products are seen first, particularly when you’re new and there is a lot of competition to deal with. Many of the larger marketplaces offer assistance in setting up campaigns to make sure that your advertising budget is well-targeted, so you may even see more success than with traditional SEM.

So you’ve set up your listings, created advertising campaigns and you’re waiting for orders to start flooding in. But that’s not the end of the story. Maintenance of your channels needs to be a top priority, and the ability to react quickly to trends is the key to success. You’re unlikely to create the perfect listing straight away, but by looking at trends and reviewing your search analytics you can make small amendments to increase visibility, bring more consumers to your products, and convert more sales.

Rather than attempting to improve all of your products at once, it may be worth testing an update on one or two products and checking it’s a success before moving onto the rest. You don’t want to waste time and energy updating your whole portfolio only to find that your update actually has a negative result! As with all marketing, it’s important to be open to trial and error and to stay abreast of changes in the market and how they may affect you.

With so much preparatory work involved, it may sometimes seem like an impossible task to keep your marketplace portfolio under control. But one of the benefits of working with marketplaces is that there are a number of time-saving services that they offer which can reduce your in-house logistics and offset the time you invest in your listings. Many of the major marketplaces offer warehousing and fulfillment options, while even low-cost marketplaces like eBay provide centralized shipping solutions that can take the hassle out of pricing, particularly for international orders. With logistics being one of the most time-consuming and costly parts of the e-commerce process, having access to some of the most advanced shipment and logistics solutions available can quickly improve your customer experience and protect your investment.

With an ever-growing proliferation of e-tail stores online, the centralized accessibility provided by marketplaces is gaining ever more traction and is estimated to grow to up to 65% of the e-commerce market by 2022. And with the simple set up and low investment required to start out, they provide an invaluable service to retailers of all types looking to expand their reach. The current crisis has adversely affected sales throughout the industry as never before, but perhaps we can use this lull to our advantage and give our retail businesses the opportunity to reach a wider audience than ever before?

________________________________________________________________

TradeGala – the B2B online marketplace has taken the user-friendly marketplace platform and reimagined it for the wholesale industry. Brands and retailers can now connect online with the same ease as ordering a weekly shop. TradeGala – the future of the wholesale fashion industry.

retailers

Fashion Retailers & Brands will need to Adapt As the Industry Emerges from the Pandemic 

The coronavirus pandemic has thrown the entire industry into crisis. Beyond its tragic human cost, the disruption inflicted on businesses has been unprecedented. Footfall has disappeared from the high street as people practice social distancing, while demand for non-essential products such as fashion has dwindled.

With international flights grounded and much of Europe and the United States on lockdown, boutiques are concerned about how they will shift this season’s summer dresses and beachwear. Likewise, small independent fashion brands are apprehensive about retail sell-through and how their stockist partners will be able to pay their invoices.

For many businesses, innovation will be key to getting through this extremely challenging time. The government has laid out plans to help businesses with schemes such as loans and grants. However, this type of aid will only stretch so far.

Some boutiques are taking drastic measures to reach their customers. Several closed their bricks-and-mortar stores early on, deciding to concentrate on their online offering to ride out the storm. Meanwhile, those retailers without an online presence have been thinking outside of the box. Some have locked their doors for one-to-one appointments while others are conducting telephone consultations on FaceTime and personal shopping sessions via WhatsApp.

But selling to customers is just one part of retailing. Buying for the store and its shoppers is just as critical for sustaining a profitable business. Trade shows, buying trips and fashion shows are a fundamental part of the chain – and we have already seen many cancellations since the outbreak began to take hold. Will the pandemic be over when brands re-open their order books for SS21?

Forward ordering is another concern for many small independent retailers right now. With sales of SS20 season stock now under threat, many are worried about AW20 orders written just weeks ago arriving in July and August. If they decide to cancel now, what happens if sales begin to pick up and they’re left with empty rails? Likewise, if they don’t cancel, will they end up with surplus stock that they can’t pay for?

For many, using budgets to buy in-season offers a straightforward solution. Because when the panic subsides and sales begin to pick up – which they inevitably will – ensuring that stores have the right stock in place for shoppers will once again be paramount.

B2B fashion marketplaces such as TradeGala will become increasingly important for retailers. Effectively removing the need to travel or visit trade shows and showrooms, buyers can browse multiple brands online and place orders directly. The brands on the site offer in-season delivery, meaning retailers can order what they need as and when they need it. Plus, it’s easy to check live stock at a glance so buyers can see exactly what’s available with just a few clicks – minimizing any concern surrounding supply chains.

For brands, TradeGala is offering free registration during this crisis period to offer time to prepare for when the market revives. The marketplace is also building its international following of buyers, allowing labels to reach buyers in markets that are less affected by the crisis to help minimize the drop in sales.

The coronavirus pandemic has changed the world and the retail sector needs to adapt in order to survive. There is a challenging time ahead, but retailers and brands are working together in new and effective ways. More than ever before, it’s time to support each other. And if there’s one thing this industry is good at it’s triumphing over adversity.

e-commerce

5 Must-Have Features of Enterprise E-Commerce

E-commerce is everywhere — unless, of course, you look in the B2B space. Unfortunately, one segment lags behind all the rest when it comes to online sales: manufacturers. Just 38% of manufacturers have e-commerce websites, and only 6% of all manufacturer sales come through this particular channel. 

Part of the reason manufacturers are so slow to adopt e-commerce can be traced back to the old adage “if it ain’t broke, don’t fix it.” The traditional ways of doing business largely haven’t posed a problem yet, so many manufacturers don’t feel a real sense of urgency to explore the increasingly relevant direct-to-consumer model. 

It also has a lot to do with technical hurdles. For many manufacturers, moving to e-commerce involves taking on yet one more system to master — that or an expensive integration with their current enterprise resource planning (ERP) software. It’s nearly impossible to get an e-commerce platform to talk to an old “closed” mainframe, so plans to upgrade often involve a two-year timeframe or longer to get everything up and running. They might also involve a million-dollar price tag. Not surprisingly, this tends to put e-commerce on the back burner pretty quickly. 

And it’s important to note, too, that most manufacturers work through distributors and dealers, making e-commerce seem like nothing more than a mere alternative to their current traditional sales channels. 

A Missed Opportunity

What many manufacturers seem to be missing, though, is that B2B customers are also B2C customers. Chances are that they’re already shopping online for their personal needs, and not having a way to buy their business products and services online can have a hefty negative impact on the customer experience. If you’re manufacturing a commodity product and your sales process lacks the convenience of shopping for that product online, your customers might begin to look elsewhere. 

Remaining passive about e-commerce is simply the wrong approach, especially with B2B buyers moving more of their purchases online all the time. As it stands, nearly half of all companies utilize online channels for 50% to 74% of all their corporate purchases. Not being online just means you’ve missed out on an opportunity — not only to secure additional sales, but also to broaden your reach to a global level

Also, remember that it’s easier than ever for competition and new players in the market to get in front of your customers via Google, Facebook, and email. Not having an e-commerce site could easily cost you market share, even if the competition’s product isn’t as good as yours.

Beyond the Basics

Knowing that it isn’t enough to conduct all business offline, know, too, that it isn’t enough to just invest in getting an e-commerce platform, leave it there, and call it good. Your site has to offer the functionalities necessary to run an online business. If your system doesn’t support multiple pricing tiers, it probably also doesn’t mimic your current sales process. Clearly, that’s not a good thing. 

Your site needs to be able to support multiple buying options, such as “requests for quotes” as opposed to a shopping cart model. It can take time to arrive at a number in a complex B2B transaction, and the last thing you want is for a customer to have to take the interaction offline just to finalize scope and nail down specifics. 

This naturally leads to my next point. Assuming your e-commerce site comes equipped with all the basics like browse, add to cart, checkout, email confirmation, etc., there are a few features to look out for at the enterprise level. Those often include the following:

System integration options

In e-commerce, a certain amount of coordination is necessary between the website itself and your back-end system that you use for inventory and accounting purposes. Without proper integration, order fulfillment can easily get problematic. Focus on maintenance, data input, and offering a seamless user experience. Most of all, understand all the system integration options of your marketplace website before going with one provider over another.

Proper data to support search

Product information is important. It’s what consumers see prior to making a purchase decision. But it can sometimes pale in comparison to the product data used behind the scenes. A number of data fields and HTML tags enable your products and website to rank in both Google and on-site search results. Make sure your platform accommodates these options. Also, inquire about the tracking capabilities of your on-site search function. It can be useful to monitor what users found — and didn’t find — during a visit.

Customer tiers

At the enterprise level, you’ll likely run across different types of customers. Being able to segment these customers into various tiers can come in handy. Based on their purchase history, for example, you might determine that one tier would respond well to a certain promotion while another’s browsing behavior could inform subsequent product recommendations. In other words, segmenting tiers allows you to personalize your messaging, pricing, and other marketing efforts to fit the needs of your customers. So look into this functionality while reviewing your e-commerce options.

Analytics integration

Whether you’re looking at an off-the-shelf platform or a custom solution, reporting is very important. At a bare minimum, make sure a standard tool like Google Analytics can be integrated with your e-commerce system. You’ll also want to inquire about the setup of advanced features like e-commerce tracking.

Merchandising

Generally, any platform you go with will provide the functionality of assigning products to categories. This can help with on-site search and make it easier for visitors to browse your product line. Beyond that, you might wish to feature certain products. The question, then, is what ability do you have in the platform to create banner ads, highlight related products on a product page, create landing pages around a spotlight topic for the month, and feature products in other ways? 

Providing a good online experience naturally makes customers feel good about doing business with you. It also increases the likelihood of driving new customers to your business without needing to invest in additional resources. 

Ultimately, you can handle more transactions with an e-commerce site in your corner. Just make sure your site provides you with all of the functionalities you need to keep your business running smoothly and your customers happy. 

____________________________________________________________

Michael Bird is the CEO of Spindustry, a digital agency focused on e-commerce, SharePoint portals, and enterprise websites. He has almost 30 years of experience in interactive development, user behavior, and business solutions. His successful agency, Spindustry, puts these strategies into practice to help businesses grow.

Egrow Offers Online Retailers Amazon Insights

Online retailers and small businesses selling through Amazon’s marketplace are now offered an internationally available, web-based analytics platform called Egrow.

Egrow had current and future entrepreneurs in mind when creating the all-in-one solution, as it provides a more competitive approach in comparing Amazon sales data.

The platform is for both current and prospective Amazon sellers, providing a multitude of features including maximizing listings and increasing reliable, accurate visibility on sales data. Furthermore, Egrow offers a 90-day historical data memory to further increase product relativity for retailers seeking optimized product offerings while maintaining customer engagement.

“Amazon Marketplace is one of the most lucrative platforms for small businesses today, yet it’s also one of the largest which makes it challenging for budding entrepreneurs to not only identify profitable and in-demand products to sell, but also to price and promote these products in order to stand out from the crowd,” says Anton Lang, Egrow CEO.

Standard features of the platform include a product database, live scanner, saved searches, product tracker, keyword tool, reverse ASIN research, and rank tracker. Egrow sets itself apart from competitors due to its sizable product database and more accurate sales data.

“With Egrow, our aim is to bring simplicity back to selling, highlighting valuable data using charts and panels, all within a single user interface,” concluded Lang.