With the rise of ecommerce, retailers are constantly looking for ways to stay ahead of the game. One approach that has gained significant traction is the multichannel retail model. But what is it, and why is it more crucial than ever before?
What is the Multichannel Retail Model?
The multichannel retail model is an approach that allows retailers to sell their products through multiple channels. This can include brick and mortar stores, ecommerce websites, mobile apps, and social media platforms. The idea is to provide customers with a seamless shopping experience, regardless of which channel they use to make a purchase.
Why is it More Crucial than Ever Before?
The COVID-19 pandemic has accelerated the shift to online commerce. With brick and mortar stores shutting down or operating at limited capacity, ecommerce sales have skyrocketed. In fact, according to a report by eMarketer, ecommerce sales are expected to grow 18% in 2021, reaching $908.73 billion.
As a result, retailers need to have a strong online presence in order to remain competitive. This means embracing the multichannel retail model and leveraging multiple channels to reach customers. By doing so, retailers can benefit from increased brand awareness, improved customer engagement, and higher sales.
Benefits of the Multichannel Retail Model
Increased Brand Awareness
By selling products through multiple channels, retailers can reach a wider audience and increase brand awareness. Customers who may not have discovered the retailer through one channel may be more likely to make a purchase through another.
Improved Customer Engagement
The multichannel retail model allows retailers to engage with customers on multiple platforms. This can include social media platforms, mobile apps, email newsletters, and more. By doing so, retailers can build stronger relationships with customers and encourage repeat purchases.
Higher Sales
Ultimately, the goal of any retailer is to increase sales. The multichannel retail model can help achieve this by providing customers with more options to make a purchase. For example, a customer who may not be comfortable making a purchase through an ecommerce website may be more likely to make a purchase in a physical store.
Conclusion
The multichannel retail model is more crucial than ever before, particularly in the wake of the COVID-19 pandemic. By leveraging multiple channels to reach customers, retailers can benefit from increased brand awareness, improved customer engagement, and higher sales.