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Multichannel Retailing

Explore the advantages of multichannel retailing, where businesses can sell products or services through diverse platforms like stores, catalogs, and the internet. This approach enhances consumer interaction, offering instant gratification, personal service, and a unique shopping experience. Key strategies include increasing conversion rates through brand consistency, utilizing 3D imagery, and understanding consumer behavior to build "share of wallet." Learn how effective inventory management and seamless operations across channels can empower retailers to thrive in today’s competitive market.

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Multichannel Retailing

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  1. Multichannel Retailing Chelsea Kjerstad

  2. Multichannel retailers sell merchandise or services through more than one channel. Stores Catalogs Internet

  3. Stores • Browse • Touch & feel • Pay cash • Instant gratification • Personal service • Entertainment & interaction • Reduction in risk

  4. Catalogs • Convenient • “magalogs” • Safe • Portable

  5. Internet • Convenient • Safe • Personalization • Multiple assortment • Consumer reviews • Virtual communities

  6. Increasing Conversion Rates A conversion rate is the percentage of consumers who buy a product after viewing it online. • Brand consistency • 3D imagery • Providing services • www.rei.com/adventures

  7. Multichannel Retailing • Offers opportunity to overcome limitations of existing retail format • Reaches new markets • Builds “share of wallet” • Enables insight into consumers’ shopping behavior

  8. Overcoming Existing Format • Size of store & assortments offered • Inconsistent execution • Catalog limitations

  9. Increasing Share of Wallet Share of wallet is the percentage of total purchases made by a customer from that retailer. 19% 16% 5% 43% 11% 6% Percentage indicates proportion of customers browsing in one channel and purchasing in another.

  10. Effective Operation • Develop assortments & manage inventory • Manage store operations & employees • Distribute merchandise & accept returns effectively • Undertake nonstore retail activities • Process orders electronically • Provide seamless customer experience across channels

  11. Disintermediation Manufacturer selling directly to consumers Retailer Manufacturer Consumer

  12. Multichannel Issues • Technology upgrades • Brand image • Pricing • Shopping experience • Assortment & consumer expectations

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