How to implement multichannel sales in the best way
According to a study by Statista, Valentine’s Day 2022 sales are expected to reach $23.9 billion dollars, 2.1 billion more than the 2021 edition. Some of the sectors that will benefit most from this increase in sales will be: hospitality, clothing, jewellery and perfume stores, and the food sector!
Have you thought about how you can take advantage of Valentine's Day 2022 to get more out of your business, whether you have a physical or online store?
The NRF annual Valentine's Day consumer spending survey has reported that 53% of the consumers plan to celebrate it; meanwhile, 27% of those not celebrating still plan to mark the occasion. Given the huge sales-generating potential of the event, it's no wonder more and more retailers are getting in on the action, including luxury brands that typically avoid seasonal promotions.
In today's post we talk about one of the most powerful fintech solutions not only to increase conversion, but also to offer a greater variety of payment solutions to your customers and, ultimately, the best user experience. Today we are here to tell you about multichannel sales: the reason why you can sell much more this Valentine's Day 2022, and the rest of the year.
What is multichannel sales?
We call multichannel sales the payment management system that allows your customers to manage and make their purchases through different channels or payment methods. For example, thanks to multichannel sales, your customers could make an online purchase and make an in-store return. They could pay either through a link that they would receive via SMS (called pay-by-link payment), through a digital gateway, or through a phone call with IVR. A whole world of possibilities to maximise the reach of your business, both physical and online.
How to sell more with multichannel sales? Tips to increase your conversion
To implement multichannel sales optimally, it is necessary to have a solid strategy beyond the mere implementation of the multichannel payments tool. How? Follow these tips to get the most out of it.
Make it easy for your customers to find you online
Did you know that 88% of consumers search for products online even if they end up buying them in store? This is known as "webrooming".
In addition to keeping your website and networks up to date with your entire product catalogue, another way to make it easier for your customers to find you online is to keep your Google My Business account up to date and include your opening hours. In this way, Google will be able to recommend your business to those users it detects in the area, thanks to customised ads and the location of devices via GPS.
Offer click-and-collect sales option
Click-and-collect is a practice whereby shoppers choose and purchase the product through eCommerce, and pick it up in-store. Already in 2018, it was estimated that 81.4% of eCommerce shoppers made use of this hybrid purchasing option. For optimal implementation, it is essential to have a unique multichannel stock management and payment system. In this way, you will be able to implement a unified commerce strategy, in which you will be able to manage all your business’ sales channels from a single platform and with the greatest efficiency.
Once again, social selling
Social networks have become one of the main sources of interaction between brands and their customers, and increasingly, they have become an important source of sales. This is known as social selling. Do you know how to implement it in your business? A good first step is to have a Community Manager that allows you to maintain a clean feed and a dynamic interaction with your followers. But, when it comes to completing sales through networks, a multichannel payment system is, once again, the perfect solution (flexible and effective). Whether through the aforementioned payment link or a phone call with IVR, your customers can also make their purchases through your business’ social networks.
Fall in love with your payment provider this Valentine’s Day!
If by now you don't know what financial technology is, it is very likely that your business is not working to its full potential. As expert fintech partners, our goal is to provide our clients with solutions that help them get the most out of their businesses in the modern marketplace. That means providing them with graphs of their main KPIs through a Business Intelligence Dashboard, helping them to integrate their best payment gateway and, ultimately, understanding and meeting the needs of their customers.
Do you want to know how to start implementing top-performing financial technology? Visit our website to learn more about our solutions, or contact our team of experts to receive personalised advice based on the specific features and needs of your business. Because we want to take you to the next level, we want to be your financial partner.