How to Manage Multiple Sales Channels Through Inventory Management Systems?

TechKnowableDecember 17, 2020

0 4 minutes read

Businesses have to change their selling strategies according to the changing customer trends. Nowadays, one of the prerequisites for a business to grow its eCommerce sales is maintaining an omnichannel business presence. However, managing multiple sales channels is quite a challenge.

Don’t worry! We will walk you through the whole process of multiple sales channel management.

The combination of the right tools and tactics will help you get through the challenges of multiple sales channel management.

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What is Multichannel Selling?

Multichannel selling is the process of selling your products through multiple channels to maximize sales.

These multiple channels can include your own business website, online marketplaces, social media platforms, brick and mortar stores, and other mobile marketplaces.

This process is used to increase business sales and improve overall revenue. It enhances customer experience and helps them buy more.

How to Manage Multiple Sales Channels?

You can explore new realms of business growth through multi-channel sales. Here is how:

1. Choose the Right Sales Channel

The internet is crowded with selling platforms. Carefully choose the channel that matches your business requirements and is capable of providing you with maximum profit.

Don’t register on marketplaces before proper research. Consider the profit value each platform offers. Analyze where your customers are present and which platform offers the best support. Go through the terms and policies and then register your business.

2. Manage Your Inventory

The most important factor that affects multichannel sales is inventory management. A well-organized inventory is imperative for sales management.

As your business grows, the orders start pouring in from multiple channels, making order fulfillment a challenge.

Therefore, devise proper inventory management strategies before starting a multi-channel sales process. Invest in a robust online inventory management system that can handle your online as well as offline sales.

3. Administer the Marketing Options on Every Channel

Each sales platform has different marketing strategies. You need to market your business on every platform to generate leads.

Try to come up with a unique and different marketing strategy for each sales channel. Take advantage of each marketplace’s unique selling point. For example, some marketplaces highlight affordability while others emphasize variety.

4. Keep an eye on the Sales Analytics

You need to keep an eye on the sales analytics to succeed in multi-channel sales.

Devise strategies and analyze their results.
Identify your top-selling products.
Know your customer behavior and identify which channel is bringing in the most audience.
Keep the sales analytics in check and improve your business performance.

5. Maintain High-Level Customer Service

Maintaining a high level of customer service is quite difficult in a multichannel business. Make sure to work on that before getting into the multichannel sales.

Back up your sales channels with storing support.
Ensure quick order handling and on-time delivery.
Don’t compromise your customer service or you will end up losing your customers.

Role of Inventory Management Systems in Multichannel Sales Management

Multiple online shopping platforms have divided the attention of customers. They want to shop whenever and wherever they want. Omnichannel business presence is the solution to this scenario. However, you need to have solid strategies in place before setting multiple sales channels.

How would you manage your multi-channel sales? How would you track the orders? How would you fulfill the order efficiently?

The inventory management system plays an exceptional role here. The tool is robust enough to manage multiple sales channels effectively. Here’s how it can help your business.

Data Centralization

Inventory management systems help manage multi-channel sales by centralizing the data. The sales statistics from multiple channels are stored in a single central system. Any team member can easily access this data from anywhere at any time which improves the overall business efficiency.

Improved Efficiency

Inventory management system takes up the arduous task of entering customer data and storing sales information. It automates the ordering process and simplifies order handling. The tools track each and every item in the inventory and monitor the sales from every channel. Integrating inventory systems improves the efficiency and productivity of the business by simplifying inventory management.

Automated Supply Chain

From sourcing to delivering the products to end-users, the inventory management system automates the entire supply chain.

It handles product entry, stores product details, manages order processing, and tracks orders. The inventory management system also manages inventory levels by providing accurate forecasts.

You can avoid overstocking and understocking by using the automatic reordering feature. It streamlines the sales from various channels and handles them effectively without any risk of errors.

Make the Most of the Inventory Management System!

Adding more sales channels to your business is a very effective way to reach more customers and generate more sales. To successfully execute multi-channel selling: