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Multichannel retail software helps users who sell products across multiple e-commerce channels consolidate their listings in one place so they can easily manage and update their channels. These channels may include an e-commerce platform as well as third-party sellers such as Amazon, eBay, and Facebook. Businesses can provide a consistent customer experience across channels, easily maintain product data, and manage customer data from all channels in one place. Not to be confused with omnichannel platforms, multichannel retail software is primarily for e-commerce channels across various marketplaces. Omnichannel platforms unify online and off-line channels.
Key Benefits of Multichannel Retail Software
For many businesses, setting up stores on the most popular marketplaces like Amazon and eBay is an effective e-commerce strategy. However, managing multiple stores on multiple platforms can be difficult. Multichannel retail software enables a business to consolidate all their e-commerce information from multiple channels and manage these channels from one place. With all of this consolidated data, users can ensure all their product information is consistent and all inventory and orders are accurate.
Brand consistency — Different marketplaces function differently, and it can be difficult to manage multiple stores that all have different policies and software. This can cause customers to have completely different experiences based on which marketplace they use. Multichannel retail software consolidates product information and orders so all customers see the same information and receive the same customer experience. It enables users to utilize their branding and the same product descriptions and images to a variety of marketplaces.
Data consolidation — Customer data is crucial for running a successful business, and managing multiple online storefronts means customer information is scattered across several platforms. Multichannel retail software collects this customer data and consolidates it in one place so businesses can use it to tailor both their overall and individual marketing strategies for each channel. This consolidated customer data makes it easy to provide a positive customer experience if customers switch channels at any point.
Order fulfillment — A business running multiple online storefronts may only have one warehouse or fulfillment center, so maintaining an accurate inventory of available products may be difficult if customers can place orders from a variety of channels. Multichannel retail software lets businesses manage order fulfillment and payment from one place; this way, customer orders are easier to fulfill and inventory records are maintained for the entire business rather than each individual channel. In some cases, ordering can be automated to reduce the manual work required from employees around creating orders and updating inventory.
E-commerce business owners — Anyone running an online store can benefit from multichannel retail software, but only if they utilize multiple online channels.
Marketers — Marketers can use the customer data collected by multichannel retail software to improve marketing campaigns and see what products are selling the best and which could benefit from a marketing campaign.
Product information management — Maintaining consistent product information across channels is an ongoing challenge for businesses, multichannel retail software often provides users the ability to update these descriptions and other product information in one central location. This ensures customers receive consistent information no matter what channel they use.
Order fulfillment — Many multichannel retail platforms centralize order fulfillment to make record keeping easy and consistent. This also makes it easier to track orders and handle any customer issues that may arise, since data is housed in one place.
Reports & analytics — If a business uses a variety of channels, each channel will have different useful sales and customer data. Multichannel retail software provides users with the ability to import this data so it can be analyzed in one place, providing useful information about the performance of the business as a whole.
Inventory management — Most businesses have one inventory that powers all e-commerce channels. By consolidating order information from all channels in one place, businesses can accurately manage their inventory. This means each channel has accurate inventory information at any given moment so customers can’t accidentally purchase an out of stock or unavailable item.
Payment processing — Multichannel retail software can house payment processing to streamline payments for both businesses and customers. Housing payment data in one place makes accounting much easier and eliminates the need to monitor multiple processors for different channels.
Customer data consolidation — Customer data is invaluable for any business, and multichannel retail software can consolidate this data in one place so it’s easy to access and utilize. Since customers come from many channels, this data would usually be spread out across these channels, making it difficult to draw comparisons and create customer profiles. This helps customers if they use multiple channels and have an issue. The business can easily search for their data to rectify the issue.