The future of digital retail is diversification. It’s all about how a business puts itself in the market and how it draws customers. Firms must explore multichannel strategies that allow them to reach out to their target audience and utilize various digital advertising opportunities to generate online traffic and boost sales. For instance, Amazon has accounted for around 60 percent online sales growth in the US in the past couple of years. eBay has successfully generated over 160 million subscribers while Walmart is inviting more merchants to explore trading opportunities in their marketplace.
eCommerce sales have witnessed a sharp growth over the last few years. It is set to account for US $4.058 trillion of sales in 2020 — that is equivalent to 14.6% of total retail sales of US $27 Trillion. Needless to say, the internet retail is growing and along with it the demands for multi-channel retailing continues to evolve. Also, the methods for connecting buyers and sellers are centered around two basic approaches: Integrated software platforms (ISVs) and marketplace platforms. But how to choose the best software for online retail businesses? Here are three essential factors to keep in mind, before selecting a multichannel software:
- Complement existing business model: Investing in a cloud-based system will significantly lower the IT budget and improve operations across multiple channels. It gives companies the scope to scale up their operations whenever needed.
- Integrate efficient supply chain management: Non-adaptive and obsolete systems create hindrance to any business. In order to improve the efficiency of supply chain management, companies must implement industry standard software which integrates all aspects of their business including the shopping cart platform and the accounting system. This could save plenty of time and streamline records maintenance across various systems.
- Automation is crucial: Online retail need solutions that are both flexible and scalable. Leveraging a cloud software is not the only key aspect for the business. To gain a critical competitive edge in the e-commerce landscape, companies should look to automate operations so that they focus on state-of-the-art management practices and growing business needs.
Leading online sellers have leveraged the potential of KartzHub, which is a cloud-based centralized inventory, listing management, and order management platform. It integrates nearly all marketplaces across the globe and automates most of the tedious tasks — thereby boosting sales, profitability, market forecasting, as well as demand planning. To explore more, try our free 14 day trial.