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How To Get Started With Multi-Channel Selling

What is multi-channel selling?

Multi-channel selling is the act of selling a single product on multiple websites and marketplaces. Many large retailers are partnering with third-party sellers to sell their products on their sites. This includes all of the largest online stores such as Amazon, Walmart, Home Depot, Staples, and New Egg.

Why you need to start multi-channel selling

Larger Audience

Google is a great place for consumers to find products but search page ranking can be competitive and advertising can be competitive. On a marketplace, you’re guaranteed to have some of the largest audiences. Many of the largest online web stores now allow for marketplace sellers.  Amazon’s annual revenue was over $250bn in 2018, 30% higher than the previous year, making it one of North America’s largest retailers

Increased Trust

Amazon, along with many large retailers have earned the trust of their customers through exceptional support. This trust can be leveraged while on their marketplace, making sales easier. Recent surveys show that a large portion of the population trust Amazon as much or more than their bank, and in some cases more than their government. Amazon has a universally positive perception, which makes users more comfortable when purchasing from their marketplace, and prospective customers.

What are some difficulties of multi-channel selling?

Data Management

You have thousands of products, descriptions, images, and prices and several marketplaces you’d like to sell them on. One of the most difficult parts of getting started with multi-channel selling is getting your products from your accounting software, your current eCommerce site, or anywhere else to the web.

To do so effectively there are several options.

Spreadsheet upload

Amazon, Walmart, and several other marketplaces allow you to upload products via spreadsheets. You can assign a column to each attribute, and tie it all back to a unifying number such as Amazon’s ASIN.

Benefits:

  • Anyone can do it. The skills required to produce and maintain this data over time are common in nearly every office. The data required to sell the product is enough to list it in your stores.
  • Exports from your accounting software or suppliers can often be converted and fulfill most of the data requirements from the marketplace.

Drawbacks:

  • There is still a fair amount of manual work involved. Whether you receive the information from a supplier or other data source there will often still need to be manual transformation and data uploads.
  • Stock and pricing updates will not be automatic, and there could be data inconsistencies between marketplaces, your accounting software, and your retail or online stores.

Automated integrations

Integrations are generally the preferred method of maintaining marketplace data. An integration will look for changes in your accounting software, SKU data management tools, or even supplier data feeds and automatically push updates to and from the marketplace. In most instances marketplace integrations offer the largest form of automation in your processes, allowing you to charge less and compete better.

Benefits:

  • Integration tools can automate many of the cumbersome aspects of maintaining product data, including updating pricing to multiple locations, updating stock on every store once the product has been purchased, and even ensuring descriptions are the same on each store.
  • A quality integration can dramatically lower overhead costs and logistical efforts, allowing you to lower prices and to gain the coveted buy box on Amazon.
  • Fees are typically on a per transaction basis, so you only pay more when you make more.

Margin

Managing margin is one of the most difficult and competitive areas of selling online. Margins are often considerably slimmer when selling on a marketplace due to the fee structures imposed by the marketplace providers.

Reducing operating costs involved in the order is paramount to maintain the profitability of your marketplace sales. There are two key ways in which this can be done:

Automated order processing 

Stores with high order volume can involve a substantial amount of manual data entry. From entering orders, updating prices, and monitoring and updating stock levels.

Warehouse Logistics Optimization

Shipping can make or break the margin on a sale. Remember to always check all available shipping providers before shipping out a product. 

For high volume sellers, make sure you’re consistently negotiating the best rates for the business. 

For low volume sellers, you can find yourself at a disadvantage for shipping providers. Find yourself a service like eShipper or ShipStation that combines many low volume sellers and offers a more competitive rate. Note that if your business volume increases substantially, you won’t be getting credit on your own business account for these sales when you go to negotiate rates later on.

So, now what?

You’re now ready to easily add product, ship products, and make money on Amazon, NewEgg, Walmart, and other popular marketplaces. 

Armed with more knowledge it’s time to start planning and turning those plans into action!

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The 10 E-commerce Statistics To Know In 2019

1. Amazon and eBay receive over 310M unique visitors monthly (Statistica)

It’s nearly impossible to not notice the popularity of Amazon eBay, it’s up to you whether this will help or hurt your business. By leveraging marketplace integrations to some of the biggest online stores a retailer can access a wider audience than ever before. There has never been a better time to consider selling on new marketplaces.

2. 84% of distributors plan to spend more on e-commerce this year (Statistica).

The vast majority of distributors are taking their B2B sales online to save time and money while making their products more accessible. Distributor pricing and shipping models can be incredibly complex, preventing many people to make the jump to online. Most distributors are now utilizing platforms directly integrated with the accounting software, reducing the initial set-up and maintenance of their site long term.

3. You can increase your checkout rate by 70% just by offering the right payment options (Nielson)

Most websites allow for credit card payments, but only 42% of people prefer to pay with credit card (Statistica). What about the other half? Ensuring you provide the right payment solution reduces the number of customers you lose at check out. When considering your next ecommerce solution, consider one that offers multiple payment providers, including PayPal, your favorite Credit Card process, and even debit.

4. Generation X Shop More Online Than Baby Boomers and Millennials (KPMG)

The greatest purchasing influences for Gen X are no longer online reviews, lengthy articles or recommendations from family and friends — Decisions are made while browsing social media, through influencers, and YouTube. Have you adapted your marketing strategy to take your product to the forefront of 2019’s biggest spenders?

5. 55% of people will abandon their cart due to unexpected additional fees, such as shipping and duties. [Baymard]

Flat rate and free shipping are going to ensure you keep the most customers through checkout. Free shipping doesn’t work in your industry? Integrate with several shipping providers to provide accurate, predictable rates while giving your customers the option that works best for them.

 6. 64% of consumers will click on a Google ad when they’re looking to make an online purchase [Wordstream]

Over half of those actively looking to purchase products have no issue with clicking an ad on Google, making investments in Google advertising and analytics a no-brainer when planning your next marketing movings.

7. 65% of customers will price check on their phone while in a physical store[KPMG]

You don’t have to be down the street to compete, you just need a great mobile theme. By making your prices easy to find and mobile-friendly you’ll be competing around the clock with brick and mortar and web competitors. 36% of people say their decisions are primarily based on price, make sure yours are easy to find.

8. E-mail marketing has an ROI over 4400% [Campaign Monitor]

We’ve all wondered how sending more emails might increase traffic, or whether the subscription to an email marketing site will see the returns we hope for. The numbers are in, and the answer is obvious: Start your campaign now. Not sure where to start? Try integrating your site with Constant Contact or MailChimp to easily build a list of clients.

9. Mobile users have a cart abandonment rate of 85%[Barilliance]

Every ecommerce store needs to address cart abandonment, what’s your strategy? Retargeting ads, abandoned cart notification, clear shipping, and product costs, and a simple, one-page checkout process are all easy ways to ensure your customers.

10. 54% of people will purchase a product they previously abandoned [VWO]

Nearly half of your abandoned carts can be recovered if your customers stay informed. Combine your e-mail marketing campaign and abandoned carts data to ensure your customers stay informed about sales, coupons on price reductions.

 

Quickbooks & Terracor

Here at Terracor we are constantly growing and evolving, and in particular with regards to the myriad of systems we integrate to, from shipping providers & payment processors to backend EDI & accounting systems.

Quickbooks Online is one such integration and with it being one of the most popular accounting software packages globally, we wanted to share with you the benefits of using our products & services to grow your business and give you an edge over your competitors.

Although we can integrate with Quickbooks Online in a lot of ways we’d like to concentrate on our flagship e-commerce product, zeckoShop. For us, bringing your business online to existing and future customers is vital in the current global marketplace and something we’ve been helping our clients do for over a decade.

There are several reasons why you should work with us in getting you fully setup with an integrated Quickbooks Online e-commerce website, but let’s highlight 2 of the main benefits.

1. Full Integration

Our software will do all the heavy lifting for you so you don’t have to.

Our integration is fully automated meaning that all your Quickbooks Online data such as products, customers, categories, pricing, sales history etc, are automatically pushed to your online store.

Now your customers can browse their sales history and see past invoices without having to call or email you to get them.

From here they can purchase past items, or they can use our powerful browse/search features to find the exact products they want and add them to their cart.

Once an order is placed it flows into Quickbooks Online in close to realtime, allowing you to prepare the order and invoice quickly.

All of this is with the powerful and flexible features & addons we have that allow you to create whatever experience you’d like for your customers.  

2. Full Range of Services

Simply having an e-commerce site is not enough, it requires setup & ongoing support from a knowledgeable and experienced team, and it also requires that product data is up to date and relevant.

Your Deployment team will work with you every step of the way to setup your online store. They take care of several aspects of setup/configuration, along with providing you ongoing training so you get exactly what you want when all is complete.

Your Design team will work very closely with you to understand your business and what you want to achieve and craft the perfect custom look & feel for your site to differentiate you from the rest of the pack and also provide you with a modern, responsive and intuitive online presence.

Your Support team will then give you ongoing instruction, assistance and advice to make sure that your site not only stays up and running, but grows and improves over time. Need more training? They are here to help. Want to try out some different configuration on the site or make changes to your theme? Just let them know and they will be happy to guide you through all this.

Your Development team will help you expand on your range of features by providing both ongoing enhancements to existing features while building new ones. On top of this, if you have a very complex or custom need, they can work with you to scope out a solution and implement so you get exactly what you want.

Your Account Manager will be with you every step of the way, ensuring you get premium attention and service. From the first call you have with us, through the deployment/design phase, and with ongoing support and development, your account manager will be your biggest ally and will strive to work closely with you to keep you successful.

 

If you would like any further information or to discuss in more detail please reach out and we’d be happy to chat with you.