What Is Multichannel Retail?

What Is Multichannel Retail?

What Is Multichannel Retail?

Last year, I visited an engraving gift shop that refused to take credit cards. I was intrigued to find that the owner refused to take credit cards because he was quite resistant to the banks taking a percentage of what should be his money. Not too long afterwards the little gift shop closed down. Unfortunately the owner missed the fact that regardless of his own feelings, his customers had changed, and they would feel more at ease to pay by credit card and if the business refuses to change with them, the owner's business suffered.

Change is of course a part of every business, and recognising how your customers are changing is vital or any business owner. Multichannel retailing is firstly about the customer. It is about recognising that many of today's consumers want multiple touch points with their retailers when and where they want them. These touch points with their retailers when and where they want them. These touch points can include the shop, internet, telephone or smartphone. A multichannel retailer will aim to offer a consistent brand presence no matter which touch point the customer uses.

Now if a retailer only offers two touch points (shop and phone) and the consumer uses four (shop, phone, web and smartphone) then the retailer is missing out on revenue opportunities, and risks losing that customer to a competitor with the right touch points.

This change in consumer shopping habits allows retailers the opportunity to engage with their customers more than ever before, across different touch points. If they get it right they can grow their businesses, but there is a risk if they don't they can lose customers' loyalty.

Multichannel retailing itself is not a new change, however small businesses must learn to adapt or follow suit in order to harness the opportunities to gain/reach out to customers and gain more sales. I certainly hope that the engraving gift shop would open one day, having learnt the different ways to approach its customers.

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