week 5 Flashcards
multi chanel retailing
is the process of using multiple channels for selling similar products across different platforms. The platforms may
be online and offline and the various channels may be brick and mortar store, online store, mobile store, mobile app store, etc.
Multichannel Retailing
Retail channel (3)
store
catalog
internet
a retail establishment selling items to the
public.
store
a book with a list of all the goods that you
can buy from a store.
Catalog
means any Internet web site that markets or sells the products or services of travel suppliers to
consumers.
internet
benefits provided by different channels.
- browsing
choices:
A. stores
B. catalogs
C. internet
A
benefits provided by different channels.
*touching and feeling merchandise
choices:
A. stores
B. catalogs
C. internet
A
benefits provided by different channels.
- Convenience
choices:
A. stores
B. catalogs
C. internet
B & C
benefits provided by different channels.
*safety
choices:
A. stores
B. catalogs
C. internet
B & C
benefits provided by different channels.
- Cash payment
choices:
A. stores
B. catalogs
C. internet
A
benefits provided by different channels.
- Instant gratification
choices:
A. stores
B. catalogs
C. internet
A
benefits provided by different channels.
- Personal Service
choices:
A. stores
B. catalogs
C. internet
A
benefits provided by different channels.
*Entertainment and social interaction
choices:
A. stores
B. catalogs
C. internet
A
benefits provided by different channels.
- Personalization
choices:
A. stores
B. catalogs
C. internet
C
benefits provided by different channels.
- Broad and deep assortments
choices:
A. stores
B. catalogs
C. internet
C
benefits provided by different channels.
- Portability and easy access
choices:
A. stores
B. catalogs
C. internet
B
benefits provided by different channels.
- Risk reduction
choices:
A. stores
B. catalogs
C. internet
A
give the (3) benefits of multichannel retailing
- better revenue
- more ways to buy from you
- collect valuable data on customer purchases
- by spreading your business across
multiple platforms, you could pop up more often into a
prospective customer’s view and therefore receive
more attention.
better revenue
This will give them the time needed to
browse through your store, compare prices, and do
their research which is necessary for them to buy from
you eventually.
better revenue
- So with multi- channel retailing, you can offer your customers multiple ways to buy from you, from which they can select one based on their comfort and convenience.
More ways to buy from you
This will give you a competitive advantage over single
channel businesses.
More ways to buy from you
by doing this, you can tell which sales
channels your customers seem to prefer and which
ones they don’t, so that you know what specific parts
of your business to work on and how to promote your
business.
COLLECT VALUABLE DATA ON CUSTOMER PURCHASES
multichannel retailing issues (2)
- Cross-Channel Service
- Product Availability
the customer should also have a similar, positive experience.
Cross-Channel Service
products should be available for purchase both online and offline.
product availability
Challenges of Effective Multichannel Retailing (2)
- Integrated shopping experience
- organizing for multichannel retailing
is one in which customers can interact with your business across many channels — including online, via mobile app and in-person
— in order to buy the products and services they need.
Integrated shopping experience
price, brand image, merchandise assortment.
ORGANIZING FOR MULTICHANNEL RETAILING
The shopping experience of the future will be personalized and technology-driven.
Multichannel Shopping in the Future
Customers will be able to see items instantly, try them on and test them virtually, and have them customized to their exact preference.
Multichannel Shopping in the Future
