The list of names to describe the process of selling products across multiple channels is endless: multi-channel order management, multi-channel inventory management, multi-channel ecommerce management, omnichannel management, omnichannel retail, and so on.
In the end, how you label it doesn't matter. What’s important is that your products are accessible wherever consumers spend their time, and every interaction with your brand is positive. To maintain a consistent brand presence, all product data at all customer touchpoints must be synchronized.
Let’s take a clothing company as an example. Its goods need to be marketed and sold through marketplaces like Amazon, social media channels like TikTok, D2C ecommerce stores, and physical retail stores. So what channels should be a top priority for businesses right now? In this article, you’ll read about the most popular channels for omnichannel ecommerce in 2023.
Having served as the longtime reigning champ of search, Google has more recently been investing in capabilities to provide more value to advertisers. For instance, it launched Google Performance Max. This tool's proprietary Smart Bidding mechanism increases conversions and value by coordinating all of your Google performance marketing efforts. Data from audience targeting, creative performance, budget optimization, and bidding are all used to build its algorithms.
Combining data from all of your Google campaigns allows you to more accurately compare your results to your objectives. With the help of a Product-to-Consumer (P2C) platform, you can also gain insights into the performance of your creatives and highlight trends you should be aware of. This allows you to better allocate resources, and ultimately, make better use of your spend on Google while improving sales.
Although Bing has been a well-established search engine for quite some time, it’s often overlooked as a shopping channel. But that soon may change, as it’s now getting a good bit of attention with Microsoft’s recent announcement of a new version of Bing that has ChatGPT built into it.
Microsoft intends to provide more innovative and practical options on Bing for advertisers to communicate with customers. ChatGPT will enhance its capacity to comprehend complicated inquiries with more precision and depth, as well as provide a richer understanding of user intent through conversational engagement. This will enable businesses to provide more tailored experiences for customers by sending messages with more relevant content, and in turn, improve the return on investment for marketers.
The social commerce movement, which TikTok is largely leading, is estimated to be worth $80 billion in the US by 2025. TikTok is constantly making updates to increase its value for brands, such as its new targeting and boosting features to its Promote advertising tool.
Advertisers can leverage the features to increase traffic to their TikTok page to showcase a variety of goods or services. Viewers will now see a call to action that will take them directly to the TikTok profiles of advertisers. A new "more messages" Promote goal also makes it possible for small businesses that rely on customer interactions to generate traffic to their TikTok inbox through transactions.
But as TikTok expands, demand for ad space rises, and soon the price of advertising on the platform will climb. To ensure you get the most out of your ad spend on TikTok and achieve a high return on investment, you need to have a strong optimization strategy in place that takes advantage of all the available tools and features.
Given the shift we’re seeing in higher demand from consumers for short-form video content, Amazon has been working to adapt its platform accordingly. At the end of last year, Amazon launched its version of TikTok: Amazon Inspire. Inspire serves as a short-form video and photo feed that enables users to browse goods and make purchases from content provided by brands, influencers, and other users on Amazon. The content is customized for individual users based on their past purchases, predicted interests, and related product links. It’s Amazon’s latest attempt to divert consumers' attention away from other channels and drive more traffic to Amazon.com.
We’re seeing this repetitive omnichannel chain of events occur that starts with consumers dividing their time among various apps. It forces marketing and selling channels to develop new competitive features that entice more users to their platform. In turn, this requires businesses to expand their presence to new channels, while simultaneously keeping up with updates to their existing channels.
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