Why You Should Expand Your Business and How to Do It
By Eric Lian · 7th January, 2019
According to research, 75% of buyers will browse the internet for the same product while they are shopping in a store.
Why would they do that?
They are comparing the price of the product online to see if they can get it cheaper, or get it in a few hours or days at most.
And where do they search for the products? The brand's website? No.
They are usually looking for the same product from marketplaces such as Lazada, 11street, Lelong and so on, or other social media platforms like Facebook and Instagram, just because the prices will be different.
So here comes the question, what makes expanding to multi-channels so important? And why is it a need for retailers nowadays to venture into different channels for business expansion?
Increasing customer base
Customers can come from anywhere and everywhere. When you venture into different channels, you get to reach different types of customer. That being said, you also created multiple funnels for different customers to reach you. Increase your options for customers to reach you, and you increase the chance of them buying from you.
Get more sales
Customers generate sales, more customers will generate more sales, as simple as that. By providing multiple channels for them to reach you, you've also provided multiple engagement points for them to purchase from you, which in turns generates sales for you.
Ease of entry
Unlike brick-and-mortar, expanding your business online is much easier and cheaper than opening a new physical store with all the costs that went along with it. With the digital era that we are living in, the internet facilitates the expansion of business online up and running in no time.
However, each and every one of them has their own payment and shipping requirements in terms of selling. So, there are some suggestions for you.
1. Social media
According to multiple pieces of research, mobile has surpassed pc/laptop on the device that searches the internet the most. Therefore, it is obvious that most of the buyers buy from their mobile phones. Meaning to say that, it is better if your customers are able to reach you through mobile like Facebook.
Facebook Store is where you can integrate with your own Ecommerce website and sell through your facebook page. This is one of the best ways to increase your sales if you have a lot of Facebook's followers.
Besides, you can even bring you traffics in from Instagram if you've gained that much popularity.
Marketplaces like Lazada are places where you can upload your product in mass because they provide you with a large traffic source so that you can get enough sales from there.
Where Lazada has already been built into a well-known brand throughout the years. It increases the credibility to the customers when they purchase from you.
Even if you are already selling online, you do not have to limit yourself to not sell on a physical store or vice versa. You can do business online to offline, or offline to online.
Expansion is all about growing bigger and bigger. Once your online business is on track, open up stores in places and reach as many potential customers as possible, you might even trigger some of the window shoppers to buy from you.
As a conclusion, selling on multi-channel has various perks to it, as well as different kind of market to expand. But most importantly, is that you are able to gain sales from each market for your business.
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