Insight Into Action

Traditional high street retailing, via bricks and mortar can be expensive as retailers need to continually refresh their stores and displays to offer consumers enhanced buying experiences to build brand loyalty. Many retailers have included Multi Channel Retailing (MCR) into their portfolio, expanding their reach to current and potential customers.

What is multi-channel retailing?

Traditional multi channels such as catalogues and telephone have been joined by the ‘virtual store’. But even internet retailing has evolved and expanded into other new channels such as, apps and social media selling, further enhancing the customer experience.

Over the past decade Bricks and Mortar retailing has experienced a considerable decline with the loss of many well-established High-Street retailers, whilst online retailing has experienced considerable growth especially during the pandemic where visiting a store was not an easy option.

According to Magento Commerce, UK shopping habits have changed with 52% shopping online more frequently. 62% of frequent online shoppers are spending more compared to 71% on average in other countries.

The expectations of today’s consumer not only include a seamless online purchase experience with secure payment methods but often free next day or same day delivery with free returns. Effectively managing these expectations is key to protecting brand loyalty and the growth for your business.

Retailers need multi-channel retail solution that is adaptable enough to meet the shift in consumer purchasing trends providing customers with flexible effective and efficient solutions.

Why change to a multi-channel approach?

Extending your selling channels makes your products more accessible to a wider audience and raises awareness of your brand within this crowded marketplace.

A Multi-Channel approach enables your brand to adapt quickly to changing market demands and manage your promotions and pricing instantly to maximise your profit margin.

Product returns is a stage of the supply chain that most electronic manufacturers would rather not think about, but today’s consumer electronics supply chain is more complex than ever, and customers demand an exceptional customer experience, from point of purchase through to delivery.  You work hard to build brand loyalty which can be lost all too quickly when the returns process is not managed effectively.

Research suggests that consumers only spend half an hour trying to work a product before returning it.  Any new or innovative device then faces pressured reverse logistics.

According to IHL Group, Market Research, consumers return more than $642 billion of goods globally each year, with nearly 25% coming from high value markets. 

Dealing with damaged and returned goods has become as important as selling the product itself and requires a robust returns process to ensure that your total supply chain is as cost-effective as possible. 

Many manufacturers are happy to accept a small return on their returned products, but what if, taking a fresh look at your returns process could yield higher returns in an environmentally friendly and responsible way?

 When it comes to high value goods, it’s often the complete purchasing experience that provides value to your customers and your brand. Whether they’re shopping for the latest high-tech device or coveting a designer handbag, they will pay a premium for quality and expect a service worthy of the price. Therefore, when the latest trends come around your customers will want to receive their purchases in perfect condition and as fast as possible.

In the Consumer Electronics industry, if you don’t move rapidly to keep up with demand you simply can’t compete. The ‘latest’ smart phone or tablet keeps its title only for a short while before we’re wowed by the next edition. However, there’s not just pressure on consumer electronics companies to get a product out of the door, but also in how its dealt with if it ends up back in the supply chain.