The days of purchasing an item(s) from a shop or store located 5 km away from our house are long gone. With the advent of the internet and digital technology and access to free markets, marketing and consumerism are at an all-time high. Shopping, an activity which was a weekly or bi-weekly exercise can now be done by the second and it is not just limited to clothes or books but heavy appliances, costly electronics, and furniture as well.
No longer do we have to plead with our NRI uncles and aunts to send us the latest headphones or gaming set by our favourite international brand. Simply logging on tho the company’s website or app can satisfy our foreign cravings.
What is Multichannel Marketing?
Moving to the producer’s or business’s side of things, going digital has opened up a plethora of marketing channels for companies. In other words, multichannel marketing is a product of the digital age. Multichannel marketing adopts both online and offline marketing channels. Right from exhibitions to flyers to social media and email marketing, multichannel marketing can be very beneficial for any business.
Research has shown that multichannel consumers are likely to spend 3-4 times more than single-channel consumers. Let us take the example of multichannel marketing success: the clothing business or fashion industry.
Multichannel Marketing in the Clothing and Fashion Business
Fast fashion is a phenomenon that is only set to grow bigger in the future. Well-known and established clothing brands have launched more affordable and trendy clothing lines that appeal to the youth both online and offline. However, in keeping with the preferences of the youth such as fast-changing trends, affordability, a passion for discounts and convenience of online payment, online marketing platforms such as websites and apps are more popular with clothing brands.
Luxury and high-end domestic and international brands are not only available in stores for upscale buyers alone but, are increasing their access and opening up their markets to segments such as the Indian youth through digital apps such as Myntra and Jabong.
Reliance Industries too jumped the retail bandwagon with Reliance Trends but soon after launched Ajio.com its online retail arm to cater to modern women for example who do not have the leisure to go to a shop and purchase workwear. The biggest advantage of multichannel marketing is that it has the power to tap all markets – big, small and niche. So companies looking to convert people into regular consumers have their work cut out. According to Kristin Naragon, Getting Multichannel Marketing Right, Harvard Business Review, companies who want to last in the long run must make multichannel marketing a priority. This is because multichannel marketing offers a higher rate of conversion, it gives an in-depth look into user analytics and preferences, helps companies reinvent themselves and their product to stay in-sync with a quick-changing consumer market.