As a successful merchant running a small- to medium-sized business, you’ve done everything right to get to this point. Your products are desired and being purchased in local markets, and your teams are managing day-to-day operations across a myriad of spreadsheets and applications.
Now your business is ready to expand and go multichannel!
Learn how to set the foundation for your company's growth with our eBook:
The Merchant's Guide to Multichannel Sales & Global Growth
But with growth comes new challenges: how will the manual systems that you’ve relied on scale as you incorporate new geographies, currencies, and sales channels into your revenue mix? Is there a way to avoid an operational “spreadsheet olympics” when your business begins to manage increasing order volumes across multiple sales channels?
Spreadsheet effectiveness has a very rigid glass ceiling when it comes to managing inventory, orders, and revenue. Once your business reaches a certain size, spreadsheets and manual processes become painstaking and costly—inevitably, they’ll result in mistakes that impact both your customer and employee experiences.
If you want to enter multichannel or omnichannel retailing, improved backend efficiency is an absolute must to be both competitive and sustainable. According to a report by eTail solutions, the ways in which your company manages core business operations (such as inventory control, replenishment, repricing, listing creation, order fulfilment and financial reporting), are the key factors that will impact your growth potential. Being able to accurately and efficiently control stock across multiple channels will make or break your business.
So before your business makes the jump toward multichannel retailing, you need to implement a single source of truth (SSOT) model. Expanding to more channels means more sales opportunities, but also a larger workload and more opportunities to oversell and overstock. According to an article by Information Management, manual and cumbersome systems like enterprise resource planning systems (ERPs) will no longer cut it when it comes to managing commerce operations. To keep up with the ever-expanding digital age, you need to implement a nimble SSOT solution that can scale with you.
The strength of your foundation will be what sets the pace for your company’s growth and competitive advantage in the multichannel and omnichannel worlds. In this guide, we’ll cover what setting that foundation looks like, which channels might be right for you, what to consider when reviewing SSOT solution providers, and where to begin.
That’s a lot to go over, so let’s get started!
Download our latest ebook to learn how to set the foundation for growing your business globally.