Irish retailers are in the need to opt for multi-channel commerce

Are you a small business owner? Wanting to start an E-commerce business? Want to know upcoming trends in the retail sector?

Retail sector In Ireland

If there is one sector in the country that needs to innovate and adapt to excel, it is retail. Especially after the behavioural change in the customers towards online shopping in Ireland.

This means Irish retailers are in the need to opt for multi-channel commerce. Irish retailers were focusing on single-channel commerce for a long time now.

So, what is single-channel commerce?

Single-channel commerce means you are selling your product via one sales channel only, typically brick-and-mortar stores.

50% of grocery shoppers accept the change in the trend, and 45% of non-grocery shoppers also accept that they purchase online. Bricks-and-mortar stores are clearly looking for ways to offer customers a reason to purchase offline.

There are 2 main reasons why the retail sector is important for the Irish economy

Firstly, the Retail sector in Ireland is the second biggest contributor to the country’s finances, it contributes 23% of the state’s total tax receipts, more than that of the country’s second-largest sector, the financial sector.
Secondly, the Retail sector in the country includes 37400 retail and wholesale businesses and has employed almost 285000 people, but 85% of these businesses have employed fewer than 10 people.

So, what is stopping them from further innovation and exploration into new market space?

Well, the Retail sector consists of numerous small and medium enterprises operating on tight margins, which actually restricts them from investing in new technologies and innovations.

Even though the Irish E-commerce economy was €12.3 billion in 2018, Irish SMEs were not expanding their E-commerce Possibilities. A report from IEDR pointed out that 3 in 10 small businesses in Ireland could take sales orders online.

As a result, while Irish people were happy online buyers, most were forced to buy from international eCommerce vendors.

But the pandemic has opened opportunities to Irish retailers, it has forced many retailers to act.

But Evident was the fact that E-Commerce was the future.

Benefits

E-commerce is not a trend, and it is not going away any time soon. Why? Selling goods and services on the internet highly benefits both the seller and the buyer.

Benefits to the buyer:

Convenience – buyer can view the products at the convenience of their home, provided they have internet access
Quicker and easier transactions – Buyers can cut the Long ques and can make quick payments via an online platform
Informed purchasing decisions – Buyers can access much more information about the product online than brick and mortar stores
Easier price and product comparisons – Buyers are able to view multiple items of their interest and compare and make informed decisions.

Benefits to the seller:

Increased profit margin – Sellers can cut down the overhead costs in the brick-and-mortar stores
24 *7 visibility – Online stores allow viewers to see their products and services round the clock
Global Reach – Seller can reach customers in different demographics
Better data collection – Sellers have control over their inventories, Costs, selling process, and tracking and can acquire data about their customers to give them a better experience

E-commerce Ireland

Do you know that 40% of worldwide internet users have bought products/goods online from an eCommerce business or eCommerce?

The biggest trend around e-commerce right now is growth — and that growth extends far and wide.

E-commerce in Ireland is booming now, with most Irish retailers opting to sell their products via Multi channels like online stores, phones, brick-and-mortar stores, and social media channels. Small businesses in Ireland should leverage the option of using social media to their advantage. As Social media is the most influential channel for driving sales to E-commerce websites in Ireland. 90% of the Irish population has access to Mobile internet, which is higher than the European average. when dividing Irish internet users into age groups

92% fall under 16-24 years of age
91% fall under 25-34-year of age
89% fall under 35-44-year of age

Currently, Ireland has a total market of 2,89 million e-commerce users (from a total population of 4,78 million citizens). It is expected that, by 2022, the total number of e-commerce users to increase by approximately 460,000 new customers.

Irish customers seek value in terms of offers and enjoy purchasing a wide range of products from foreign e-commerce websites like Amazon because of its timely discounts.
But now, consumers have numerous options available at their convenience. Even then the main problem that needs to be solved is the option for free delivery for the customers and free returns for the customers in Ireland. The challenge for retailers is that there is a high cost to offering free delivery and returns.

In fact, rising delivery and fulfillment costs are a major pain point for retailers today In Ireland.

Future of the retail industry

Have you ever heard of the term Omni channel Commerce?

According to Bloom reach, Omni-channel retail is a multichannel approach to sales that focus on providing a seamless customer experience whether the client is shopping online from a mobile device, a laptop, or in a brick-and-mortar store.

Now, What is the difference between Multichannel and Omnichannel?

Allow me to explain it,

Imagine your brand operates on a Multi-channel approach to sell, market, and serve its customers like having an online store, Brick and mortar stores, social media, Emails, etc. they need not be interconnected. Then your brand is opting for a Multi-channel commerce

If different channels under one brand work seamlessly together to give a personalised experience, then it is called multichannel commerce. This means your customer has a seamless experience across all platforms.

Many companies are opting for an Omnichannel approach for their business but very few have successfully integrated its potential. But it totally depends from company to company, it depends on what kind of product is sold.

Multichannel is already a great strategy to get people engaging with your brand.

Brands that give omnichannel selling options are going to have the upper hand when compared to other brands in the market. In the future, brands can have a variety of innovations in giving their customer an integrated experience like maybe having a vending shop without staff, who knows?

The future of retail depends on omni-marketing