What Is Multichannel Retail?

Last year, I visited an engraving gift shop that refused to take
credit cards. I was intrigued to find that the owner refused to take
credit cards because he was quite resistant to the banks taking a
percentage of what should be his money. Not too long afterwards the
little gift shop closed down. Unfortunately the owner missed the fact
that regardless of his own feelings, his customers had changed, and
they would feel more at ease to pay by credit card and if the business
refuses to change with them, the owner's business suffered.Change is
of course a part of every business, and recognising how your customers
are changing is vital or any business owner. Multichannel retailing is
firstly about the customer. It is about recognising that many of
today's consumers want multiple touch points with their retailers when
and where they want them. These touch points with their retailers when
and where they want them. These touch points can include the shop,
internet, telephone or smartphone. A multichannel retailer will aim to
offer a consistent brand presence no matter which touch point the
customer uses.Now if a retailer only offers two touch points (shop and
phone) and the consumer uses four (shop, phone, web and smartphone)
then the retailer is missing out on revenue opportunities, and risks
losing that customer to a competitor with the right touch points.This
change in consumer shopping habits allows retailers the opportunity to
engage with their customers more than ever before, across different
touch points. If they get it right they can grow their businesses, but
there is a risk if they don't they can lose customers'
loyalty.Multichannel retailing itself is not a new change, however
small businesses must learn to adapt or follow suit in order to
harness the opportunities to gain/reach out to customers and gain more
sales. I certainly hope that the engraving gift shop would open one
day, having learnt the different ways to approach its customers.