Developing Your Own Marketplace Can Grow Your Business, Enhance Omnichannel Experience
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Frank Poore
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As retailers develop a marketplace environment that allows them to grow by satisfying consumers with more SKUs, they must also put in control mechanisms to offset risks. Consider the following tactics:
1. Vet suppliers and products. A marketplace can affect brand identity in two key ways: First, an endless product aisle is only valuable if the products are relevant to your brand. Straying too far away from the offerings that your customers want and expect from your brand can be a confusing turnoff. For example, a general merchandiser that specializes in apparel shouldn't necessarily start carrying big-screen TVs, but perhaps a more nuanced approach to electronics, such as specialty items intended as gifts.
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