Logistically, you know that selling through multiple channels should be making you more money than only selling through one. So why isn't it?
Selling through more than one marketplace isn't always as easy as it sounds, but this doesn't make it a bad idea. Once you get the hang of it, you'll be surprised by how much your profits can increase. You just have to learn as much as you can, and stay on your toes.
Here are three ways selling on multiple marketplaces is losing you money.
1. Losing track of inventory
When you sell through multiple systems, it can be difficult to keep all of them in sync.
One mistake in the code or procedure and the entire inventory record can be thrown off, forcing you to recount everything. Of course, this will cost you time and money.
Even worse, an inaccurate inventory record could lead to overselling.
The good news is that there is a solution.
Modern inventory and order management systems can keep track of each stock item at all times and provide full traceability over who's made what changes to your inventory..
Such solutions also automate many of your daily processes and synchronise stock across all the online marketplaces and eCommerce platforms (e.g. Shopify Plus, BigCommerce or Magento) so that you're never at risk of a stock out or overselling.
That's not all though.
An effective system will have batch tracking functionality, which gives you greater oversight of your inventory and allows you to track which stock you sold and to whom - saving countless hours and drastically simplifying the process in the event of a product recall.
If you're computer system doesn't know how much you have, it doesn't know how much to sell.
Promising a product that doesn't exist to a customer in exchange for money can be a disaster.
When you sell through multiple marketplaces, make sure that you keep your eye on your inventory. An accurate count can save you.
3. Lower productivity
Selling through multiple marketplaces takes a lot of energy.
Unfortunately, you only have so much energy to give.
Dedicating too much of your time to selling through multiple channels can cause damage to other aspects of your business. For example, if you're too focused on keeping all of the channels open, you'll never have the time to expand your inventory or improve your products.
Now that you know the common pitfalls of selling on multiple marketplaces, you can work on avoiding them. A multi-channel inventory tool is a great place to start, and (no surprise here) getting yourself as organised as possible. Make sure you cross your t’s and dot your i’s so that you can earn, rather than lose, money when selling across various marketplaces.