Introduction to Channel Management
Channel Management enables the consumers to efficiently – discover the products of Romanson in Jewelry & Silverware, research the products and services, and buy products on multiple platforms. Covid 19 lockdowns and social distancing norms have taken the demand of e-commerce and effective channel management to unprecedented levels. It has brought forward the evolution in not only the e-commerce industry but also in the financial technology industry, payment industry, entertainment industry, and online touchpoints.
Effective and efficient channel management can help Romanson to avail opportunities in Jewelry & Silverware industry by – better consumer targeting, identifying consumer purchase behavior, demand forecasting, identifying opportunities , and most importantly timely delivery of the products and services.
The rapid growth in the e-commerce industry has led to consumers using multiple channels to discover products and services, compare prices, research the features, and buy using various financial options available on multiple e-commerce platforms and channels. According to a survey conducted by Channel Advisors –
37% of the consumers are discovering products and services by browsing the specific brand or company retail website.
43% of the consumers in United States of America are discovering products through browsing on various market places
33% of the consumers found products via social media posts on platforms such as Instagram, Twitter , and Facebook . The percentages of young consumers discovering products through social media posts are relatively very high compared to the other consumer segments.
25% of the consumers in United States first know about the product through advertisements on streaming services and other platforms. Given the potential of advertising on the streaming platform, it may be quite possible that Netflix is willing to explore the advertising opportunities in collaboration with Microsoft on its platform after years of resisting the idea.
Romanson needs to have a strategy to meet its customers on various above touchpoints otherwise it will risk losing its customers to competitors in the Jewelry & Silverware industry. The Consumer Cyclical sector in South Korea is highly competitive and it requires highly efficient channel management to meet the demands of customers such as – low price shipping, effective return management, drop shipping partners, highly effective logistics platform, integrated product update mechanisms across various marketplace platforms etc.
Some of the challenges that Romanson can face in channel management are –
Some of the effective channel management strategies for Romanson in the Jewelry & Silverware industry are –
Channel management strategy helps in increasing customer satisfaction rate, net promoter score, reducing inventory quantities and costs, efficient order management, protecting confidential data, providing more touchpoints to the consumers, and increasing the overall Return on Investment. Simple channel management strategy in Jewelry & Silverware industry can no longer stand out among the competitive landscape. Romanson needs to have highly effective channel management strategy that includes potential to do sophisticated dynamic pricing infrastructure, repricing algorithms, product data optimization, shipping partners’ fulfillment data tracking, and analytics to highlight real time discrepancies in the operations.
Feel free to connect with us if you need business research.
You can download Excel Template of Case Study Solution & Analysis of Romanson
Basic Materials , Misc. Fabricated Products
Basic Materials , Metal Mining
Healthcare , Healthcare Facilities
Healthcare , Biotechnology & Drugs
Capital Goods , Construction Services
Capital Goods , Construction Services
Energy , Oil & Gas - Integrated
Services , Waste Management Services
Healthcare , Medical Equipment & Supplies
Services , Communications Services
Healthcare , Biotechnology & Drugs