The next decade will likely offer many business owners the opportunity to branch out and make money through different channels. But when a business ventures outside of its normal area of expertise, it needs to employ channel management to stay organized and optimized for success.
This year’s Black Friday underscored the importance of an online presence for retailers in all industries. This includes car sales (eBay Motors), fine jewelry (Blue Nile), transportation (Uber) and lodging (Airbnb) in today’s environment. While store-based sales were reportedly down by over 11% from last year, Cyber Monday sales were the largest in history. But how can a small business capitalize on expanding into other channels when they are already working 70 hours a week on their brick and mortar business?