channel-diversification

Vocabulary Word

Definition

Channel-diversification refers to using a variety of approaches, often called channels or mediums, to promote or sell a product or service. It's like advertising the same product on TV, magazines, and online to reach different people.

Examples in Different Contexts

In e-commerce, 'channel diversification' refers to selling through various online and offline channels. An e-commerce manager might explain, 'Adopting channel diversification helps us mitigate risks and tap into new customer bases by being present on multiple sales platforms.'

Practice Scenarios

Product

Scenario:

We're launching a new product next month. What's our plan for ensuring maximum exposure and accessibility?

Response:

For maximum exposure, we'll need a good channel-diversification strategy – combining e-commerce platforms, in-store sales, and pop-up markets.

Business

Scenario:

We've seen an increase in online shopping recently. How do we make sure we're reaching customers in the most effective way possible?

Response:

Given these trends, we should consider channel-diversification and create a robust online shopping experience.