Best Channel Management In 2023

Running a successful business goes beyond creating a valuable product or service. Identifying functional pathways through which these products can reach customers is equally vital. These pathways are commonly known as sales and distribution channels and incorporate several business elements, including direct sales, retail stores, online marketplaces, wholesalers, distributors and more. Each business opts for specific channels or combinations based on their distinct needs and how these pathways align with customer preferences, demographics and purchasing habits.

Although selecting compatible channels for sales and distribution is crucial, the current market dynamics require additional steps to optimize these channels. By adopting a strategic approach to sales and distribution channels, businesses better adapt to changing trends, reach a wider audience and stay competitive in a dynamic marketplace. And there's no more effective means of accomplishing this than using technology.

Channel Management Software

Channel management is the strategic process of overseeing and controlling various distribution channels through which a company's product or services reach the end consumers. These management activities include channel selection, relationship and inventory management, demand forecasting, pricing, performance analysis and more.

Businesses looking to leverage technology can employ channel management software to streamline or optimize the processes of selling products and services across multiple channels. The primary purpose of these software platforms incorporates inventory management, pricing management, order processing, sales analytics and communication with channel partners.

These software systems integrate numerous inventive features to assist businesses in ensuring the availability of their products in appropriate quantities and timing across all sales channels. This precision and optimization lead to enhanced customer satisfaction and increased sales opportunities.

How Does Channel Management Software Work?

As businesses extend their operations to access broader audiences through diverse sales channels, the significance of employing channel management software grows. These software platforms aid in upholding operational control and visibility, minimizing errors, fine-tuning inventory levels and elevating the overall customer experience. But how exactly do they achieve these functions?

Centralized Platforms

Channel management software provides a centralized platform where businesses can oversee all aspects of their distribution channels, including retail partners, e-commerce platforms, wholesalers and other intermediaries.

Data Integration

These management platforms integrate seamlessly with various systems and data sources like sales, customer information and inventory systems. These integration capabilities enable real-time updates and accurate insights into product availability, demand trends and sales performance.

Inventory Management

One of the primary purposes of channel management software is to manage inventory levels across different channels. These platforms achieve this by monitoring stock levels and generating alerts when inventory is low.

Order Processing

Aside from inventory management, channel management software helps businesses process orders from different channels within a single interface. It streamlines order management, reducing errors and ensuring timely order fulfillment.

Demand Forecasting

Channel management platforms also incorporate innovative data analytics capabilities to predict demand patterns. With this feature, businesses can anticipate customer needs and adjust their supply chain accordingly.

Communication and Collaboration

Communication and collaboration with different channel partners are crucial. Channel management addresses this by incorporating communication tools that enable businesses to interact, share information and implement updates.

Performance Monitoring

Alongside forecasting, this software provides insights into the performance of each distribution channel. With the performance monitoring feature, businesses can track performance metrics like sales and profitability and make informed decisions based on these metrics.

Analytics and Reporting

Furthermore, businesses can generate reports and analytics through channel management software. These reports provide a comprehensive view of the distribution network's performance and assist in strategic decision-making.

Adaptability

Channel management software platforms are adjustable to accommodate changes in market conditions. This adaptability level helps businesses stay agile and competitive.

Ultimately, channel management software works by streamlining and automating several aspects of multi-channel distribution, helping businesses navigate the complexities of a diverse distribution landscape.

Best Channel Management Software 2023

To address the numerous complexities of distribution channels, 2023 offers diverse solutions to streamline operations, enhance visibility and elevate customer experiences. This section delves into the best channel management software of 2023.

Kademi

With a strong reputation in the channel management market, Kademi is recognized as a powerful and flexible partner relationship management solution. Serving global companies since 2015, Kademi offers a comprehensive, feature-rich portal that covers all aspects of PRM, from lead referrals and contracts to email marketing, e-learning, certification and rewards.

Kademi integrates sales, marketing, partner management and training, ensuring a seamless experience for staff and partners. Through its customizable dashboard, businesses can execute sales campaigns with real-time analytics, oversee partner communications, provide training, incentives and more. The platform's comprehensive capabilities implemented in one user-friendly portal have made it a hit among businesses.

From small-scale businesses looking to upscale in the future to large-scale brands seeking a comprehensive solution at the enterprise level, Kademi provides tools that suit different companies and can be adjusted or scaled. The platform also offers pre-defined solution templates like deal commission, channel training and lead referral and allows businesses to create a custom solution by combining elements. Moreover, Kademi seamlessly integrates with CRM systems through plug-and-play functionality.

The platform is designed to offer partners an effortless and user-friendly experience, incorporating automated journeys, adaptable workflows, intelligent automation and an AI-powered partner assistant that directs partners through your document library.

Kademi's pricing starts from $1,000 per month, allowing businesses to initiate operations with a small network of partners and seamlessly expand to enterprise-level operations with as many as 100,000 partners. Finally, Kademi provides worldwide support and boasts the esteemed SOC 2 cybersecurity compliance certification.

Hostaway

Hostaway is a vacation rental software that assists property managers in growing their brands by automating and streamlining every aspect of their operations. Hostaway offers a comprehensive channel manager capability that connects a business with over 100 distribution channels, including Airbnb, Expedia, Marriott, Booking.com and more.

Hostaway allows businesses to manage bookings, rates, availability, content and performance from one intuitive dashboard. It also integrates seamlessly with various partners in the Hostaway marketplace, like PriceLabs, Breezeway, Operto and more.

With Hostaway, you can scale your operations depending on your requirements and the number of properties you manage. Furthermore, businesses can explore Hostaway's comprehensive customer support and an open API for custom solutions.

Lodgify

Lodgify is another vacation rental software that helps business owners and managers grow their bookings and manage their properties. This platform features a channel manager, a website builder, a booking system and a payment processing service that streamlines different aspects of business operations.

With Lodgify, businesses can sync all listings with top online travel agents, ensuring your calendars, rates and reservations are automatically updated across all channels, preventing double bookings and saving time. The platform also supports API and iCal integrations, depending on the channel. These API integrations provide deeper connectivity and more functionality, while iCal integration allows you to display calendar data and room availability from other applications.

Furthermore, Lodgify increases your brand visibility by adding your properties to external portals and reaching more potential guests. Ultimately, Lodgify channel management software is designed to help businesses grow and automate several aspects of a vacation rental business.

RMS Cloud

This cloud-based solution helps hospitality businesses manage their online distribution channels. The RMS Cloud platform allows users to connect with many online travel agents, distributors and the global distribution system without additional costs. Businesses can also manage other business aspects through RMS Cloud, including dynamic pricing, inventory management, rate management and room availability.

Businesses implementing the RMS Cloud platform can increase their reach to other properties, reduce over or under-booking by synchronizing inventory and rates across all channels, save time and resources through automation and optimize revenue with dynamic pricing strategies.

Furthermore, RMS Cloud enhances the guest experience by providing accurate and consistent information across all channels. RMS Cloud channel management software also integrates with its property management system (PMS), which offers a comprehensive suite of features to manage, operate and grow the hospitality business.

Eviivo

Eviivo channel management software is another cloud-based solution that assists hotels, B&Bs, vacation rentals and other hospitality enterprises in managing their online distribution and bookings. This platform lets users connect with online travel agencies like Google, Tripadvisor and Airbnb as efficiently as possible.

Businesses working with the Eviivo platform can also benefit from its two-way synchronization of rates, content and availability, which helps prevent double bookings and overbookings. The platform also provides other features such as property management, payment processing, guest communication, website creation, analytics and reporting.

Eviivo claims to be used by over 20,000 properties worldwide and to have the most extensive APIs in the industry. Furthermore, Eviivo is designed to help short-term rental or hospitality businesses save time, increase revenue and optimize their online presence.

Conclusion

At a time when businesses thrive through multi-channel engagement, the significance of top-notch channel management cannot be overstated. With versatile platforms like Kademi leading the way, companies can effectively navigate the complexities of modern distribution networks, ensuring seamless coordination, optimal performance and sustained growth.