Whenever a customer visits your store, it’s an excellent opportunity to increase your revenue. The more products you push to that customer, the better. With the right strategies in place, you can increase your revenue and sales by offering related, complementary products in the most natural way possible. This is where cross-selling comes into play. Read on to find out how cross-selling can be advantageous to your eCommerce business.
What is Cross-Selling?
Cross-selling refers to the selling of additional products or services to an existing customer. This is done by targeting customers who have already purchased specific products and pushing them to buy related products.
Here’s an example: Let’s say a customer purchased an item from your store and is now checking out. You offer him the option of buying an add-on product or service. This happens before he finalizes his purchase. The purchase page offers all the related products which are related to the product he already decided to buy. As a result, he buys the add-on product as well.
This is basic cross-selling. Now, there are several strategies that you can use to be effective at cross-selling. Here are some of them:
1. Offer Related Products Before a Purchase
First things first: Before a customer makes a purchase, have all the related products on your page. In addition to pushing a customer to buy more products or services, related products also help boost conversions and sales. You can push your existing customers to buy related products by offering them while they’re checking out.
2. Cross-selling Within the Product Page
After a customer makes a purchase, you can then start cross-selling by pushing additional related products. Offer them right on the product page by including a ‘Related Products’ section.
3. Recommend the Right Cross-Sell
You need to plan your cross-sell strategy in such a way that it’s more than just random selling. You need to understand the customer’s needs and offer the right cross-sell. This kind of cross-selling will help you in increasing your revenue. Also, make sure you offer the right cross-sell to the right customer. It’s a waste of time and money to offer a 30% discount on a $1,000 product to a customer who just bought a product worth $50.
Benefits of Cross-Selling
There are a number of reasons why you should implement a cross-selling strategy in your online store. Let’s take a look at some of them.
Boost Sales – One of the most important benefits of cross-selling is that it increases your sales. If a customer buys more than one product, then you’ll not only be making revenue with the first product but with the second product as well. Cross-selling helps to boost your sales and revenue.
Increase Customer Loyalty – Cross-selling helps you to increase your customer loyalty. By targeting your loyal customers, you can turn them into frequent buyers. This will increase the number of returning customers. The more customers return to your store, the more revenue you’ll make.
Improve Your Conversion Rates – When you cross-sell to your customers, you can improve your conversion rates. You’ll be increasing the overall conversion rate by targeting the right customers and offering the right cross-sell.
Positive Brand Perception – When your customers come to know that you’re offering more products and services, they’ll get a positive impression of your brand. This will also make it easier for you to retain your customers.
Cross-selling, done the right way, can be beneficial for your eCommerce business and for your customers. By offering your customers additional products or services, you can boost your revenue, improve your conversion rates, generate repeat purchases, create customer loyalty, and win long-term customers.
Cross-selling is just one of the many strategies you can do to create an overall amazing digital experience for your customers. As experts in creating digital experiences, Analytics & Beyond Marketing is here to help you solve problems and reach your goals for your business. We provide a full range of digital consulting and online growth services that will help your brand become one step closer to success.
One thing to remember as well is that when it comes to growing your eCommerce brand online it is important to make sure your online shoppers have a smooth process with checking out and paying for products added. Keeping your customers and store visitors happy is important, but ensuring you are also getting paid with the least amount of fees as it means more cash in your pockets. A great Payment Gateway such as solutions provided by Cartis Payments goes a long way.