To become a successful business-owner, one must adapt to new changes and adopt brand-new practices to stay relevant in the current business environment.
E-commerce websites and online marketplaces are the next big thing, and in some way, they have already taken over the world by storm. Take a look at Amazon and Alibaba, these companies have earned millions in profits thanks to their clever thinking. One method they regularly use to make big sales is called cross-selling eCommerce.
If you want to expand your business and take it to new heights, you must use cross-selling methods and witness the change.
The concept of cross-selling eCommerce is not new. It has been around for ages, but retailers hardly use it nowadays. It is through websites like Amazon that the idea has got a lot of traction. In essence, cross-selling is using one product to sell another product with similar characteristics usually with a higher profit margin. In other words, if someone buys a camera, your eCommerce website should show them related products that are relevant to cameras. Amazon's "Customers also bought" is exactly what we are talking about. Once you make a purchase, similar products are listed below to entice you into buying them too.
You might also be interested in: Top 7 best analysis tools for eCommerce
McDonald’s used the same approach in the '80s when they started training their employees to ask customers if they wanted “extra fries to go with their burgers”. The burger itself was not a very profitable product but cheaply added fries gave McDonald’s a higher profit margin.
You can use the same approach with your business by classifying higher profit-making products and lower profit-making items. But other than doing that, you must offer valuable deals that promote sales. So, for example, if customers are buying pencils, your cross-selling eCommerce strategy should be to suggest they buy erasers, sharpeners, rulers, and other related products. Perhaps offer them a deal and cut the price by a little. Customers are more likely to buy something that is at a discount and they will be willing to purchase items in a deal, even though they don’t need all of them. This allows you to make extra money and clear your stocks while the customer doesn’t overspend too much.
There is no limit to what you can sell on a cross-selling campaign on your e-commerce website. The only important thing is that you choose items that are related to each other, similar to one another, or complementary. In other words, if you are selling clothes, you can complement that with shoes, jewelry, watches, and bags. It is the same with electronic gadgets like cell phones. You want to design the webpage in such a way that the customer buys a cellphone but they're also enticed into purchasing a trendy cover, a screen protector, or something else.
You can also sell aftercare services if that is something your company deals in. Customers love the satisfaction of an aftercare facility. They know that they will get a quick fix for the item they bought, and that is helpful.
You might also be interested in: Showrooming and webrooming. The latest trend in eCommerce.
There is no limit to when you can cross-sell. You can do it while the customer is shopping, at checkout, or after the purchase is made. It all depends on your preference. However, you have to be careful not to be too imposing with your attempts to cross-sell. The timing has to be right, otherwise, you could risk annoying the customer and forcing them to leave.
The hints should be subtle and placed perfectly such that the buyer's interest is piqued, and they proceed to click on the offer. The best time, according to experts is during product selection and at the time of checkout.
We do business to earn a profit, so the biggest motivation to cross-sell should be related to money.
Cross-selling allows customers to make impulsive purchases. They purchase things that they weren't initially interested in. That is the beauty of e-commerce upsell. Small accessories are not very pricey, but they are hard to sell. They also have a higher profit margin than other items. If you sell them together, the customers are more likely to make the purchase.
When you link similar products and show them to the buyer, it becomes easier for them to make the purchase. They don't have to waste time finding products separately. In the end, they leave satisfied, which is always a positive point for your e-commerce business.
At Cerdá we are manufacturers and wholesalers specialized in licensing products and children's characters for more than 40 years. Our products help create unique moments of happiness and that is our greatest motivation. In Cerdá we strive every day to make the dreams of our children and clients a reality. Join the Cerdá family!
Get all the latest news instantly!