The success of online e-commerce business largely depends on its average check out purchase. To increase your profit, there is such a tool as upselling. Upselling in an online store is an effective marketing strategy for those who want to increase their profits and customer loyalty. Why?
There are a number of reasons for this:
1) Upselling can increase you profit by make a probability of making a purchase higher. If a person makes a more expensive purchase, and you also offer a smaller one, then most likely the buyer will buy both. If a person has already bought something anyway, he can gladly take the opportunity and buy second little thing, adding it to the cart. He has no other opportunity to acquire second thing (double shipping, etc). And if you give your customers such an opportunity, you catch two birds with one stone: increase your profits and make your online store more attractive to customers.
My advice: When placing an order, you can offer a person to purchase a second product with an additional discount and the probability of purchase will increase significantly! If the buyer does not make an additional purchase now (a possible reason - insufficient funds), he should receive a discount coupon number, which he can use within a few days
2) The ability to expand the range. There is a huge amount of all sorts of "little things" - useful, but very inexpensive goods. There is simply no point in selling them separately - delivery will be more expensive or equal to the cost of the product itself. However, selling these little things "in addition" to the main positions, you can significantly increase the average bill.
3) With upsells you can close more customer needs. The more need you meet the better. It reduces the possibility that he will end up on a competitor's website in search of a product that you did not offer him.
In pursuit of bigger profit, it is worth considering the pitfalls of upselling.
First, by offering everything is easy to lose credibility. In offline sales, buyers trust specialized sellers. Therefore, it is important that the products and services you offer have something in common with each other.
Secondly, it is important to correctly select related products (for example, skis are the main product and a related one is a ski cleaner. You want to compile their lists correctly. You need to understand well the logic of the buyer, his habits, as well as the features of the operation of the main product. In addition, it is important test different variants and track their convertibility.
Use these techniques and upsells will increase significantly! Upselling in online stores is an additional source of profit, and if everything is done correctly, then the average check can be raised several times.
Do you sell online? What techniques are the most working for you? Share your opinion in the comments below! If you wanna learn more or know more you can contact my team or you can jump into a one-on-one call with me right now clicking one of the the below buttons.
He uses to dedicate part of his life to inspire others and help them achieve the most out of their lives. Since he was 20, he had successfully founded and managed several companies operating in the field of management consulting, wealth management and fintech. He is Member of Institute of Directors in London, Member of Changer Club in Riga, Member of Fintech Association of Hong Kong, Member of Singapore Fintech Association, Member of Non Executive Director Association in London and Member of Alumni Network of Draper University in San Francisco. He loves travelling, he is a cigars lover, an amateur golfer and a dapper man.
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