Cross-selling and upselling: how to increase your eCommerce sales

08/02/2021

Angela de la Vieja

What are cross-selling and upselling? Cross-selling is a marketing technique that consists of offering potential customers different products that are complementary to those that they want to buy or have already bought.

On the other hand, upselling is the tactic that consists of trying to make the customer spend more money than they had initially planned to spend by convincing them to buy a product of greater quality and with a higher price than the one that they had initially planned to purchase, or to buy additional units of the same item.

Differences between upselling and cross-selling

These strategies are always present around us, almost without our noticing.

An example of cross-selling: an online store offers a customer that’s buying a smartphone the option to also buy complementary products, such as a phone case, a screen protector, headphones, and other such accessories.
An example of upselling: an eCommerce business offers the consumer that’s buying a product a 3x2 deal on the same item.

Both strategies offer the users products that are similar to those that aroused their interest in order to get them to continue with the purchase process. Upselling focuses on offering customers products with a superior value to those that they’re buying or about to buy while cross-selling is based on providing the user with information about products that are complementary to those that they have purchased or intend to purchase.

Benefits of upselling and cross-selling

Increase sales. This type of strategy usually results in a notable increase in sales.
Increase the visibility of additional products. This is a good way to publicise those products whose sales you want to increase or even new items in your catalogue.
Remind the customer about products that interest them. You can use this to remind customers that the products that interest them will still be available when they decide to buy them.
Get more information about the consumer. When a customer makes a purchase, we receive valuable information about their interests. This is very important to be able to offer them products that may be attractive to them when they make their purchases.
Achieve customer loyalty. Nowadays, a large number of users are so accustomed to this type of strategy that they wait to be shown items related to their purchase to avoid having to search for them themselves online.

The main thing that you have to keep in mind is that recommending the appropriate products is essential to being successful, thus maximising the probability that users who visit your online store will consume more products and services. In addition, you can increase the effectiveness of these strategies by sending an email with product suggestions that could be interesting to the customer.

11/11/2022

Consumer behavior: How can behavior tracking be effective for setting the right pricing strategies?

Behavior tracking is becoming massively popular today. As a result, pricing strategies born from studying consumer behavior are a merchant's dream come true. If done right, it can conquer every market for the business quickly. With abundant data available, the strategic makeover of the pricing models is becoming easy for companies.

What is behavioral tracking, and how is the data beneficial in pricing?

For a quick understanding, behavioral tracking refers to gaining in-depth knowledge and insights into consumers through their web data. Their browsing habits, spontaneous decisions, shopping interests, and preferences come under behavioral tracking.

How can enterprises use customer behavior data?

Companies can use customer behavior data as a tool to strengthen their hold on the market. A customer’s preferences, values, and tendencies allow businesses to work in sync with them through the collected data. Apart from this, customer behavior can also aid in:

Tailoring customer needs for customer retention

Personalization is becoming the heart of a company’s growth. No matter in which area an enterprise is functioning, tailoring the services, products, and solutions is becoming increasingly crucial. Uniqueness and personalization attract the crowd like no other.

Increasing the overall value

One of the best ways customer behavior data affects a business is by upgrading the value of customers for the business. The customer’s characteristics allow the company to target the people that match the business prospects well.

Optimizing every type of content

Everything that is up for digital display requires content. You must have seen companies unveiling their products or services through advertisements and making the initial public appearance. Two essential sales strategies – upselling and cross-selling comes through content optimization.

Pricing Strategy

Last but certainly not least is the influence of customer behavior data on the pricing strategy. The pricing strategy essentially constitutes content derived from data analysis. Companies need to have a dynamic approach to the pricing system to attract the right customers.

17/02/2015

Saint Valentine’s Day, always a good opportunity

V-Day is looming, a long-awaited date for all and also a good occasion for the eCommerce. According the study conducted by Prosper Insights and Analytics, it is forecasted the average consumer expense that day will be the highest in last years. Furthermore, 25% of them will buy online, which means an increase of 4% regarding 2014 (The US department of Commerce). This is, therefore, a key date where market competitiveness increase and which could be assumed as a big opportunity for our business or, a big fail if we do not adopt the correct strategies.

How to turn this event into an opportunity? To achieve this goal, we need to adapt our prices to this hostile environment, i.e. we need to develop an appropriate Dynamic Pricing strategy that allows us to adapt our prices to the variations produced in supply and demand and to position us ahead of our competitors. In V-Day, the frequency in changes will be higher, carrying it out each hour or even each minute. It is estimated that 65% of leader retailers have the ability to respond quickly at these variations, such Amazon. For this reason, it acquires great importance the correct use of a software specialised in price motorisation of competitors. Do not miss the time and adapt your business to new adversities.

28/12/2022

Which are the best footwear marketplaces to sell on?

Footwear marketplaces are booming. The last decade has seen the launch of new specialized marketplaces with millions of different users. Among them are Spartoo, Sarenza and Farfetch, portals with international reach. Their main value is that they unite hundreds of footwear brands, as well as offering clothes and accessories. Although each has its own characteristics, they are all vertical marketplaces, i.e., they focus on a specific area, and their sales categories are interrelated. For sellers, these portals provide an opportunity to expand sales channels and drive the globalization of their e-commerce business. We explain how to sell on these footwear marketplaces so that you can assess whether they align with your plans for the future and then start defining a possible pricing strategy.