In 2020 so far, 69% of Americans have shopped online and 25% of those do so at least once per month. But with 47% of these shoppers buying additional products following their first item, it’s clear that the cross-selling techniques used by retailers on eCommerce websites should be adopted by many businesses.
Cross-selling is encouraging customers to buy additional, related products before they commit to their order. Having an eCommerce website suggest complementary products in a recommended section is often too much temptation for most shoppers and there is a high probability they will add to their basket.
But it’s not just online giants that use these strategies, brands such as Staples, Asos, Wayfair, Apple and Ikea have also mastered this secret sales hack, so much so, that eCommerce retail purchases are predicted to rise from 14.1% to 22% in 2023. The key is to tailor all recommendations to each customer – the more personalized, the better.
However, these larger retailers don’t have the advantage that you are likely to have and that’s customer relationships. With Apple having 1.4 billion customers alone, it’s impossible for them to nurture established customers by calling each account and investigating their spending habits on a deeper, more personable level. Plus, efficient and effective cross-selling doesn’t require a hard-coded eCommerce website, in fact, all you need is the data in front of you and the ability to sell smart. You now have the upper hand by using these traditional sales techniques – such as cross-sell and up-selling – and combining them with strong personal relationships and modern technology. Adopting tried and trusted sales methods and creating a process that works for your business will both strengthen that level of trust between you and your customer, as well as helping identify any potential sales opportunities.
For example, with sales-i, you can access every cross-sell and up-sell opportunity within an instant and be able to make actionable, insightful business decisions that will grow your sales and contribute to your bottom line. Inside sales-i is the Campaigns feature, which enables you to quickly identify which customers have or have not made a purchase with you in a certain time period – such as buying product X but not product Y – and pulls together a list of accounts that you can then respond to. From here, you can take this opportunity to contact your customers that have purchased a certain product (e.g brakes) but not the typical complimentary item (e.g brake pads) and investigate their reasoning further. While online giants are able to recommend suggested items based on algorithms on their eCommerce website they lack in human touch and personalization when reaching out to customers. It's important to fully utilize your time, effort and ability to stay connected with your accounts and ensure you’re taking advantage of any cross-sell opportunities.
Similar to the likes of Asos, Staples, Apple and Ikea, you’re able to identify and offer these products based on their previous purchasing behavior, but with a much more powerful and impactful approach, as you’re able to have a real-time and human conversation, which helps to build and further establish your relationship – which is essential both as a customer and the retailer.
Being armed with sales-i will not only ensure you have instant data at the click of a button but will alert your team of any new opportunities that are found. The powerful Campaigns functionalities will analyze every customer account and sift through their previous purchasing history, compiling it into one easy-to-digest format, ready for you to action.
As a business, it’s crucial to know when and where your cross-sell opportunities lie in order for you to take advantage of the potential sale. Having this information at the touch of a button will not only make your day-to-day work life much more productive and efficient, but the benefits of actioning that data includes increases sales revenue, improved customer satisfaction and longer Customer Lifetime Value. When you seize the chance to cross-sell, it works for both you and your customers, so it’s important to start today.