The 3 Most Important Ecommerce Upselling Techniques
There is a prevalent belief that customers will never consider buying a more expensive product than what they have originally planned on purchasing. While it's true that the price of a certain item is a huge factor that contributes to the decision to make the purchase, surveys show that product cost is not only the most important one. There are so many factors that may affect this decision, such as discounts, shipping options, branding, and customer reviews.
In sales, there is a technique called "upselling”, in which sellers offer potential buyers the chance to purchase something better than what they have originally planned to buy. Therefore, if an upsell satisfies the needs of the customers perfectly, it's very possible that they won't be stalled by a higher price.
"Better” could mean a lot of things: more high-tech features, more advanced specs, a larger volume, or an upgraded version of the same product. And since the product being offered is better , it is usually more expensive, thereby allowing businesses to maximize the value of a customer's purchase and get larger profit.
Here are the three most effective upsell techniques that could generally increase your profit:
1. Cross-selling different brands from different categories
To cross-sell effectively, you must have in-depth knowledge of each of your products and know which ones complement which. This way, you can offer other products that could enhance the experience of using the product the customer has originally bought. These additional products are ideally from a different category, or a different vendor. For example, if the original purchase is a digital camera, a great cross-sell suggestion would be compatible batteries that have been proven to go well with the camera.
You can cross-sell with multiple items, but make sure not to overwhelm the customer with too many options. Show a range of products, but not to the point wherein the number of options could trigger confusion. When choosing related products, prioritize relevance over number.
2. Offering your bestsellers or most reviewed products
It is always easier to convince a customer to buy a product that the store is particularly proud of, as it often gives the customer no reason to not choose it over the inferior product—unless there is a significant difference in the price. Even so, if the product can make life easier, better, and would require less effort to use, most customers are always willing to reconsider even if it comes with a great monetary cost.
3. Expertly bundled products
Selling off an entire collection of similar or related products does not only help you sell products quicker, it also relieves you of the stress of pricing everything individually. Bundled deals usually come with a discount so that the perceived value of buying multiple products at once is enhanced.
Also, customers can save time on bundled purchases that can be added to the cart, because this type of purchase is counted as a single item once they proceed straight to checkout.