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Ecommerce upselling just might be the avenue that thousands of ecommerce businesses were waiting for. With almost no extra input needed, it has proven time and again as one of the easiest ways to increase store sales!
Besides, the stats don’t lie;
- Upselling has shown to increase revenue from between 10-30%
- About 70-95% of revenue originates from renewals and upsells on averages (particularly for companies that offer them)
- Upsells happen to be 68% more affordable as compared to acquiring a new customer.
That being said, there’s something that’s borderline magical about utilizing product upselling to increase one’s sales. Let’s have a closer look.
So what is ecommerce upselling exactly?
In Lehman’s terms, upselling is the process of offering a customer a better, albeit slightly more expensive item, whenever they arrive at the checkout page, or add a product to their cart.
For example, when someone clicks on a pair of shoes, the website can offer the consumer a slightly better design of shoes for only $10 more. That’s called a pure upsell!
It’s somewhat similar to cross-selling, with the only difference being that cross-selling entices the user to add a complementary product to the cart, such as an extra pair of soles for the given shoe.
The innumerable benefits of upselling
Reverting back to the stats, for the average business that utilizes upselling, they experience a whopping 70-95% of revenue from renewals and upsells. A meager 5-30% of revenue comes from the initial sale that was in the cart. Which means that a majority of customers are actually looking for quality over quantity!
Moreover, it’s so much easier and cheaper to sell to an existing customer base, rather than putting in the time to attract new ones!
In simple terms, upselling can boost revenue, without one having to put in the extra work.
Plus upselling really improves one’s customer relationship if done in the right manner. In turn, one’s lifetime value will increase.
Search for some of the most essential products and services to upsell at Zoomthelist.Com
How to begin product upselling effectively
Product upselling is much easier than what most think. That being said, here’s how one can get started with upselling for their ecommerce store;
- Install an app for upselling or code it in- If one knows how to code, then a big kudos to them. However, for the mere mortals, a plugin or installed app can deliver the same justice.
Here are some recommended upsell apps one can try depending on the major ecommerce platforms:
Shopify- One Click Upsell, Product Upsell or CartHook
WooCommerce- One Click Upsells, Beeketing, Smart Offers
Magento- Unlimited Upsell, Beeketing, Magento Fast Product Relator
BigCommerce- Boost Sales, Unlimited Upsell, Unbxd Product Recommendations
After getting the recommended app for their ecommerce store, one needs to determine the most relevant products to upsell. Here are a couple of great strategies one can use;
- Offer something better for a little more money
- Request the user to have a subscription and save like 5% off
- Promote products related to the one that the buyer is purchasing to draw their attention.
In a nutshell, upselling is one sure way of an ecommerce business increasing its revenue.