Boosting Revenue by Upselling and Cross-Selling

Boosting Revenue by Upselling and Cross-Selling

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Source: http://preneurmarketing.com

Boosting Revenue by Upselling and Cross-Selling

This is a very interesting topic especially for those entrepreneurs who own e-commerce websites – or any website owner with a checkout for that matter. Fast food Chains do this all the time especially in their drive-through. “Would you like fries with that?” They do it so expertly that we don’t even think of it as upselling and cross-selling – its really apart of our common experience and we don’t really even question it anymore! Its like they’re helping humanity – and offering us something for the common good. And of course, McDonald’s fries are hard to resist – so most people say “yes” – which accounts for the majority of profits McDonald’s makes every year.

Here’s a startling fact: the majority of eCommerce websites convert on average at 2%. When you compare that with the average physical retail store conversion rate of 30% or more. The good news is there are lots of techniques for increasing your website conversion rate. Two conversion methods you can put to good use on your site are up selling and cross selling.

Amazon reported that cross selling is responsible for 35% of its sales – and that was way back in 2006 – just imagine what that is worth to them today!

A simple way of increasing sales is by increasing your average order value. A simple way to do that is through upselling and cross selling your products.

The terms upsell and cross sell are usually talked about together but are not the same thing.Cross-selling is the practice of promoting complimentary items related to the item being sold while up-selling is offering customers an upgraded or premium version of a product.

Boosting Revenue by Upselling and Cross-Selling

Here is an infographic from Neil Patel on how to boost revenue from cross-selling and up selling. Enjoy!

How to Boost Your Revenue Through Upselling and Cross Selling

Courtesy of: Quick Sprout

ENTREPRENEUR, GROWING YOUR BUSINESS

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