Up your Holiday Sales Game by Cross-selling & Upselling to the max!
Make your Sales Merry & Bright, ye Retailers!
Black Friday and Cyber Monday have long since passed and Christmas is just days away but the gift buying mayhem is still on in full swing. ’Tis officially time for you to woo all holiday shopping procrastinators and guarantee that gifts are nestled beneath their Christmas trees, without further ado!
With in-store digitization, you can up-size the order value per customer and at the same time lay the groundwork for enhancing customer loyalty for many seasons to come. It enables phygital multi- dimensional selling.
Phygital multi-dimensional selling leverages the entire ecosystem of customer touch-points, across online and offline channels, to maximize sales opportunities.
Here are a few strategies that can help you capture a bigger piece of the holiday commerce pie with data-driven and highly personalized cross-sells and upsells.
Pay Attention to Price-Sensitivity
To design effective share-of-wallet strategies, you must know your customer’s prices sensitivity.
It is important to recommend items that will fit your customer’s budget in order to maximize sales and boost revenues. If a customer bought a $200 item, it is unlikely that he will purchase a $1,000 product right after. With access to dynamic, high-resolution customer profiles through mobile technologies, retailers have a better idea about the optimum price point for each customer that visits their stores.
You can thus use this info to be more relevant and reasonable in your cross-selling and upselling efforts. To upsell, for instance, it is essential to consider the key features that the customer was considering without pushing him into a considerably higher price range. The bottom line is value. Your customers will only pay more if your suggestion promises added value and a comfortable jump from his current price point.
Send Targeted Product Recommendations
We are all familiar with Amazon’s, “Customers who bought this product also bought” marketing tactic. As early as 2006, that friendly line accounted for 35 percent of the e-commerce giant’s sales. Personalized recommendations are one the most effective ways to cross-sell and up-sell.
In-store mobile apps help retailers understand an individual’s click and in-store behavior to provide highly relevant product recommendations about vouchers or products that might interest shoppers in real-time.
To be precise, they allow you to use customers’ current actions or recent transactions as triggers for creating laser-sharp cross-selling/up-selling messages. Taking into account customers’ real-time behavior in a mobile app, a retailer can create a relevant marketing message exactly to the moment when a customer needs a product. For example, “Hey Karen, Buy the Skinny Neon Belt from Steve Madden to go with your Ruffled Jumpsuit from Mango.”
This kind of targeting feels thoughtful, personal and seamless to the customer.
Empower Your Store Associates
PwC’s 2016 Total Retail Survey points out that 70 percent of consumers said they want in-store recommendations from associates equipped with mobile devices. “Clienteling” or one-on-one customer engagement promises enormous advantages for retailers.
With access to excellent customer information – from browsing & purchase histories to wish lists and dwell times in key areas around the store – a store associate can embark upon a more relevant and personal interaction with the customer on the shop floor, which not only drives cross-sell and up-sell but also strongly reinforces brand advocacy.
From suggesting other choices to placing items in changing rooms to try on the purchase, he can make the entire process seamless for the customer. The empowered store associate, for instance, would grab a matching belt for the jeans that a customer just picked and simply say, “I got you the perfect belt to go with your jeans.” Such interactions are invaluable within a fashion retail environment.
And surely for BOPIS (Buy Online Pickup In-Store) customers, an engaging conversation with a store associate about complementary products on the move with the use of mPOS, as opposed to a boring few minutes alone, is a welcome change.
To put it in a nutshell, make sure you are personalizing your communication and offering the right kind of customer experience- both in-store and online. This will not only keep your customers full of good cheer this holiday season but also turn them into long-standing patrons long after the holidays are over.
Latest posts by Krittika Banerjee (see all)
- Aspire celebrates February 1st as the Millennial Banking Day - January 17, 2018
- Understanding the Indian Millennial Banking Customer - January 16, 2018
- An Integrated Digital Ecosystem- The Future of Banking - December 28, 2017