Upselling is an all too often unexplored avenue for ecommerce marketers, but it’s one that is certainly worth exploring if you’re looking for methods that are known to increase revenue. It’s not at all rare to focus on lead generation methods and getting new customers in, but what about selling to those who are already there and waiting? This is where upselling comes into play.
Upselling involves maximizing the revenue from each sale made, and it targets customers that are already ready to buy, rather than those who may or may not take their purchases all the way. An example of quality upselling would be selling a warranty to a person settled on purchasing a product, providing more value to the single sale. While this can come off as pushy, when it’s done properly and respectfully, it’s really worth your while.
Upselling is done frequently by technology sellers, and when done well, you may not even realize it right under your nose. Offering a warranty on a product, offering an upgrade to a product you’re interested in, or offering up accessory bundles that go along with a product are all forms of upselling.
Upselling and cross-selling are two different fruits from the same tree – both exist to boost the value of an order and generate further revenue from already interested customers. An example of cross-selling would be if a person is interested in purchasing a pair of wireless headphones, and they’re offered a list of suggested products that go along with those headphones, like an iPod or a new smartphone. A classic example of cross-selling done by many ecommerce websites is the “customers who bought this, also bought…” list seen frequently across webstores of all kinds.
Upselling and cross-selling can be done on a website, while checking out their online cart, via transactional emails, and even when offering payment plan options.