Online selling is just like selling in a brick-and-mortar store. In both the digital and material realms, you are dealing with real people who need real solutions. When you work to find out what those potential customers really want, you also find additional opportunities to match your solutions with their needs and interests. This why we recommend 1 ½ ways for you to make more money with online selling.
We chose the number 1 ½ because our two suggestions, upselling and cross-selling, are not entirely distinct. These tactics for online selling are very closely related, and the ways in which you want to deploy these tactics are similar.
Upselling is when a business takes the opportunity to sell a customer an upgrade or a more expensive item that better suits their needs. Sure, tons of customers need a vehicle that gets them from point A to point B, but every day customers buy what they want, which is a vehicle that has air conditioning, power windows, and a built-in foot massager. Okay, maybe they don’t spring for the foot massager, but offering a luxury version of a car is a perfect example of upselling.
Cross-selling is when you sell additional, related items to a customer, which increases their spend. This tactic is most successful when the products you offer your customer are related to a product they are already about to purchase or a product they already purchased. For our example of the luxury vehicle, items such as floor mats, car wax, or future service packages (such as maintenance and oil changes) all represent opportunities for cross-selling.
While these are very common practices offline and in auto dealer showrooms, many companies neglect these practices when it comes to online selling. Ignoring the potential for online upselling and cross-selling is a huge lost opportunity because the technology of a great ecommerce solution actually makes these tactics easier! For example, Dynamicweb’s All-In-One Ecommerce solution tracks what products your customer looks at on your website, and it also integrates with your ERP system to “remember” your customer’s past order history. You then use this information to make suggestions for the most relevant products at the most relevant time, which is the essential philosophy for both offline and online selling.
By using your customers’ interests and past orders as a guiding light, you have a distinct advantage in relevancy over competitors that just make blind offers and hope that their products strike a chord. And this relevancy matters. You want to do your best to make sure that your recommended products and services to potential customers are actually of interest to those customers! Intelligent technology that allows you to categorize products by type or kind gives you better opportunities to group these products together for bundles and discounts. In online selling, just as in offline selling, there are opportunities to make more money by increasing the average order value of each customer.