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The Art And Science Of Cross Selling [A Guide For E-Commerce]

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For online store owners or the eCommerce executives, cross selling is both an art and a science. In the physical retail environment, most of the cross selling happens with the help of the sales rep but online store environment lacks this important figure. This in turn makes the eCommerce person turn to marketing technology and his/her own senses in order to come up with successful cross selling techniques.

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The Art And Science Of Cross Selling [A Guide For E-Commerce]

  1. 1. THE ART AND SCIENCE OF CROSS SELLINGA GUIDE FOR E-COMMERCE CG PERZONALIZATION
  2. 2. WHAT EVEN IS CROSS-SELLING? "Cross-selling is the practice of selling or suggesting related or complementary products to a prospect or customer. " investopedia.com CG PERZONALIZATION
  3. 3. 35%Amazon attributes up to 35% of its revenue to cross-selling – both the “Frequently Bought Together” and “Customers Who Bought This Item Also Bought” sections promote products related to the item that you are currently viewing on the site. SOURCE: WWW.FORBES.COM CG PERZONALIZATION
  4. 4. 1MORE COMPLICATED THAN IT SEEMS For online store owners or the E-Commerce executives, cross selling is both an art and a science. CG PERZONALIZATION
  5. 5. 2PHYSICAL RETAIL In the physical retail environment, most of the cross selling happens with the help of the sales rep. CG PERZONALIZATION
  6. 6. 3ONLINE RETAIL Online store environment lacks the important sales rep figure. This in turn makes the eCommerce person turn to marketing technology and his/her own senses in order to come up with successful cross selling techniques. CG PERZONALIZATION
  7. 7. 4NOT ALL PRODUCT ARE IMPULSE ITEMS Candy is an impulse buying product and you could always have room for the second or even the third candy. But when the product is a medium to high priced item, it gets hard to cross sell to a shopper who has already spent a few bucks on a recently purchased item. CG PERZONALIZATION
  8. 8. ASPECTS OF A SUCCESSFUL CROSS SELLING OFFERKnowing what the shopper is about to purchase Understanding his/her needs Having a sense of shopper’s price elasticity level Knowing about complementary items (i.e. A goes well with B, C is a cross selling item for D) CG PERZONALIZATION
  9. 9. 5DIFFICULTY OF PROCESSING ONLINE DATA During online shopping, there is no sales rep who could profile the shopper instantaneously. That is why processing shopper data in real time becomes hard. CG PERZONALIZATION
  10. 10. 6REAL TIME DATA ANALYSIS Real time data analysis coupled with human intelligence could as well translate into cross sales. CG PERZONALIZATION
  11. 11. "REAL TIME DATA ANALYSIS COUPLED WITH HUMAN INTELLIGENCE CAN BRING CROSS SALES." CG PERZONALIZATION
  12. 12. 7AUTOMATIC CROSS- SELLING DECISIONS When a visitor views a certain product page, the process starts. That particular product certainly has a cross selling item and it’s for the ‘engine’ to decide which products out of this cross selling portfolio go well with the viewed item. CG PERZONALIZATION
  13. 13. 8LET THE ALGORITHM DO ITS MAGIC The engine uses clickstream data and transactional information to make this predictive decision. Certain information such as price, brand choice, previous transactions finds its way in the ‘predictive personalization algorithm’. CG PERZONALIZATION
  14. 14. 9HAPPY ONLINE SHOPPERS HAPPY STORE OWNERS If the ‘human knowledge’ also supports the algorithm as to which categories are complementary, then the cross selling offer can be improved. By this way, the art and science is combined to develop a successful cross selling offer on E-Commerce sites. CG PERZONALIZATION
  15. 15. CG PERZONALIZATION THANK YOU perzonalization.com/resources LOOKING FOR INTERESTING CONTENT ON PERSONALIZATION? @perzonalization

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