The Art And Science Of Cross Selling [A Guide For E-Commerce]
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Transcript of The Art And Science Of Cross Selling [A Guide For E-Commerce]
THE ART AND SCIENCE OF
CROSSSELLING
A GUIDE FOR E-COMMERCE
CG PERZONALIZATION
WHAT EVEN ISCROSS-SELLING?"Cross-selling is the practice of sell ing orsuggesting related or complementaryproducts to a prospect or customer. " investopedia.com
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35%Amazon attributes up to 35% of its revenue to
cross-selling – both the “Frequently BoughtTogether” and “Customers Who Bought This Item
Also Bought” sections promote products related tothe item that you are currently viewing on the site.
SOURCE: WWW.FORBES.COM
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1 MORECOMPLICATEDTHAN IT SEEMS
For online store owners or the E-Commerceexecutives, cross sell ing is both an art and a
science.
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2 PHYSICALRETAIL
In the physical retail environment, most of thecross sell ing happens with the help of the
sales rep.
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3 ONLINE RETAIL
Online store environment lacks the importantsales rep figure. This in turn makes the
eCommerce person turn to marketing technologyand his/her own senses in order to come up with
successful cross sell ing techniques.
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4 NOT ALLPRODUCT AREIMPULSEITEMS
Candy is an impulse buying product and youcould always have room for the second or even
the third candy. But when the product is amedium to high priced item, it gets hard to
cross sell to a shopper who has already spent afew bucks on a recently purchased item.
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ASPECTS OF ASUCCESSFUL
CROSS SELLINGOFFER
Knowing what the shopper is about topurchaseUnderstanding his/her needsHaving a sense of shopper’s priceelasticity levelKnowing about complementary items (i .e .A goes well with B, C is a cross sell ingitem for D)
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5 DIFFICULTY OFPROCESSINGONLINE DATA
During online shopping, there is no sales rep whocould profile the shopper instantaneously. That iswhy processing shopper data in real t ime becomes
hard.
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6 REAL TIMEDATAANALYSIS
Real time data analysis coupled with humanintelligence could as well translate into cross
sales.
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"REAL TIME DATAANALYSIS COUPLED
WITH HUMANINTELLIGENCE CAN
BRING CROSS SALES."
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7 AUTOMATICCROSS-SELLINGDECISIONS
When a visitor views a certain product page, theprocess starts. That particular product certainlyhas a cross sell ing item and it ’s for the ‘engine’
to decide which products out of this cross sell ingportfolio go well with the viewed item.
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8 LET THEALGORITHMDO ITS MAGIC
The engine uses clickstream data and transactionalinformation to make this predictive
decision. Certain information such as price, brandchoice, previous transactions finds its way in the
‘predictive personalization algorithm ’ .
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9 HAPPY ONLINESHOPPERSHAPPY STOREOWNERS
If the ‘human knowledge ’ also supports thealgorithm as to which categories are
complementary, then the cross sell ing offer canbe improved. By this way, the art and science iscombined to develop a successful cross sell ing
offer on E-Commerce sites.
CG PERZONALIZATION
CG PERZONALIZATION
THANKYOU
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