For retailers looking for ways to drive sales and maximise their profits, upselling and cross-selling are both proven techniques for doing exactly that! However, when implementing one or the other, or both, there are some important aspects to consider and ensure you get the most returns.
5 Top Upselling & Cross-Selling Techniques
There are a number of upselling and cross-selling techniques that have proven to be effective. However, the perfect strategy for you will depend upon your particular retail sector, the size of your business, and your company’s overall short and long-term financial goals. But here are some great ideas to get you started.
1. Upselling Add-On Services
Traditionally, many think of upsells as a term that means simply suggesting additional products to customers during or before they complete their buying journey. However, it’s much more than that. Nowadays, upselling is all about providing value-added benefits and buying incentives. For any products you carry that may include add-ons, special features, or accessories, consider suggesting them to your customers as an extra incentive so they can receive the very best product and brand experience possible.
For retailers in the jewellery or fashion sector for example, perhaps you’re also offering monthly courses on cosmetics or creating fashion accessories. Using their purchase as a point to offer perhaps a discount on such courses can provide a further buying incentive that also adds more value to what your customers are purchasing.
2. Exclusive Bundle-Discounts
Offering exclusive or limited-time bundle discounts is another great opportunity for your business to give customers something a little extra, as well as provide more of a buying incentive. Perhaps a customer is looking to purchase a single item, but there’s currently a limited-time bundle deal where they can get that item, plus others like it at a discounted price. Again, you’re giving them what they were looking for plus something more, all at a discount. This is a successful upselling technique that can require some finesse on the part of the salesperson because it combines not only value and convenience but exclusivity (the perception they’re getting something they can’t get anywhere else).
This is like limited item discounts, where the customer is enticed to purchase a product because of the scarce number of products available, but instead, there’s a time constraint rather than a limited number of products.
3. Always Recommending Best-Selling Items
This seems like something that might be stating the obvious, but you’d be surprised at how easy an upsell opportunity can arise simply by showcasing or mentioning a best-selling item or two during the sales process. Recommending your choicest items is a class cross-selling technique that enables retailers to easily make a better sale. It’s also a great choice if a customer has selected a specific item and there are no related items in the same line. However, it’s important to do this after they’ve already made their mind up on purchasing what they came in for.
4. Providing Engaging Product Demonstrations
Another way to make the most out of your sales team and really exercise their strengths is by having them perform attention-catching and engaging product demonstrations. What does this mean exactly? When a customer enters your store looking for a particular piece of clothing, jewellery, accessory, or another item, it’s your sales staff’s chance to shine and highlight your brand’s range of items. You can discuss the benefits of particular ones and even showcase some items that might be pricier but offer benefits that are worth paying a little extra for.
Showcasing your best products and providing in-depth knowledge of how to meet the customer’s needs through engaging demonstrations also provides your sales team with great cross-selling opportunities. They can also show the customer products that complement the one they have their eye on purchasing.
5. Rewarding Your Customers
Loyalty programs are always a great way to get more sales. They provide an incentive for customers to keep patronising your retail business, as well as spread the word about it and refer potential new customers. After a customer’s initial purchase, help them continue their journey with you by rewarding their spending habits and commitment to your brand. There are a variety of ways to do so including providing exclusive discounts or giveaways at certain price levels, or VIP treatment when they’ve made a certain number of purchases such as exclusive access to purchase products prior to their launch, etc.
This is where some of the information collected by your POS system will come into handy, such as reports on specific customers’ purchasing habits and how long they’ve been patronising your retail business.
How Can Retail POS Systems Benefit My Upselling & Cross-Selling Efforts?
Today’s best POS systems facilitate not only an omnichannel experience but also aid in upselling and cross-selling efforts by enabling you to easily process transactions, pull up customer purchase histories, product details, stock levels and use this information to connect with them on a more personal level based on their preferences and purchasing habits. You can suggest items based on their personal purchase history and tailor your sales approach specifically by suggesting a similar item they’ve purchased in the past or one you’ve noticed has a newer model, etc.
Additionally, POS systems provide retailers with a deep dive into the data behind your sales approach and will show you how well your upselling and cross-selling campaigns are working, and what needs to be tweaked to optimise sales.
Contact us for POS systems, mPOS solutions, stock control, & more
For those looking for a streamlined, omnichannel sales solution to boost sales and customer service, contact Eurostop online to learn more about our POS systems and stock control solutions, or call +44 (0) 20 8991 2700 today.