The world of business is constantly changing and adapting to new trends. To keep your business ahead of the curve, you need to adopt new strategies and try new ideas. This post will discuss the 5 most effective cross-selling strategies you can use to increase revenue and keep customers satisfied.
Overview
What Is Cross-selling?
Cross-selling is a multimarket practice whereby a company offers its products and services on different product lines to increase profits. It means companies will promote new items on existing product lines. It can also refer to selling related products of a firm’s line, such as selling kitchen appliances and dining room furniture of the same brand.
5 Cross-Selling Strategies In The Holiday Season
Offer Value Bundles
Offer bundling is a cross-selling strategy that allows companies to deliver more value than their competitors by doing something straightforward: putting items together. Your value is not only the sum of your products but also the combination that you create. By providing your customers with bundles of complimentary items, you can increase customers’ value and grow your small business.
For example, if a competitor’s company offers a hand towel and soap for $4 each, your company’s offer would be the same single item for $3 apiece – less than what they can get through their bundle!
Don’t Forget The Details
Packaging and shipping details are an essential part of any omnichannel commerce business. After all, they’re what customers physically touch and feel when they receive their products, so packaging and shipping details should reflect your company’s unique brand identity.
Moreover, stylish packaging could make the difference between customers feeling like they got a great bargain or their purchase was worth it.
In the holiday season, you can offer services with DIY gift wrap and packaging ideas. All you need is a few basic supplies, a little bit of time, and a creative vision. Remember to pay attention to details – it will go a long way with customers who can appreciate the extra effort.
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Enhance Customers Experience In-store And Online Store
Brick-and-mortar stores are fighting an uphill battle. Online shopping is on the rise, and even consumers who can’t shop online are getting more accustomed to purchasing products without leaving home.
That is why retailers who want to stay competitive need to offer a better customer experience online or in-store. Implementing POS for cross-selling strategy will provide customers with a seamless experience that will keep them coming back for more.
ConnectPOS offers new functions which enhance your customer’s experience. For example, with ConnectPOS, consumers can order products online and pick them up in-store by scanning an electronic barcode on their phone or a sign near the item’s location inside of the store.
Use Holiday-themed Products
Retailers can retain customers by adding a bit of a holiday flair to products by providing shoppers something extra-special with their purchases: Holiday-themed goods.
For instance, you can keep Halloween and Thanksgiving goods on the shelves through the holiday season. This way, people who do their shopping early can buy some extra stuff to fill in the spaces after they’ve finished shopping for friends and family.
Offer Gift Cards Or Cash Incentives
It’s a well-known fact that people will buy more of a product when they receive cash or a gift card as an incentive. So the idea is simple: if you want to boost your sales, provide customers with an incentive to spend a little bit more.
It’s also important to note that this cross-selling strategy works best for stores that offer products at different price points – the higher the purchase price, the greater the chance that customers will be persuaded by cash or gift cards!
Wrapping Up
Ultimately, cross-selling strategies ensures that retail profits do not wither away during the holiday seasons when customer traffic can be so hugely intense. It is critically important for retailers to offer their customers the products and services they require to make them return in the future, generate loyalty, and repeat business.
ConnectPOS can help you to make the most of your holiday season and to take advantage of opportunities as they arise. Register now to learn more about how you can connect with your retail customers at your store’s POS system!