Cross-sell involves the sale of multiple products offered by a single product/service provider to a new or existing customer.
Cross-selling is a core component of a customer centric relationship strategy and requires an integrated view of the customer. The success of a cross-sell program depends on enablers such as organizational commitment; well-defined business strategy; effective execution; regular monitoring; and effective targeting strategy. Cross-selling has proved to be a defining strategy for profitable growth across multiple sectors.
Benefits of Cross Selling
Cross Selling offers benefit to both the ends of marketing cycle i.e. customer and firm.
For the Firm
- Builds customer equity
- Differentiates from competition, enhances market position
- Promotes diversification and innovation
- Stimulates universe expansion and entry into new markets
- Balances growth between new and existing customers, low and high margin products and segments
- Enhance customer profitability
- Discourages customer attrition, improves customer loyalty
For the Customer
- Patronizes the brand
- Broadens choices of product and services
- Offers convenience through one-stop shopping, flexibility, consolidated bill and others
- Increases customer satisfaction
- Lowers price
- Encourages better customer service from relationship marketing
Let Machine learning do it for you
The best way to cross sell products is to know what customer like to buy with the product they are searching for. For Example, A customer is likely to purchase a mobile phone cover while he is searching the catalog to purchase a mobile phone or a customer is likely to purchase a Shoe polish while he is purchasing new pair of shoes.
These things can be done manually in NopCommerce, But it is a long and a hectic process. Therefore, we have developed a plugin which uses machine learning to create cross-sells for every product available on the store. Our Plugin will go through all the previous orders and will collect the data to analyse, than it will determine which products are more likely to be sold with the different products available. After that those products will be set as cross-sells.
With every new order placed on the store our machine learning algorithm will collect the data and refine the cross-sells prediction even more. All the changes will be done by the our algorithm automatically. Client will not have to intervene at any moment after installing the plugin