The message from the event is clear: It's not enough just to give customers good shipping deals Walmart, we're looking at you. You have to give customers way more in terms of product availability. Millennials , whose spending power is maturing, and who represent the largest generation of consumers ever, generally compare products well and demand a full range of product choices.
Amazon Can Learn, Too All purchases have motivators. Amazon might be able to plan for next year by considering possible reasons why certain items sold so well. As more Americans' wallets say "ouch", people are living frugally. Providing even more items that give customers a DIY approach to living thus might draw in more buyers.
Give Limited Period Offer Shoppers tend to procrastinate and mull purchase decisions. Try Volume Discounts Offer discounts on bulk purchases of the same product. Paperstone, an office supplies company, used VWO to launch a bulk discount deal on its website. Upsell Upselling, if implemented intelligently, is a great way to increase the value of an order. Simply put, upselling is offering a similar but more expensive variant of the product to the buyer.
Cross-sell Purchasing that GB Windows 8. Would you need a laptop bag with it? Or perhaps a USB drive? This is precisely what cross-selling is known as — soft selling complementary or additional products to your customer base.
Studies show that cross-selling, even though it has always played second-fiddle to upselling the former is 20 times more effective than the latter. What you need to keep in mind is that the suggestions need to be relevant. A person buying a laptop will need a laptop bag, not necessarily a DSLR. Offer Package Deals A package deal or a combo offer is a cool way of selling two or more related products at a discounted price through your online shop. The Hut offers a pretty smart discounted price on clothing bundles.
Incentivize the Purchase Always give something to the customer, and they will merrily return the favor. Whenever they make a purchase, either offer them a great loyalty program, cash-backs, or anything that is redeemable on their next purchase of minimum order value. For the most sophisticated marketer, you could even try to cross-sell or up-sell like the Amazon example below.
This might consist of three emails: You want to feed off that emotion. Send it out about a day or two after the customer makes his first purchase. This email should go out in about five days. The purpose of this email is to get the customer engaged with your brand.
You can invite the customer to connect with you on social networks. Related Products: This email should be sent about seven days after your customer made his first purchase. You can ask for a review of the product and make a recommendation for a follow-on purchase. He also once lived aboard a 36' sailboat in Boston.
Tracking these metrics can help you uncover different behavioral trends on your website. Conversion Rate A conversion is any desirable activity performed by a visitor on your site. Optimizing for conversion rate will make more visitors into paying and returning customers and help you: Convert more of your current visitors, which is more cost-effective than acquiring new visitors Generate more revenue at the same cost Since you are already paying in some way to acquire traffic to your website — through PPC, SEO, Email, etc — it would be a great idea to convert more of those visitors into customers.