If you are a Magento customer, there are tools that you can use to ensure that your ecommerce site is working for you, helping you take advantage of potential sales opportunities. Upselling, or as some like to refer to it as, “an enhanced customer experience” is the way to go. Product recommendations are responsible for an average of 10-30% of ecommerce site revenues, in fact, in 2006 Amazon reported that 35% of its revenue came from its cross sells and upselling efforts. In this post, we give you some Magento upsell examples to help you form your own upselling strategy.
What can upselling mean to your business and your customers’ businesses?
If you upsell and make an extra $1 for every sale you make, and you have 1,000 sales per month, you’re making an additional $1000 per month – $12,000 a year.
That’s a lot of money to leave on the table, so it helps when your ecommerce software works for you, enhancing your customers’ experiences online – even when you’re not there. Luckily, Magento has an upselling functionality built into its software. We’ll get to that, but first let’s look at some Magento upsell examples to help optimize your upselling strategy.
Magento Upsell Examples to Consider
Before you start using the Magento upselling function, there are five things to consider about your upselling strategy:
Upsell relevant products
Only upsell products that are relevant to what your customer is purchasing. Don’t get too confident and go for the big sale, this can deter some potential buyers that may get turned off.
Upsell popular products
It is easier to upsell a popular product that customers have heard of. Use products with good reviews and let the reviews and numbers speak for themselves. It’s easier to upsell a product with five stars than a product with little to no reviews and ratings.
Keep it simple
Narrow the choice for your customers. A study suggests that this can boost revenues by 5-40% and cut costs by 10-35%.
Remember the 25% rule
Make sure the value of your add-on sale isn’t above 25%. Anything over 25% has a good chance of turning the customer off.
Remember your customers
Remember that the goal of upselling is to enhance your customers’ lives and provide an exceptional customer experience.
How can Magento help me upsell?
Well, there’s an extension for that! There are a Magento extensions – free and for a fee – for linking related products, upselling and cross-selling. So do your research to figure out which one will best suit your needs – and which one has the best reviews. To utilize the Magento Upsell Function, simply follow these easy steps:
Using the Upsell Function in Magento
- Log into admin.
- Select the product you wish to add upsells to.
- Click Up-sells from the side bar.
- Search the catalogue for an item you would like to add as an upsell.
- Check off the product.
- Repeat if you wish to add more products.
- If you add more than one product you can add item priority.
- Press Save and Continue.
The below video includes a great example of Magento upselling:
Need Help with your Magento Upsell Strategy?
At Web 2 Market, we are here to help with every aspect of your Magento application, from custom development and managed magento hosting services to magento digital marketing, including upsell and cross-selling implementation. Contact us or give us a call at 708-653-3100 for your single point of contact for all things Magento.