If you are in the eCommerce industry, you may be very well acquainted with the 25th & 28th of November 2022. Black Friday and Cyber Monday are two of the most significant shopping events in the industry.
All businesses look forward to these shopping events. It isn’t just about offering discounts to customers but also trying to make the best out of them. Sales strategies play a significant role in the success of businesses these days.
One of the strategies revolves around upselling and discount pricing. If done right, this strategy can help you move your sales and increase revenue by increasing AOVs. You can also gain customer loyalty (lifetime value) and even garner the interest of new customers.
It is never too late to start planning your sales strategy for Black Friday or Cyber Monday. Here is a small, early thanksgiving tip from us on upselling and discount pricing.
Upselling and Discount Pricing for Black Friday & Cyber Monday
To upsell is to convince a customer to purchase a product or service that is more expensive, upgraded, or premium and compliments an already purchased product or service. However, upselling comes with a well-thought-out strategy. You can’t try and sell just anything related to the product. You must ensure it compliments the product a customer has already purchased and is interested in purchasing. It is easier to upsell to existing customers than to new ones, as the probability of them buying is 60-70%. Additionally, you can choose to upsell with or without discounts.
Yes, you may not like the idea of discounts, but your customers do. This is why most of them wait until November to make significant purchases during Black Friday and Cyber Monday.
This is where discount pricing comes into the picture. Strategically thought-out product discounts can make your customers happy and help you in several ways. However, you must align your goals carefully to gain the best results and not mess up your online store. It would be best if you prepared all the approaches that can be taken to reach them.
Most Common Upselling Discount Strategies:
As BFCM approaches, we have put together a few upselling discount strategies you can choose to offer your customers. However, before we get to that, it is essential to know that the key to upselling discounted techniques is always assuring that the upsell products are relevant to your customers.
Free shipping on additional purchases made on Black Friday
“Add X amount more to your order to get free shipping.” This is a great way to get customers to spend more on your store. The majority of your customers will see free shipping as a big incentive. Thus, making them comfortable enough to spend more on your store.
Free shipping relates directly to discounted upselling. Because, for your customers to spend more on other products, those products have to be of value to them. Therefore, something preferably complementing the product they are about to purchase, the right upgrade, if I may.
However, the question is, how do you notify these customers of these upgrades on their products which unlock the offer of free shipping? Push notifications are the answer to that. Send your customers customized notifications during their checkout journey in real time. Mobile push notifications perform best in these cases as abandoned carts; search-based personalized notifications can be sent to customers based on their behavior on your app. Mobile app developers like Plobal Apps provide you with different integrations to analyze and set up push notification campaigns based on user behavior. This helps in optimizing your upselling discount strategies.
Creating urgency before Black Friday
Missing out on a good deal is something every customer hates. Therefore, adding a time limit to your discounted upsell product will make customers more inclined to purchase that product.
We highly recommend combining this strategy with discounted upselling, even though it can be used separately. It will increase its relevance to your customers, making it more meaningful for them to purchase.
Yet again, this is where push notifications play an important role. You can undoubtedly send push notifications to a customer from your website. However, for web push notifications, the user must be active on the device and have opted in for push notifications. With web push notifications, these sales/deals may become redundant for not reaching the user at the right time. This isn’t the case in mobile app push notifications, which can go out to your customers whenever you want them to. Read about web vs. app push notifications to know more.
Personalized offers for the big days
Knowing what your customers want and are interested in is the main thing for all eCommerce businesses. There is qualitative and quantitative research that you can do to figure out what each of your customers is interested in. However, if you do not wish to go through the complexity of doing this, there are other more straightforward ways. Mobile app developers come with different integrations to make the entire process easier for you, from generating user behavior reports to even setting up push notification campaigns. We at Plobal Apps don’t just build your app; we stay with you throughout the journey. You can speak to our experts or book a free demo if you want more questions answered.
A few examples of personalized discount offer strategies for upselling are pre & post-purchase and during checkout. Use abandoned carts or previously purchased products by customers to find out what they may be interested in and offer them upsell discounted products complementing those products.
Follow up offers
There may be a possibility that the customer may not be sure at that particular moment if they wish to purchase the product or not. Use these moments to send out upsell discounts through abandoned cart notifications.
The average abandoned cart rate is 69%, and some customers have either forgotten about it or changed their minds. Sending them upsells with a discount may influence them to reconsider their decision.
Add-ons
These are products you can choose to offer to your customer and are added to the main product they are interested in purchasing.
Now, do not confuse this with cross-selling. Even though similar, you can differentiate between the two by relating upselling with the word “up,” – which is to sell a product higher in value than the product being purchased. Cross-selling can be understood by the word “cross,” which means to sell sideways – a related but a different product that the customer may be interested in.
Subscribe and save
Amazon’s subscribe and save model has counted the highest number of subscribers worldwide.
This is for you if you have a product that involves continuously purchasing additional products. Add those other products with a subscription for customers at a discounted rate.
This generates customer loyalty and is the key to locking down customers. So not only will they purchase from you during Black Friday or Cyber Monday, but they will also stay loyal to you after.
Benefits of Upselling Discount Strategies with a Mobile App
Upselling Discount Strategies have many benefits, from generating customer loyalty, increasing your AOVs (Average Order Values), and increasing revenue. It also helps facilitate a better customer experience by assisting customers with suggested products and services they did not know they needed.
Discounts make customers feel good and develop a good perspective of your brand. Not just that, but it gives your brand the upper hand over competitors. So with discounts, you’re generating customer loyalty, increasing customer retention, and even customer acquisition.
An additional benefit is that upselling discount strategies can also be a great way to unload excess inventory.
Now, while all these are fantastic benefits from upselling discounted strategies, you can only make the most out of it by actually doing it the right way.
Mobile Apps help you do that. With features and integrations catering to your every requirement without even going through a complicated process, mobile app developers like Plobal Apps will help optimize your online eCommerce store in the best way possible.
Push notifications, customer engagement, experience, customer loyalty, real-time updates, and user behavior analysis are just a few factors a mobile app can help make the best out of for your eCommerce business.
So, prepare and upsell this Black Friday and Cyber Monday.
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