Cross-selling is a strategy that aims to encourage customers to purchase additional or complementary products or services to the ones they show an interest in, intend to buy or have already bought. It involves offering related products or services that can enhance the value or functionality of the initial purchase. Cross-selling can be an effective way for businesses to increase revenue and customer lifetime value by providing a more personalised and relevant shopping experience.
The goal of cross-selling is twofold: to increase revenue by selling additional products or services, and to improve customer lifetime value by providing a more personalized and relevant shopping experience. By suggesting relevant add-ons, businesses can cater to the specific needs and preferences of customers, thereby enhancing their overall satisfaction and building long-term relationships.