How to Significantly Increase Sales Conversion Rates by Using Customer Data & Cross-Sell Predictions

As retail & e-commerce companies are looking to increase the sales conversion rates of their campaigns, they turn to recipe of cross-selling. In a post-COVID-19 reality, this is one of the most effective strategies to increase loyalty, reorder frequency and basket size.

Now, how does one get started? How will the Marketing Team select its clients to target from its entire client base, those that demonstrate the highest chance of performing a purchase in a category different of the one the previously purchased in? This is where introducing cross-sell predictions make their big, transformative entry!

Marketing Teams are always on the lookout to find new ways for creating more effective campaigns. They are constantly adapting procedures to ensure that only those customers likely to convert, are targeted with the right product and a perfectly crafted marketing message.

Cross-sell prediction, or the art of predicting what existing customers are likely to purchase in a new category, has become a key priority for innovative retail & e-commerce companies.

Now how does one get started?

Take the example of a retail company selling children's apparel, launching a new kids shoe collection. How does one ensure that a campaign set up for the latter, primarily targets those customers likely to purchase?

That is where data-driven cross-sell prediction models make their big entry. These models can predict for every individual customer - today, present in a customer database - what their likelihood-to-buy is.

Moreover, the outcome of such a model - a propensity-to-buy score for each existing customer - can be uploaded in the retailers current marketing automation tool, to serve its purpose. Such means that a marketeer will see an additional field, an additional value in the interface of the marketing automation tool, where he can filter those clients likely to purchase based on their individual score.

With a few clicks of button in its trusted tool (Salesforce, Selligent, other), he/she can select those customers and as such ensure that only they are targeted with a predefined marketing campaign.

Through the grapevine, we learned that having cross-sell predictions readily available in a marketing automation tool is high on the agenda of a number of retail & e-commerce organizations.

Yet, actually getting started remains a challenge. That is why we drafted a short whitepaper to clearly describe possibilities in more detail, using a real-life example.

On top of that, we are introducing a new service offer. Our Customer Cross-Sell Prediction Kickstart Package bundles the essential services that allow a marketing team to get up and running in just 14 days, using cross-sell predictions in their current marketing automation tool.

Have a pleasant read.

Like to know more? Do not hesitate to contact us!

Download the full whitepaper here

Download the whitepaper on increasing sales conversion rates using cross-sell predictions here and learn why this is the talk of the town amidst retail & e-commerce players.

Like to learn more? Do contact or retail & e-commerce marketing experts here.