By focusing entirely on increasing multiple product sales you can nearly double your annual revenues, yes it’s true!
In a world where everything seems to be focused on conversion rates, conversion rate optimization tactics are front and center on most ecommerce entreprenurs and founders minds. But what about AOV, average order value? What about the old adage that its easier to sell to someone you have already sold to; Loosely applied to upselling someone who is about to purchase a product from you. If we take a moment to consider a few averages.
Average conversion rate = 2%
Average Order Value = $74.00
So lets start with an increase in Average Order Value:
$74 purchase + $25 upsell
This now makes your AOV $99, inturn raising the $148 Revenue per 100 visitors to $198.
Now for the old compounding interest approach:
Lets now inrease your conversion rate from 2 to 2.5%
Honestly, regardless of what our averages are, or even others in this space who brag of 10x, its a competitive space out there, so a 0.5% increase in conversion rate is actually pretty good!
That said, let’s look at what this together can do for your business.
FROM: $148 per 100 shoppers
TO: $198 per 100 shoppers
THEN: $248 per 100 shoppers
Now think of what that does for your business!
Of course it’s easy to think about and throwing hypathetical numbers out there doesnt really mean much, but that was for the purpose of explaining my point!
The real question is, how do you do this?
Specifically, how do you increase your multiple product sales?
The million dollar question I will talk about in this podcast.
Listen to this show as I discuss how to increase multiple product sales in ecommerce.