Express Gratitude 🙏
Did you know that it is 25 times much more expensive to attract new customers than to retain existing ones? Keeping your current customers happy is more valuable compared to spending time and resources finding new ones. Studies show that increasing your customer retention rates by at least 5% also increases your profits by as much as 25%.
This drives the creation of average order value (AOV) maximization strategies to leverage on the existing customers' share of wallet. One click upsell does the trick in AOV maximization, as it persuades buyers to carry another transaction they did not initially plan on doing, just like how impulse buying works on candies displayed beside the cashier's counter.
As there are many possible upselling techniques, this article centers on post-purchase upselling strategy. The technique marries different scenarios of upselling to increase the average order value but the upsell is only presented AFTER a transaction has been successfully completed.