Implementing Cross-sell & Up-sell Strategy
Product recommendations & bundling can boost sales by 30%
Leverage customer insights and behavioural data to craft a personalized cross-sell and upsell framework, driving revenue growth
More About the Problem
In the intricate landscape of modern business, predicting demand stands as a pivotal challenge.
The volatility of market dynamics, coupled with evolving consumer preferences and external variables, creates a pressing need for businesses to master the art of anticipating demand fluctuations. Effectively managing this aspect is not only instrumental in optimizing inventory levels but also paramount in ensuring customer satisfaction & operational efficiency.
The Approach
Making it Happen
By harnessing customer insights, transaction histories, and behavioural data, we can construct a nuanced understanding of individual preferences. A number of advanced algorithms can be combined, major ones being:
Collaborative Filtering: Recommending based on similar user tastes
Content-Based Filtering: Suggesting items with features akin to past interests
Association Rule Mining: Identifying patterns in co-purchased items
Content-Aware Recommenders: Considering contextual factors such as location, device type for more relevant suggestions
Successfully implementing a cross-sell and up-sell strategy entails seamlessly integrating personalized insights into the Customer Journey. This invloves deploying personalized email campaigns, in-app suggestions, and optimizing app merchandising. Simultaneously, collaborating with marketing teams to synchronize digital campaigns can ensure a harmonious and customer-centric approach.
Developed a multi-label classsifier for an ecommerce marketplce, predicting a customer's likelihood to purchase in specific categories and ranking probabilities for targeted activations. This included strategic coupon-led campaigns driving category acquisitions and crafting personalized notifications based on top categories.
A/B testing revealed an impressive ~8% uplift in conversions, ~5% improvement in notification click rates, with an ROI of 6 factoring in increased GMV offset by coupon discount spends.
