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Upselling

Upselling is a sales technique that involves persuading customers to purchase a higher-priced or more premium product or service than the one they originally intended to buy by highlighting additional features, benefits, or value propositions that meet their needs or preferences more effectively. In academia, upselling is studied within the fields of sales psychology, pricing strategy, and customer relationship management (CRM). Researchers investigate upselling techniques, such as product bundling, cross-selling, and upgrade offers, to understand their impact on customer purchase behavior, average order value (AOV), and customer lifetime value (CLV) for driving incremental revenue and profit margins. Upselling offers several benefits for organizations, such as increased sales revenue, margin expansion, and customer satisfaction by providing personalized recommendations and value-added solutions that enhance product utility, performance, or convenience for customers, leading to higher levels of trust, loyalty, and repeat purchases. By implementing upselling strategies, organizations can capitalize on upsell opportunities, address customer needs, and differentiate their offerings in competitive markets while maximizing customer lifetime value (CLV) and fostering long-term relationships through strategic account management and value-based selling approaches. Academic studies on upselling also explore upsell analytics, recommendation algorithms, and upsell automation technologies, as well as ethical considerations and customer-centricity principles in upselling practices to ensure transparency, fairness, and customer satisfaction in sales interactions and customer relationships.

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