Not many things are worth a million dollar, let alone billions of dollars. In the startup scene, a billion dollar company is considered a “unicorn”, giving you an idea of just how rare a billion dollars is. However, some have estimated that Amazon’s now-expired patent on 1-click sales was itself worth billions of dollars.
Yes, a seemingly simple patent could be worth billions of dollars. Up until recently, only Amazon could use one click checkout (in the USA) for free. Now that Amazon’s patent on 1-click checkouts has expired, however, anyone can get in on the act.
And with PayKickstart, one click checkout has never been easier with our shopping cart. Simply use our 1-click upsell feature and you can enable frictionless checkouts across your website. In this article, I’ll go over how you can use 1-click upsells to increase revenues.
Making the Checkout Process Frictionless
Shopping cart abandonment rates can easily hit 80 percent or higher. PayKickstart offers a variety of features that can help you lower abandonment rates and increase revenues. Our one click upsell feature is one of the most powerful features we offer and has allowed our clients to more than double their average customer values.
A lengthy checkout process is the bane of high sales. The more complicated the checkout process is, the more likely customers are to abandon their would-be purchase. Fortunately, PayKickstart offers a range of tools that make the checkout process easier.
1-click upsells are one of our most popular features. Once a customer enters their credit card or other payment information, they will be able to check out in the future without having to re-enter their information. This reduces friction and greatly shortens the entire checkout process.
PayKickstart’s 1-click upsells in action.
One click functionality is perfect for upselling and cross-selling, which are both effective strategies for increasing revenues. Let’s take a look at these sales tactics.
Upselling and Cross-selling Customers is a Tried and True Method for Increasing Revenues
Upselling and cross-selling has been used for decades to increase revenues and ultimately profits. Quite simply, when the customer goes to check out, you try to secure additional sales. This might mean encouraging the customer to purchase a more expensive product, or it could mean selling them something additional. Upselling and cross-selling work for both brick and mortar stores and online stores.
For example, if a customer is buying a TV at a brick-and-mortar electronics should, the checkout clerk may ask if they want to buy an extended warranty to protect their TV. Likewise, if you’ve ever been in a fast food restaurant and have been asked if you’d like to upsize your combo meal, the cashier is trying to upsell you.
Whenever a customer makes an additional purchase, the seller gets extra revenues. In the case of a fast food restaurant, that might mean an extra fifty cents. Of course, if hundreds of people are upsizing their combo meals, the money can quickly add up. On the other hand, if you buy an extended warranty from Best Buy for an expensive TV, you might be shelling out hundreds of dollars, as is seen below:
You can also use your entire website to push upsells. PayKickstart’s 1-click upsells feature makes it easy to sell customers more goods without forcing them to go through the whole checkout process again. You can offer a warranty, extended support, additional products, or whatever else you think will be effective.
Let’s take a glance at why upselling is so effective.
With 1-click upsells Your Customers Are Already Well-Qualified
One of the reasons upselling and cross-selling work so well with 1-click upsells is because your customers are already very well-qualified. If a customer has already purchased your product or service, they are most likely interested in your offerings. A customer looking to buy a burger and fries combo has already expressed an interest in said food. So the prospect of extra fries will be very tempting.
Likewise, if you’re selling a TV online and you offer customers checking a chance to buy an extra warranty, wall mount, or audio system, they’ve clearly shown that they are interested in the TV. Stands to reason then that they’ll be interested in related products, such as a TV audio system. By using 1-click upsells, you can make it easier for customers to purchase these related products.
One of the keys to effective upselling and cross-selling is to make sure that the other products you’re trying to sell are closely tied to the original purchase. When you’re selling a TV, it doesn’t make sense to offer customers additional video game console controllers, for example. You have no way of knowing if they’d be interested in said products.
Instead, focus on something that most people who own TVs would be interested in, such as a compatible TV stand.
Do 1-click Upsells Really Work?
The short answer? Yes. The long answer? Let’s take a look at an experiment we performed with one of our clients. We set up an A/B test with our client, enabling both a “settled approach” and 1-click upsells. In the settled approach, customers had to fill in their credit card details and go through the whole checkout process each time.
The settled approach generated roughly $380,000 in revenues. However, when we enabled 1-click upsells, revenues rose to over half a million! In another experiment, one of our clients went from having no upsells to enabling 1-click upsells. Revenues surged from roughly $97,000 to over $213,000!
So yes, 1-click upsells really do work.
Conclusion: Increase Your Sales in Less Than a Minute
If you have PayKickstart, setting up 1-click upsells is easy. In fact, you can enable this feature in just 30 seconds. While we can’t guarantee that every customer will double their revenues by using 1-click upsells, many of our clients do end up enjoying a significant boost.
Click here to learn more about enabling one click upselling.