I’ve spoken about the massive benefits that Cross-Store Selling can have for your brand in another article, but it’s a topic worth exploring a little deeper. So, if you want to find out more about how this innovative co-marketing technique can increase your Average Order Value (AOV), reduce your customer acquisition costs, and boost your sales, all without additional marketing costs, then read on!
Drive sales at no extra cost
Use the CrossMyStore platform to partner up with a like-minded brand and supply them with your own products to sell in their storefront. In this way, you’ll be able to leverage their own marketing channels which they pay for, without paying a cent yourself. You get all of the benefits, and none of the costs!
Let me go into a little more detail. As an online store, you’ll have various marketing channels to bring potential customers to your site such as paid ads or email marketing. You pay for these all yourself, which usually comes to at least 20% of what you earn.
By using Cross-Store Selling, however, you’re profiting from the marketing channels of your partner at zero cost because they’re covering the costs of attracting customers to their store where they’re selling your products for you.
They’ll do the work of paying for the marketing of your items, while you reap the rewards. The profits for the sales that they make on your items will go back to you, and you’ll set the rate of commission that they’ll get so you’ll always be in control.
In essence, you get to sit back and let them sell for you, while you make the rules about your stock and your profits. It couldn’t be simpler!
Reduce customer acquisition costs
What I explained above obviously relates to taking on the role of supplier in the partnership, but it’s not just increased sales that Cross-Store Selling can provide for you in this role. More than just an increase of your revenues in the short term, CrossMyStore will help you find more leads to add to your sales funnel to reduce your customer acquisition costs.
As with the way it can boost your revenues, Cross-Store Selling lets you access a whole new audience of potential buyers at no extra cost by leveraging the marketing techniques that your partner uses to draw in new customers.
They will not only be exposed to your products on your partner’s storefront and make purchases there, but they will also want to check out more of what your brand offers and will visit your own website.
In this way, the cross-store sale will give a previously disconnected lead a chance to experience your brand and become a customer, without you having to pay for marketing techniques to pull them in. You gain new customers without having to pay for them, essentially turning your partner stores into free marketing channels.
Cross-Store Selling lets you access a whole new audience of potential buyers at no extra cost.
However, that’s not all. Not only can you acquire new customers without having to pay for additional marketing costs in this way, but you’ll be able to convert these first-time buyers into dedicated fans of your brand and keep them coming back for more.
The CrossMyStore platform shares customer data and insights with both brands when a sale is made, so you’ll be able to integrate their information such as their email address or product preferences into your own marketing techniques.
Add these new customers to your email marketing database and offer them products complementary to their previous purchases, and you’re guaranteed to keep them coming back!
Increase your Average Order Value
I’ve spoken a lot about the benefits for brands wanting to act as suppliers, but there are massive benefits for the retailers in the partnership as well. As the retailer, you will integrate your partner’s products into your own collections to complement your stock, and this is a fantastic way to increase your AOV without any additional costs.
By partnering up with a brand that sells products complementary to your own, or that fills a niche that you don’t cover, you’re able to offer a much wider range of products to your customers and increase the likelihood that they’ll see something extra that they love and buy it from you, driving up your AOV.
Normally, adding new products to your store would involve huge investment in product design and development, warehouse management costs, and expensive delivery fees. However, with Cross-Store Selling, you don’t have to worry about any of this.
By acting as the retailer, you market your partner’s products for them but never have to worry about stocking and shipping their inventory. They pay for the warehousing of their stock and, when you sell one of their items, our platform automatically transfers the order information to them for them to deal with shipping.
Essentially, you get to make all the sales without having any of the costs or hassle of fulfilling them! Best of all, you’ll earn from this arrangement without having to pay for any of the costs I’ve just mentioned, because you’ll get a cut of every sale of their items that you make. It’s easy!
Offer a whole omni-channel shopping experience
However, there are even more benefits for suppliers than this. By integrating new products into your store, you’ll elevate your customers’ shopping experience so that they’ll fall in love with your brand.
I’ll explain what I mean. As I’ve said in another article, customers now expect to be able to save time and effort by getting all their shopping done in one place. We’ve seen it over the course of the pandemic with companies such as Amazon reaping massive rewards by being able to provide everything the customer needs all in one place.
This is called omni-channel retail, a customer-oriented strategy involving bringing your product to your customer and selling to them wherever they are. With Cross-Store Selling, you’re able to take advantage of this.
The CrossMystore allows you to make the most of omni-channel retail by offering customers everything they want, right in one place in your online store. You’ll save them the hassle of navigating multiple sites, and streamline their experience.
For example, if you had a clothing business you could partner up with a brand specialising in shoes, integrate their products into your own collections, and let your customers buy a complete outfit all in one place.
By saving them time and effort, they’re more likely to come back to you for making their lives easier, turning them into a repeat customer and elevating their entire shopping experience.
This idea also works if you’re wanting to act as a supplier. By integrating your stock in other stores, you’re going to the customer with your products and selling to them wherever they are to save them time and energy.
You’re positioning your products at every stage along the customer’s journey, increasing your exposure much more than if they could only reach you through your website.
Increase brand visibility
In general, then, everything I’ve mentioned above is about increasing your brand’s visibility. Without visibility, you’ll have no customers. It’s the key for making any business grow, and Cross-Store Selling can help give your business the exposure it needs to keep on thriving.
By partnering with other brands and selling on their storefronts, you’ll spread the word about your products and get your company name out there into view of your potential customers.
You’ll grow your business’ name recognition among your partner’s customers until it immediately comes to mind when they want to make a purchase; they’ll search through their site for your products, or go directly to your website.
Grow your business at less risk
Finally, Cross-Store Selling can help you plan out future changes and growth of your business, minus the risks normally associated with such massive changes.
Whether you’re wanting to supply items to your partners for them to sell, or integrate their stock into your collections, you can take advantage of the insights these actions give you to take your business to the next level.
As an e-commerce business, the pressure is always on bringing in new products and collections to keep your customers engaged and coming back for more. Expanding your product catalogue can cost a fortune, though, especially if your customers don’t engage with what you create. Cross-Store Selling provides the way around this risk!
By partnering with a business that sells similar products to the one you’re thinking of implementing and including them in your online shop, the cross-store sales platform CrossMystore allows you to test out how your customers engage with the new product in a risk and cost-free way.
If it draws their attention, you’ll know you’re on the right track and can set about creating your own!
The other consideration all brands have to keep in mind is the need to branch out and reach new customers. However, what if you throw a lot of money at targeted advertising campaigns for a new demographic only for them to not engage with your product? You risk wasting all this money while losing your core demographic at the same time.
Cross-Store Selling can get you around this dilemma with ease. Partner up with a brand that already targets the demographic you’re considering and implement your products within their existing collections to see if you’ll succeed in this new market.
You’ll get the data you need without wasting money or risking your existing customer base, and can then draw your new fans back to your own online store. Risk-free business growth!
So, as you can see, the benefits of Cross-Store Selling can really make the difference between your brand doing okay on Shopify, and it exploding in popularity.
Don’t miss out on the chance to grow your sales, gain new customers and cut acquisition costs. Sign up now in just seconds and form your first brand partnerships today!