CROSS-SELLING IN RETAIL: ESSENCE, OPPORTUNITIES AND MERCHANDISING TOOLS FOR IMPLEMENTATION

Abstract

The article examines the features of cross-selling as an effective technology for improving the efficiency of retail. The article describes the essence of cross-selling and its basic principles. The approaches that allow to effectively develop product networks taking into account both existing and potential requests and needs of consumers are studied. The areas of active use of cross-selling in modern business are identified. It is proved that the main advantages of cross-selling for retailers are increasing the lifetime value of the customer, increasing the company's profitability, gaining personal experience with the company (brand) by consumers and increasing customer loyalty. In turn, the consumer gets acquainted with the additional properties of the product and gets the opportunity to comprehensively satisfy his/her existing and unconscious needs at the best price in an attractive shopping environment. The conditions for the effectiveness of cross-selling are characterised and the rules for their implementation in stores are specified. An analysis of the main types of cross-selling (package, out of necessity, at the expense of a minimum check, due to trust and goods on promotion) is carried out. It is determined that a special role in the formation and functioning of an effective cross-selling system is played by merchandising tools: rational technological planning of the sales area, visual merchandising tools, convenient and attractive display of goods and positive advertising). The article defines the techniques and a set of rules of cross merchandising, and provides illustrative examples of their practical application. Approaches to improving the efficiency of cross-merchandising in modern conditions, including the use of digital technologies, are proposed.