You encounter it every time you find yourself at a fast food counter when the person taking your order asks you, “Would you like fries and a drink with that?” Sure, why not. McDonalds learned long ago that they could dramatically increase their bottom line by upselling customers on complimentary food items. Now a days, super-sizing has become the norm and you can’t go anywhere without encountering a bundle.
Now the web is bringing even smarter upselling tactics to online consumers with improved product suggestion programs that rely on the “discovery” – introducing you to other products you never knew you wanted based on the characteristics of your original purchase – to get you to buy more. Eric Schonfield of Business 2.0 Magazine reports on the many new firms specializing in this area, such as CleverSet, Aggregate Knowledge and ChoiceStream, all who are hoping to capitalize on the $220 billion consumers spent online last year, of which up to 30% is due to recommendation systems estimates Forrester Research analyst Sucharita Mulpuru. Read more