Final answer:
Cross-selling is the process of encouraging customers to purchase complementary or additional products or services from a firm. It is a strategy used by businesses to increase revenue and customer satisfaction.
Step-by-step explanation:
The process of encouraging customers to purchase complementary or additional products or services from a firm is called cross-selling. Cross-selling is a common practice in business where companies offer related products or services to customers who have already made a purchase. For example, if a customer buys a laptop, a salesperson may suggest purchasing a laptop bag or additional software as well.
Unlike bundling, which involves selling multiple products as one, cross-selling focuses on suggesting additional items that complement the original purchase. The goal of cross-selling is to increase the value of each customer by encouraging them to buy more, thereby boosting sales and customer satisfaction.
Cross-selling is an effective strategy for businesses because it can lead to higher revenue and customer loyalty. By offering customers products or services that enhance their original purchase, companies can build stronger relationships with their customers and enhance their overall shopping experience.