Redesign of an ecommerce site
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We are thinking to redesign our ecommerce site and was wondering would we loose our google rankings in any way? That's something we don't want.
We want to achieve a better and cleaner looking website. It's a more like template redesign. But adding extra functionalities.
We will add upselling and crossselling features to product pages. Some products have reviews and some don't. If a product doesn't have a review random testimonials will replace the reviews.
We will redirect all urls's if category structure changes.
All content title, headings remain same.
Any suggestions are welcome

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We are thinking to redesign our ecommerce site and was wondering would we loose our google rankings in any way? That's something we don't want.
I think that you need a different attitude. When you redesign a website you should use that as an opportunity to IMPROVE your SEO. You should be studying or hiring a consultant to identify changes that you KNOW will make your site better.
Don't go into this with fear. Go in with knowledge and careful planning.
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Keeping the 301's in mind - I don't think you'd lose any rankings by changing the theme/colorscheme etc - provided all the new pages that you are redirecting to contain the same content. I would like to point out that enhancing your site for your visitors is always going to have a positive effect since that's what Google likes

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Even if your rankings temporarily drop, in the long run everything should work out better for you with more conversions.Make it the best site you possibly can and your visitors will appreciate it.
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yes, you could preserve and possibly increase your rankings.
First, Index your valuable resources ( content, urls, metadata, keyword rankings, etc) that have to be preserved.
If you use Joomla content management system & sh404SEF, you may rewrite URLs and keep them the same as on the current site.
Here is an example of site recently migrated without losing its rankings:
http://www.alaskaflyfishinggoods.com/new-flies-for-2011/view-all-products.html