Product bundling is a successful business tactic that generates revenue and enhances brand presence. Discover the power of strategic product bundles to boost your business and increase sales. This article will share all you need to know about product bundle sales.
What is the product bundle?
Bundle selling is a unique business product pricing strategy in the retail industry. Or simply understood is that separate product types are combined into a bundle instead of being sold individually.
This is a potential form of increasing the average selling value and sales volume of the product. Bundle sales are not only suitable for all industries and fields, but also benefit both sellers and buyers. Therefore, the success rate of this strategy is very high.
Bundle selling – a unique business product pricing strategy in the retail industry
Bundle sales have several features:
- Selling in a bundle that combines many different products. It is common to combine these products under certain categories. At the same time, they are related, playing a supporting role.
- Bundle sales require the customer to purchase all the products in those bundles.
- Bundle sales apply a separate price. Usually, the price of the product bundle will be lower than the total price of the products combined. This is to entice customers to buy that bundle. If customers only select a part of the product, the discount will not be applied.
Understanding bundle selling will make it easy to come up with a sound strategy before implementing it.
When should you apply bundle sales?
Are you considering, with your Shopify business, whether to apply bundle sales? This strategy will be very suitable for you who have the following goals:
Increase the average order value of the business
Average order value
Product bundles can increase profits and sales of individual items over time. By grouping items together, you can get customers to buy more than one product, which increases your average order value.
Example: Instead of just buying one pencil in a single purchase, your customers might be given the option to purchase a pencil, eraser, and sharpener as a set. Thereby increasing the average order value.
Desire to reduce marketing and distribution costs
Cost reduction is an important goal for many businesses
Instead of marketing each product individually, businesses can group complementary products together and market them as a single product.
For example, if you have 10 individual products, you need to market and sell 10 products. If you combine them, you will market and sell them as a single unit. As a result, helping businesses increase efficiency by reducing marketing costs.
Plus, packing helps you ship fewer boxes of individual items and save money on postage.
Desire to reduce inventory waste
Inventory is a concern for many businesses
Inventories add to their holding costs and are ultimately discarded as waste. You can use pooling to get rid of this row before it becomes a problem.
Combine a slow-selling or backlog product with a better-selling product. Customers will see the bundle as a bargain and are more inclined to buy it. This reduces inventory waste, frees up warehouse space, and reduces storage costs.
Selling in the bundle will bring many benefits that you should remember to do accordingly.
Types of bundle sales
Choosing the suitable types of bundle sales will help you increase revenue
There are a number of different bundle techniques used to group products. Includes the following methods:
- Pure Bundle: In pure bundle form, only the individual products that make up the bundle can be purchased as a bundle. This technique limits the choices offered to consumers.
- New product bundles: New product launches are grouped together with existing or popular products as a promotion to help customers discover your latest product.
- Gift packs: Gift wraps are geared towards shoppers looking to give a bundle of complementary products together for a loved one. This type of bundle is mainly sold during the holiday season.
- Inventory release bundle: You pair a high-selling item with an item that is stagnant or selling less. This method includes discounts so that shoppers interested in a best-selling item will view the entire bundle as a bargain.
- Buy One, Get One: This bundle is used when a customer buys a main item, the customer can get a discount on another free product or get another one for free. This is the technique best used for one-time purchases.
So, to achieve the highest efficiency, consider and choose the right bundle for your business.
How to build a “Top notch” product bundle
The building of a product bundle is not simply based on deciding hot products to combine to be successful. You need to combine many factors. We have outlined the most important factors that you need to keep in mind to be able to apply product bundle when selling on Shopify:
Researching customer needs
Researching customer needs
This is a tip for you to determine the actual needs of the market. Thereby understanding the customer’s desire for the accompanying product.
Determine the customer’s expectations when using the product. You need to identify the pain and inconvenience that consumers are facing. Since then, there are product bundle that solve those problems.
Providing a product bundle solution
Providing a product bundle solution
Once you’ve launched the product bundle, try to provide every solution to the customer’s use. Avoid buying 1 pack at the store and then having to go elsewhere to buy bundle items for use. This will help customers appreciate your brand because of its convenience, price attractiveness, and product satisfaction.
Collected from reviews
Reviews from customers to reviews on competitors’ websites and sales channels will sometimes give you impressive product bundle ideas.
Using support tools
Creating a smart and relevant bundle will make it easier for you to attract customers.
After designing your Beae app store, you should continue to install Bundler ‑ Product Bundles on Shopify App Store. This is a popular application to help you boost sales with bundle discounts!
Bundler Product Bundles on Shopify App Store
Bundler app gives you the power to create classic bundles, Mix & Match bundles, volume discounts, frequently bought together, fast bundle upsell, grocery discount, discount popups, mix bundles, tiered discount, build your own bundle, automatic bundle discounts and more!
Mastering the art of product bundling is essential in today's competitive e-commerce landscape. With diverse consumer shopping needs, harnessing this popular and effective sales technique will help you conquer customers and achieve business success. Wish you a successful business.