There are a number of popular strategies that are uniquely great for selling products online. Bundling is a proven and appealing strategy to getting your products out there. Bundling multiple products together can help sell items that aren’t as popular and get customers to make bigger purchases. Bundling is especially popular with eCommerce mobile apps. Here is some guidance on how to use eCommerce bundling strategies and what benefits it offers.
Making a Great Product Bundle
A product bundle is a way to sell two or more separate products together. Usually, they come at a discounted price, or the products in the bundle are not sold separately, so the customer has a reason to buy the bundle instead of the individual products.
Bundles are easy to set up on eCommerce sites, since creating a new product entry is trivial on eCommerce inventory management systems. All you need is an image, a new description, and a bundled price.
Benefits of Bundling to Businesses
There are several key benefits of e-commerce bundling strategies to businesses. If a product isn’t selling well on its own, and you have an oversupply, a bundle can be an opportunity to use up the stock by selling it alongside a more popular product. You can also bundle similar products together, like different colors, flavors, or varieties of a product type. Over time, you can rotate bundles depending on what stock you have available, making bundles the most efficient way of dealing with overstock without clearance sales.
Bundles also guarantee higher spending from customers. Bundling several products together for a discount means they pay a greater amount overall. Even with the discount, it gets customers to effectively buy more than one product from you when they would have otherwise only bought one.
It can also lead to more creative marketing opportunities to get customers interested in buying. Marketing a bundle can be easier than marketing the individual products because it’s a new chance to get the customer’s attention, plus it offers price value and a way to show how your products work together as a package.
Finally, many bundle services make use of subscriptions, such as sending a monthly subscription box to customers made up of various products that may be a mystery to customers. This approach is a major strategy because subscriptions are a predictable, guaranteed source of income that reduces uncertainty about future sales. Subscriptions also allow businesses to collect more useful information about their customers, enabling them to personalize each new bundle to appeal to customers the most. This can lead to greater brand loyalty.
Benefits of Bundling to Consumers
Bundling in eCommerce also provides various benefits to consumers that make it more likely for them to choose businesses that offer product bundles. First and foremost, most customers are cost-conscious and will be interested in getting discounts for buying the products as a bundle. This is only true if they can be convinced that they will probably use all the items in the bundle; if not, then the bundle just adds an extra cost, so ensure that bundled products don’t seem like useless additions.
Bundles can also save on shipping for both the business and the customer, since sending one large order is usually less expensive. This lets businesses stay competitive with larger rivals in offering free or low-cost shipping, which is a major factor in customer preference.
Selling variety packs or samplers is also a good way to give customers a chance to try multiple products at once. In eCommerce this is especially useful because customers can’t try products in-person and may not be able to get word-of-mouth advice on what to choose. This approach is appealing to customers of food and snack brands, personal care products, and fashion accessories. Customers may also appreciate getting new products from subscriptions regularly so they are able to try new things.
In general, customers will appreciate the opportunity to get more value for their money, try new things, and have a more straightforward, convenient ordering experience. Offering bundles is a way for eCommerce businesses to stand out, as long as they ensure that all of their bundled products provide value to the customer. Digital-first businesses especially see this as a unique selling point and many make it their main source of revenue. However, all eCommerce businesses can benefit from bundling strategies as it can increase sales, build customer loyalty, and appeal to customers.