Computer stores can sell computers, software, and technical support in one package.
Sports supplement stores can sell amino acids, protein, and shakers in one package.
Travel stores can sell suitcases, 100ml airplane liquid containers, and travel pillows in one package.
Product packeting plays a very important role in different industries, most notably eCommerce. Moreover, it has become a trend and many companies even base their business strategies on consolidation. A product bundle pricing strategy allows you to increase profits by using a discount to entice clients to buy more items in the store than they might otherwise. In addition, it helps to get loyal clients by reducing their shopping time and preparing personalized packages.
Product popularity data is a great resource for developing a successful product bundle strategy. This allows you to determine which commodities are disappearing from the shelf and which are taking up space in storage. If your slow-moving items complement your fast-moving items, you can combine them to create a package to help you clear out your warehouses.
You can also create famous item packs to make your leaders even more attractive. If you notice that the most common items on the market go well with each other, you can create a “sale” package of 2+ expensive items. You can then sell it for a slightly higher price than if you discounted each bundle product separately.
You can use such KPIs as increased average order value (AOV), inventory turnover ratio, and the amount spent on each transaction to analyze and improve your product bundling strategy. There are also secondary metrics that impact your offer including reduced marketing and distribution costs, decreased customer fatigue from decision-making, lesser sale time, and a better understanding of your commodities.
The right approach should be selected individually, depending on your goals and the type of eCommerce. But there are general recommendations that will suit everyone:
Here are some non-obvious eCommerce product bundle ideas:
