Product Bundle

Product Bundle Examples

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.

Why Is Product Bundling Important?

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 Bundling Advantages & Disadvantages

Advantages

• Reducing the cost of one transaction, including paperwork, logistics, etc.
• Increasing the effectiveness of sales staff by eliminating the need to inform customers about individual parts of the package.
• Competitive advantage by lowering the selling price of the package.
• Increasing customer satisfaction and customer loyalty.

Disadvantages

• Lack of guarantee that most customers will like the current package.
• Negative impacts on the sales of your more popular items.

Types Of Product Bundling

• Pure. It is a combination of two or more products that are not available for individual purchase beyond the package, making the bundle the only way to get them.
• Leader. It is a combination of popular items with less popular ones. The idea is to use the popular product sales potential to increase the purchasing of the less popular goods. Separate purchase is also unavailable.
• New Product. It is a combination of newly-launched items along with existing or popular commodities as a promotion to help customers discover your latest items.
• The Mix-And-Match. It is a combination of clients’ chosen products that allows them to create their own custom bundles from the options available.

The Best Product Bundling Strategy

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.