Globalization and the growth of digital forms of marketing have brought about a massive transformation in businesses as a whole. With the ever-growing competition, people are determined to go above and beyond to make their business click. With the introduction and execution of new strategies every new day, businesses are now witnessing a production boom. In this context, the latest and most efficient form of marketing and sales is the product bundling strategy.
This is well-loved and received by customers all over the globe, and manufacturers and retailers are now increasingly using it to boost their sales and profit.
What is product bundling?
Product bundling, as its nomenclature suggests, is the bundling of two or more products to be made available for sale as a singular unit. This is a phenomenal strategy for businesses looking to sell more products in one go. It gives the consumers the feeling of contentment for having been able to purchase so many products at a price less than individual purchases of all products. In addition, the businesses get away with extra products or stocks they want to clear. the best product bundles app like Wizio Product Bundle Upsell to enhance your Shopify store's revenue potential with strategic product bundling and upselling features
For example, customers will be more likely to go for product combinations offered by Maybelline, which include eye makeup, lipstick, foundation, and compact as a package rather than buying it all separately. It's a win-win situation because the business and the customer benefit. While it reduces the customers' effort to look through all products before deciding, it saves the seller from the added strain of selling all products individually. Packaging and selling ten products as one unit is significantly more profitable than separately.
Product bundle pricing
By leveraging the power of product bundle pricing, businesses can drive sales and enhance customer satisfaction and loyalty. Customers are always looking for profitable purchases and maximum products at minimal pricing. The provision of buying product bundles makes the deal adequately satisfactory to them, which naturally leads to a boost in sales. Customers are more likely to drift towards products that are bundled rather than products that are not.
When you buy in bulk the price per individual item
When purchasing items in bulk, the price per item often decreases, offering significant savings compared to buying items individually. This principle of bulk purchasing also applies to product bundling strategies. By bundling related or complementary products, businesses can offer customers a discounted price compared to purchasing each item separately.
What is the meaning of bundling?
The term "bundling" refers to grouping two or more products or services to be sold as a single package or unit. Overall, meaning of bundling is a valuable strategy that benefits both businesses and customers by providing added convenience, value, and flexibility in purchasing.
Product bundling advantages
Product bundling offers several advantages for both businesses and customers. Firstly, it enhances customer satisfaction by providing convenience and value by purchasing multiple complementary items. This streamlined shopping experience saves customers time and effort while offering them cost savings compared to buying each item individually.
Pros of product bundling
There are numerous benefits of product bundling. Some of the most important pros are as follows:
Reduction of marketing costs
Marketing and packaging are two aspects that take away significant funds from the business. This is one of the primary reasons why product bundling acts as a savior. Product bundling makes the packaging easier since it's in one unit instead of separate individual units.
Also, storing these packaged items becomes more accessible as they are all stocked in one warehouse instead of ten. The marketing of each product generally needs individual advertisements and strategies. However, with one strategy enough for a group of products, the marketing costs also decrease.
Elimination of waste stock
While this might be an option not very viable to the customers, the business owners use the product bundling strategy to boost sales and eliminate products. The extra discounts they encounter result from the business' enthusiasm to do away with waste stock rather than to give the customers added benefits.
The products that would have otherwise gone to waste in the warehouse uselessly are used in the product bundling method. Customers might prefer buying product bundles even if they contain one or two products they do not require and the business makes maximum use of them.
Product Bundle examples
Product bundling is not a random act. It constitutes an inherent structure of its own. The following are the different ways in which products are bundled.
New product bundling
Products that are pre-existing and well received by the customers are grouped with newly launched products. This becomes a beautiful marketing strategy as customers are willingly or unwillingly compelled to purchase an item they otherwise would have inhibited buying. Businesses can, therefore, promote their products and expose customers to new kinds of products they might not have thought they required.
Pure bundling
Pure bundling is the grouping of products that must be used hand in hand. These kinds of bundles are helpful for people who are impatient and find it difficult to painstakingly make a list of all the items they require, either to cook a meal or for a skincare routine. It helps people make an easy choice without having to risk using an unknown product.
Customizable bundles
Customers usually prefer the best customizable bundles. These bundles are mixed and matched, enabling the customer to curate and customize a bundle of their choice. This curation is profitable to the business in terms of reduction of packaging costs.
Cross-sell bundles
Expensive items, when grouped with cheap items that are necessary or complement the expensive item, give rise to these bundles. Cross-sell bundles save customers from the hassle of purchasing these items separately. For example, a pan with an induction cooker, a screen guard with a phone, and the like are product bundling examples.
Surprise bundles
Several bundles contain the element of surprise in it. You must pay a fixed sum and receive a specially curated surprise bundle based on your needs- meal plan, skincare, makeup, clothes, etc.
Stock clearance bundling
This bundling is done by grouping the clearance products with products that are high in demand. The product that is in high demand when not available without bundling compels the customer to purchase the bundle that has both- their favorite item and the item they do not require.
One plus one bundle
These bundles coerce customers to purchase more than they usually would. For example, a buy-one-get-one-free offer will force the customers to think and buy more than they otherwise would have.
What is a product bundling app?
Ecommerce platforms are looking for apps to boost their sales and increase their visibility among potential customers. In this context, an app dedicated to bundling and selling your products in different bundles, depending on their state and kind, is a must-have for an entrepreneur. Product bundling apps save ecommerce business people from the pain of carefully bundling their products independently.
These apps bundle your products and help you package and market them the right way. If you have incredible bundles but lousy marketing, the customers might not like it or wish to go for it. This is precisely why a product bundling app is necessary.
Why should you choose the product bundle Shopify app?
Shopify is a one-stop destination for ecommerce websites to sell and market their products. The following are the reasons why you should go for product bundling apps:
1. Third-party marketing
When third-party apps market your product bundles, the customers tend to believe them and choose your products more than they would have if you were to sell them. You can coerce the customers into a subscription, presenting them with never-before deals and offers exclusive to the app users. This will increase your sales ten-fold.
2. Attractive bundles
The apps in concern have a team of experts who analyze and understand which product goes with which. They have great ideas about the kinds of product bundles and the best ways to market them. This knowledge allows them to create attractive bundles that are impossible not to buy.
3. Reporting and feedback
The third-party app allows you to track the progress of the sales of your products and generate feedback from the users to understand whether or not the bundles are appealing to the customers. They also allow you to track each product's performance to understand and increase your revenue.
4. Aesthetically appealing bundles
The bundles are made to look aesthetically appealing through these apps, which specialize in the AI generation of visually appealing bundles.
As you might have understood by now, product bundling is a new marketing strategy that generates sales and customer satisfaction. It ticks most boxes regarding desirability in business and has mostly pros to boast of. The different kinds of product bundles- pure bundles, customizable bundles, one plus one bundles, stock clearance bundles, cross-sell bundles, new product bundles, etc. are all examples of the innovative ways in which the same set of products can be marketed and sold.
The most crucial aspect of any business is the marketing strategy used to sell the products. No matter how excellent your products are, without a marketing strategy to die for, the products will remain useless and unreachable to the customers. When skilfully employed by third-party apps, the product bundling strategy is designed to increase your sales, make customers happy, and generate sales for the business. Product bundling is, therefore, a go-to if you are an ecommerce businessperson. Are you looking to boost your sales and delight your customers? Dive into our latest blog post on optimizing your BOGO deals (Buy One, Get One) promotion strategy! BOGO deals and drive more conversions. Check it out now!
