Remind your customers just before the promotion expires. To instil some urgency in your promotion and convince customers to convert faster, you should put a time limit on your deal. Best practices of product bundling Include a time limit on the deal An example of such a flexible bundle could be “Purchase a product from a women's clothing category and another one from a child's clothing category to get a 20% discount on the bundle of two products.” This gives plenty of choices for the bundle items. You can let your customers choose what they want to bundle together, for example by setting only the categories from which they should choose the products. For example, a bundle of cosmetics selection for women in their 20s, 30s, 40s and so on. You can create bundles for special occasions or for specific types of customers. This is a perfect opportunity for offering gift set bundles. Or a Valentine’s Day SPA package of two full-body massages, two face masks and two entrances to the swimming pool (for you and your partner).Ĭustomers often look for inspiration when they are about to give gifts to loved ones and friends. For example, you could offer a winter cosmetics set composed of a winter-themed shampoo, body lotion, shower gel and soap. Occasional bundling is a practice of putting a collection of products together based on basic necessities, celebration, season, or occasion. Offering accessories and complementary products in a bundle with the main product is a better way to promote your cross-selling offer than promoting the same items post-purchase. This type of bundle uses complementary or supplementary items related to the main product being viewed by the shopper as add-on offers. For example, instead of simply offering a newer iPhone to your current iPhone users, you could offer a bundle of the newest iPhone with the cordless earphones. Instead of proposing a newer (upgraded) or better product or service to your customers, you can offer an upsell bundle. Offering pure bundles can drive the sales down per individual product as compared to mixed bundling or even simply selling the products individually. This is a better strategy usually, as customers do not like to be forced to buy products in a bundle. Mixed bundling is the reverse of pure bundling, meaning that you offer the products both as individual products and in the bundle. For example, a company may be selling internet plans subscriptions only with a router rental (not allowing you to use your own router). The individual products cannot be purchased by customers separately. Pure bundling takes place when the individual products that make up the bundle are only made available when purchased as a bundle. An example can be “Buy a pair of jeans and pay $1 for any t-shirt of your choice” promotion. This type of bundle consists of a more expensive, valuable to the customer product and a cheaper product(s) that are sold with the leader product at a fixed bundle price. Here are a few examples of product bundles you can create: Examples of product bundling You can bundle complimentary items (e.g., a printer with cartridge refills) or the same types of items (BOGO) or items that are targeted at the same audience but are not complementary (e.g., a shampoo and a mascara). What are they really looking for, and how can you give them more value with a bundle? To create the right product bundles, you need to understand customers’ needs. As it drives bigger orders, it helps with the optimization of shipping costs and logistics for each order.You can get a higher initial return on the cost of acquiring a customer.It increases convenience for the customers and they are more likely to spend a lump sum upfront, rather than purchasing items over an extended period of time and perhaps from multiple marketplaces or locations.It can bring you more sales than selling the same product without the bundle if the bundle is considered a bargain by customers who need or want the main product from the bundle.You can increase the average basket value thanks to this strategy and steal the sales from your competitors, if customers buy all products from you instead of competing products from different stores themselves. It is an effective way to upsell and cross-sell products.If you pack them together with faster-moving goods, you can help to sell out the less wanted stock. It helps you to improve sales of slower-moving products.The benefits of a product bundling strategy include: Product bundling strategy has various advantages but can also have disadvantages, if not done correctly (we wrote about it here). The benefits of having a product bundling strategy Price bundling strategy, also product bundle pricing, is a strategy that retailers use to sell lots of items bundled together while providing consumers with a discount at the same time. Product Bundling – The Winning Pricing Strategy
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |