Use Product Bundles to Increase Sales
The common objective of all retailers is to increase revenue and attract customers to their business. Retailers have a variety of methods for achieving this objective, ranging from offering customers products they are interested in, to increasing sales through loyalty programs. However, a common and easy way to boost revenue is to bundle products.
Essentially, product bundling refers to the sale of multiple goods or services as a bundled package at a lower price than if the items were purchased individually. For instance, value meals at restaurants, beach gear, and shampoo and conditioner sets are examples of these bundles. In order to encourage consumers to try complementary products to their best-selling products, some brands only offer certain best-seller inventory as part of bundles rather than individually.
What Kind of bundles can I create?
Bundling products together gives you an opportunity to create an upsell or cross-sell strategy. Cross-selling is designed to encourage customers to buy more products on impulse, while upselling encourages customers to upgrade their products. Here are a few different types of bundles you can design.
A strategy which includes products purely used for bundles. This can be a toy in a Happy Meal TM or a box of cereal.
It is used for complementary products which are normally sold separately. As an example, the American Drink Party Pack consists of three different beverages that can be purchased separately, however they can be bundled together due to their complementary nature.
You can also create bundles to move slow-selling items together at a discount, enticing the customer to snatch a good deal.
Low-Selling + Fast-Selling Items
To attract more customers, slow-moving and fast-moving items can be displayed together on shelves. By using this technique, retailers can easily sell their less popular items by motivating customers to pay more than they would normally spend on individual products.
Your customers will be more inclined to choose your store over other competitors if you offer discounts on bundles. A great way to create a discount bundle is using buy-one-get-one-free (BOGO). These bundles that are placed on shelves to entice customers to try these products at a great value.
The perceived worth of your products can be raised by offering product bundles, which will drive customers to spend more money at your store. Consider these techniques to increase in-store sales by using them for gift-giving occasions, slow-moving stock, product awareness, and other innovative strategies.
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