Bundled offerings are taking over the retail sector and we’re all for it. Find out how e-commerce merchants can take advantage of this emerging e-commerce trend to boost their bottom line.
Today, one of the most popular marketing strategies in retail is product bundling. Many online retailers use product bundling to enhance product discovery and accelerate conversion within their e-commerce stores. Since more and more customers prefer personalized prepackaged items, product bundling has definitely made it easier for online merchants to increase their average order value and revenue.
Offering customers prepackaged deals at a discount is an appealing concept, especially to price-sensitive consumers. People are more likely to purchase a well-curated assortment of items because of the perceived added value that comes with it. But while product bundling is a great technique to boost overall sales and gain customer trust, there are other ways in which online vendors can further maximize this marketing strategy.
First and foremost, e-commerce merchants must understand the importance of highlighting the functional value of their bundled offerings. While most sellers emphasize their pricing, it is equally important to communicate the actual benefits of the curated package. Shining a light on bundles’ non-price attributes is an effective technique to generate more sales. In truth, customers are more likely to purchase packaged deals based on their usefulness rather than affordability.
When putting together bundles, it is also important to make sure that they are sensibly grouped. Items must at least be complementary to make them more attractive to buyers. At the same time, bundles must be customizable. While online merchants can sell pre-built bundles, they must also allow customers to customize their own packages. Giving consumers the freedom to build their own bundles is a great way to increase customer satisfaction and encourage brand loyalty.
Furthermore, offering mixed bundles is the most ideal route for e-commerce sellers. Restricting the purchase of single items in a bundle can sometimes be a turn-off to buyers. This can drive away traffic and dampen conversions for online stores. Most shoppers want to have the option to purchase either bundles and individuals units of the package. That’s why it’s best to give them the option to purchase bundles or their individual components.
Another trick to optimize curated sets is by packaging them as limited-time offers. Turning bundled offerings into time-sensitive deals can help increase conversions for online stores. Not only that, these special promotions can generate more traffic when given their own landing pages. Landing pages help reduce distraction and accelerate conversion for special campaigns. Moreover, they allow for personalization and customization, which can encourage purchases and reduce cart abandonment for e-commerce stores.
All in all, product bundling is a useful tool for online merchants seeking growth in the digital scene. By adopting these simple tips, you will surely see an improvement in your bottom line.