6 Product Bundling Strategies To Maximize Business Profit

Product bundling is a popular strategy used by retailers to increase sales and customer loyalty. By bundling multiple products together and offering them at a discounted price, retailers can not only drive more sales, but also encourage customers to try new products that they may not have considered purchasing individually.

In this blog post, we'll explore the various types of product bundling strategies that you can use, for your business as well as the benefits and potential drawbacks of each approach. Whether you're a small business owner looking to increase sales or a large retailer looking to diversify your product offerings, this post will provide valuable insights and ideas for implementing a successful product bundling strategy.

What is product bundling

Product bundling is a technique in which several products are grouped together and sold as a single unit for one price. This strategy is used to encourage customers to buy more products.

McDonald’s combo meals are an example of product bundles. Instead of selling a burger, soda, and french fries separately, they are sold as a combination, which leads to more sales than offering them separately.

Why businesses should do product bundling

Product bundling allows you to get more out of your current products. Let’s take a look at how exactly product bundling can benefit your business.

Increased sales

By offering a bundle of products at a discounted price, you can encourage customers to purchase more items in a single order, which increases your average order value.

This will also help you get better returns on your marketing spend.

Customer loyalty

Product bundling can create a sense of value for customers, as they feel like they are getting a good deal on a variety of products. This can lead to increased customer loyalty and repeat purchases.

Improved inventory management

Product bundling can help you move slow-selling or excess inventory by bundling it with popular items. This helps reduce your inventory waste, free up warehouse space, and decrease your inventory holding costs.

Different types of product bundles

There are several different bundling techniques which are used to group products and each has it’s own objective.

1. Pure bundles

Pure bundling is a type of bundling where the products that make up the bundle are not available for sale separately. In other words, the items that constitute a pure bundle are only sold together.

For example, a skincare brand selling travel-sized skincare set or a trial set in which the items in the set cannot be purchased separately. Only a larger size of those products are sold separately.

2. Gifting bundles

This type of bundling is a great way to boost sales during festive seasons like Chinese New Year or Hari Raya. Use this strategy to target shoppers who are looking for a set of complementary products that can work well as a present for their loved ones, friends, or family.

3. Mix-and-match bundles

Instead of buying a bundle with set products, customers can choose which items they want in the bundle package. This method helps the customer feel that they’re in direct control of what they want to buy, thereby increasing the perceived value of the item.

Set this bundling method in EasyStore using the “Buy {x} items at {price}” template. You can set the conditions so that customer must buy 2 items from the selected products or collections to get it at a fixed discounted bundle price.

4. Cross-sell bundles

In this bundling technique, you sell a complementary product as an add-on to the main product. This type of bundling works well with lower-priced items, or accessories or parts that go with a more expensive item.

You can use the “add-on” discount method in EasyStore to set add-on product deals with purchase of selected items.

For example, a retailer selling shoes can set socks as an add-on deal with purchase of shoes.

5. New product bundles

Product bundling can also be used to introduce new products. Bundle new products together with your bestsellers to get more exposure for the new product.

You can use different types of bundle package methods for this, such as a fixed bundle or even as an add on deal.

6. Inventory clearance bundles

This is similar like the new product bundles. But instead of pairing fast-moving products with new products, you can pair it with items that you want to clear out. This is a great way to reduce carrying cost or clear space in your store or warehouse.

How EasyStore can help with product bundling

These different product bundling techniques can really help you increase sales, build customer loyalty and maximize business profit. But implementing these complex discount methods can be a hassle.

This is where EasyStore comes in. With EasyStore, you can create different types of bundling and discount methods that fit your business goals without having to remember by memory and always needing to do stock count to make sure inventory is tally.

Everything is systematic and automated once you set it up. And it’s also synchronized between your online store and physical retail shop. This leaves you more space to be creative with your promotions and grow your business even further.