Product Bundling is an old business tradition but it has been proven to be effective for so many years that many businesses have mastered doing it. But for beginners, it is a big challenge on how to use it for the good and benefit of your business. Earning more revenue through business bundles is a very good strategy. But it is not as simple as it seems.
In reality, customer loyalty is not just about how many years you’ve been transacting with a particular customer. You earn and maintain their loyalty by continuously providing them with offers they won’t see with somebody else. And Product bundling is another great way to accomplish this goal. Complementary products packaged together with either a discounted price or added value is always effective on catching the interest of buyers even those who don’t intent to buy at first.
It becomes more popular especially during the holidays, though it’s something that retailers can do all year-round; holiday season is where you can boost the sales by making special gift box with product bundles inside. Remember, these are times where people got nothing to do but to spend. So, make sure you give them something they would be eager to spend for.
The key to Product Bundling
Being able to bundle the right items together can result to a huge positive impact in your sales. This is because bundling can make products look relatively more valuable in the eyes of your customers especially when you make the products available with a discount, a shopper will surely and more likely to buy because they will think that you are giving they are into a very great deal without even thinking about computing the exact prices of the products. You can back this up by a beautiful package which would become really eye-catchy because there are also tendencies that the shoppers would be looking for something to make as a gift for someone then you have an advantage if you make your bundles more presentable. Plus, they don’t have to re-wrap it anymore so it’s another reason for them to buy.
Ultimately, product bundling helps you encourage buyers to increase their intended purchase meaning more revenues for you per shopper. Being able to accomplish this will give you a good amount of sales even without too many customers around.
Another use of product bundling is for products who don’t sell without something without it. If you have a complimentary which you know can make the other product more sellable, then product bundling must be done. This way, you can make the weak products more appealing when partnered with things that buyers are more likely to buy. Through this you can make sure that there will be no part of the shelves which will remain untouched and unsold. This is a good strategy if you have a big retail store and you wanted to make sure everything will give you revenues.