In this article, we’ll discuss the benefits product bundling can bring your business, look at some use cases about how bundles can grow your business, and teach you about a tool that can help you get all the data you need for successful bundles in just a few clicks!
Why sell products in bundles?
Chances are, you already have products that sell well with other products in your store. For example, if you’re selling apparel, perhaps those who purchase a green t-shirt also tend to purchase a blue one. Offering these items as a bundle can make the decision to purchase both items a no brainer for your customers.
How to find items for your product bundles
Of course, finding those items that sell well together takes a lot of work, right? You have to go through sales receipts and orders and manually track who is purchasing what items together. As a busy e-commerce store owner, you probably don’t have time for this type of research. But what if you could gather this info in 5 minutes?
Synder Insights has many reports that help e-commerce stores know their numbers and make good business decisions based on data. One of the most popular reports available in Insights is “Products most purchased together.”
In this report, you can select any item from your inventory and instantly see the items that are purchased at the same time, saving you hours of research and costly trial and error.
Build bundles in minutes based on real facts about what products are already being purchased together by your customers.
To view a report based on a specific product, select the product in Filters. (You can also use filters to locate the best bundles in a specific sales channel.)
Product bundling use cases: How to use bundles to grow your business
You know that bundling products together is a good idea, but what are some real world examples of how it helps a business improve revenue?
1. Products most purchased together – make it a no brainer
Your customers are already purchasing products together. By bundling them as a package, you make the decision to purchase easy. Some sellers will try various tactics to get this right, but if you’re making decisions about bundles based on anything other than actual numbers, you may end up wasting time and losing money. Instead of trial and error, look at Synder’s Products Most Purchased Together report and bundle your products like a boss.
2. Increase average order value
By offering product bundles, you increase the chance that a customer will purchase more than one item in an order, and this increases your overall average order value. Of course, increasing average order value is great for your bottom line, but it also can make your business more appealing for investors interested in partnering with you.
3. Manage inventory
Every e-commerce store has products that sell better than others. If you have something that isn’t selling well, and you’d like to move that inventory, why not try bundling it at a discount with a popular product? Your customer will feel like they’re getting a good deal, and you’ll be able to move out items that are taking up space in the warehouse.
4. Create targeted advertising
When you know that two products are consistently selling well together, it makes it easy to decide what to advertise to customers. Let’s take the example of the green t-shirt being purchased with the blue. If you have customers that purchased just one of these items in the past, you can use this information to send a targeted marketing email to purchase the other item.
While this may not be considered a classic bundle, you can still benefit from putting those items together through advertising to get your customer to make another purchase.
E-commerce product bundling made easy: Collect the right metrics with Synder Insights
Measuring the performance of your e-commerce business in general and the performance of your product bundling strategies is not an easy task. But with the right accounting software even the most complicated reports can be ready in a matter of minutes.
Ready to give Synder Insights a try?
Product bundling is a great way to increase your sales.
Creating a compelling product bundle should be based on real data. You could spend hours gathering this data from sales receipts, or you could have that info in 5 minutes with Synder Insights.
Turn over the calculation of metrics to automated software that can do it accurately and in a few clicks. The best part is, you can try Synder Insights for free with no strings attached. Start your free 7-day trial and see what the power of data can do for your business!TRY SYNDER INSIGHTS