Product Bundling Is a Marketing Method Worth Trying
People who are used to buying groceries always look for bundles where she can have two or more items in one price. They are always available in supermarkets especially during a sale or on holidays.
Products sold in a bundle are packed in a basket or in some nice plastic bags. Their price as a whole are usually very low compared with each product’s regular price in solos. Some feel lucky when they’re able to get a bundle of ingredients for making a spaghetti or of a whole set of toiletries composed of a toothpaste, shampoo, body soap, and some more.
Saving a few pennies from the groceries is already a big blessing. Product bundling is truly an amazing buy both for the customer and the seller. How? Read on to learn more!
Product Bundling Defined
Among the many marketing strategies that originated before and remains until now is the so-called product bundling. Who does not know about this? We all go to the groceries and see those bags of various stuff like one basket has a glass of wine, a pair of shot glasses, and an ice bucket that makes a complete pack for a drink with your partner or friend.
By definition, product bundling is the technique used in marketing more than just one item. Two or more items of different brands and sizes are packed together to create a complete package all for one price only. It’s practical for some but it’s tricky for others. Do you know why? Well, just see it for yourself when you go on your grocery next time!
Advantages of Product Bundling
Aside from the lower price that you must pay, product bundles are known to bring many more wonderful benefits to shoppers. One of those is that those bundles don’t make you decide on which should be taken and which should not. Unless, you want to ask a sales clerk to open a package for you and pick only those that you need. That’s unreasonable!
Some of the common advantages that product bundles have are the following:
1. Speed up inventory clearance. Inventory turnover allows businesses to identify which items are not selling much compared with the others that are sold regularly. When you match a popular item with a less popular one, creating a new reasonable and attractive price for them would be fine. Customers are likely to want to buy the bundle.
2. No pressure decision-making. The fun of having many choices makes shopping a little bit more difficult sometimes. Too many things in mind that needs to be purchased make the search very confusing. With product bundles available, customers have less to think of and consider for their next grocery shopping.
3. Enhances confidence among customers .Customers feel they are a part of the bundling especially if the items they find in one package are what they need. This is likely to result in a purchase that can boost sales. Return business rates may also be enhanced, knowing that customers found a company that understands their needs and wants.
4. Boosts sales and revenue.Product bundling can increase the sales and revenue of your business by increasing the original amount spent by a customer. Likewise, customers find it okay to spend more on things that they need.
5. Improves customer experience. Bundles that allow customers to pick which items they want to go together make people feel good because they needed less time for shopping and walking around. Some bundles even let customers to add or delete items for a more convenient experience while shopping.
6. Allows customer to understand product better. Before making the decision, customers have to review the product, its contents, and uses. By doing that, customers can have a better understanding of a product especially the one that they need to purchase.
Common Types of Product Bundles
When Does Product Bundling Work Well?
Product bundling is such a very effective method in marketing that every shop both online and physical shops should try. It’s a win/win for both parties while also promoting your shop. This 2022 when a lot of things have happened that caused our economies to fluctuate 3 years, it’s very important to cut the budget short and buy only those that are really necessary. Yet, with product bundling, you can have both.