We’ve all had it happen.
We’re walking through a store grabbing various items.
Then we discover that there’s a perfect bundle of what we’re buying already on display.
This can save so much hassle for customers who want to buy a few things without having to make a lot of decisions.
You might even be tempted to buy extras that you didn’t even know you wanted when they’re bundled with the thing you came in to shop for.
For all of these reasons and more you might want to try creating some product bundles for your business.
And if your business is struggling, bundling products can help you move some more inventory.
In the event that these efforts aren’t working and you’re looking to wrap up your retail business, we’re here to help as your local store closing and liquidation services consultant.
This is a big decision you may have to think about for a while, but we’ll be there to help you if you need it.
In the meantime, let’s talk about the best ways to bundle your products and why you should do it.
Why Should You Bundle Your Products Together?
When you’re bundling products, you’re putting a few related items together and sometimes selling them for a slightly reduced price.
This way you’re controlling how to display certain products to your customers<//>, while also allowing them to feel like they’re getting a better deal.
You could offer starter kits for a certain activity or holiday bundles that reflect your best specials.
Maybe you want to group some samples together or have a surprise bag.
What are some of the benefits of bundling your products?
1. It Helps Clear Out Old Inventory
If you put something that has weaker sales numbers with something you know sells well you can increase your overall sales.
Clearing out items that don’t fare as well on their own can help you make space in your inventory for fresh items that perform better.
Especially if you’re downsizing or running a retail store closing sale event, it will help to clear out your old inventory if you bundle items together.
RELATED: How To Liquidate Your Aged Inventory
2. It Makes Your Marketing Efforts Easier
When you put items together you can lump them under one SKU, making your inventory easier to keep track of.
You can also advertise your bundle as a single item, reducing the amount of marketing effort you need to put in.
This is a way for you to combine various sales campaigns into one, saving you time and energy.
3. It Helps Increase Your Average Sale Size
If your customers are buying bundles they’re spending more money overall.
This will increase your order value and bump up your sales numbers.
The discount is key here – your margins may decrease a bit, but you’ll be making up for it in sale size.
How To Bundle Retail Products Together
Now, you don’t want to just throw a bunch of items together and call it a day when it comes to bundling.
Instead you’ll want to be careful with how you’re presenting things, making them as appealing as possible.
Keep an eye on packaging and how you’re marketing these bundled products.
When you devote time to the small details people will notice.
1. Make Sure Your Bundles Complement Each Other
Make sure your bundles have related items – people will be looking for things they’d buy together anyway, not two unrelated items.
If you’re selling a bicycle, for example, you might want to include a bell, light, and maybe a helmet.
These are all things your customer could use, since that’s something they might be looking for regardless.
Maybe you sell something that comes with spare parts or specific accessories, like a tire repair kit and a pump.
If that’s the case then bundling those items together makes sense and will make your bundles more alluring to potential buyers.
2. Bundle Items Of Similar Value
Many people want to bundle something inexpensive with something expensive, but that instinct could be leading you awry.
Customers will automatically be lowering the value in their minds if you put an inexpensive item in your bundle.
Instead, it’s better that the items be more balanced, so they really show off the savings you’re offering.
Make sure your customers don’t feel like they’re being tricked or outsmarted by your bundles.
You’re just providing them with good value that benefits you both.
3. Make Sure People Can Buy Them Separately Too
It’s important to make sure you’re selling your items separately too, even if you’ve included them in one of your bundles.
The benefit of a bundle is the discount you’re offering for multiple items.
Your customers might be looking for just one of the items though, and it’s important to make sure they have that option – or you could lose sales instead of gaining them.
4. Don’t Overcomplicate Things
You don’t want to overwhelm your customers, so try to keep your bundles simple.
If you’re overloading your customers with product information and too many items in a bundle, they may feel negatively toward it, even if the savings are great.
Basically, when you present too many things in a bundle you’re asking your customers to do a lot of mental calculations.
Instead, make it feel like you’ve already done the hard work for them.
Contact Silverman Consulting And Retail Services Today
Tips on bundling your products are great when you’re trying to keep up your retail business.
If you’re ready to close your business, we’re here to help with tips like these and many more.
Whether you’re looking to retire from retail or move your store to a new area, we can help.
Contact Silverman Consulting And Retail Services today.
Silverman Consulting & Retail Services229 Yonge St suite 400,
Toronto, ON M5B 1N9, Canada
1 (888) 955-1069