When you sell your products through an online platform, there is no tried-and-true way to present your products and get your optimal results. Part of the process is a continual trial and error that optimizes your buying results across all your product categories. Moolah does what we do well, which is offer great credit card processing for small business. More than this, we enable companies to find tools that work for them by integrating with companies that offer useful tools.
You may be bundling products to get rid of an item you have in stock that is moving slower than the rest of your products. Yet again, you may be bundling to increase the average final purchase amount. You want to start your bundling upsell initiative out with clearly defined goals so that you can mere accurately judge if it has been a success. You’ll be able to better strategize if the goal is clear. For example, if you want to move slow-selling merchandise out of your inventory, you may be more inclined to dig deeper with your discount. If the goal is to get a bigger shopping cart total per sell, your discount with the bundle may be a little more modest.
Getting it right can feel like it is as much a process of trial and error in formulating the right bundle as anything else. What does seem to move the needle is trying to see and think more like a customer. That means bundles that tell a story, or paint a picture, if you will, get noticed. For example, assembling socks, pajamas, and slippers can be marketed as the “cozy night in” bundle. Linking products together conceptually in this way is one way to succeed over just throwing things together.
If you simultaneously offer the same product in a bundle and individually, you may need to beware of individual items losing interest and falling off in sales. Especially deep discounts related to bundles can exacerbate that problem. There can be a few ways to approach the problem. You can sell bundles only seasonally, or as promotions, or only bundle products that you aren’t planning to sell again for a while. Ultimately, this is, in a sense, an extension of your greater pricing strategy, and should be informed by sales data over time.
Finally, it takes a great deal of organizational prowess to ensure that your intentions to bundle projects doesn’t wreak havoc with your inventory and other parts of your business. Inventory management software, such as Stitch Labs, which Moolah’s credit card processing for small business integrates with, can make it easy to implement your unique bundling strategy and move more product.