Black Friday University Week 6: Bundle It Up
Another week, another Black Friday University topic to help you make more money this holiday season! Today's topic is "Bundle It Up", using our Product Bundles app. This is a good one, an easy way for customers to buy great gift items, and a great way for you to increase the value of your cart!
Think about the last time you had fast food. (Don’t worry, we’re all friends… we all do it from time to time. No judgement here.) Did you order a burger, an order of fries and a drink? Or did you order a pre-set combo that included those items? If you purchased the “cheeseburger meal” (probably at a lower price than buying the burger, fries and drink individually) then you were sold a bundle. The McDonalds Happy Meal is possibly the most famous bundle in all of fast food.
TELL ME MORE ABOUT BUNDLING?
The idea behind bundling is obviously quite simple: sell products that compliment each other as a package deal, in order to increase the total value of a transaction. A shopper adds an item to their cart, and they're offered other items they can add to make a bundle. It clearly works with food, but it also works with virtually every other kind of product and service too. Amazon, which sells everything under the sun, was one of the first online retailers to offer bundles and it’s been a raging success for them.
NINTENDO KILLED IT USING BUNDLES
A couple of years ago, professors from Harvard Business School and Carnegie Mellon University got together to do research on bundling and ended up publishing a paper called The Dynamic Effects of Bundling as a Product Strategy.
One case they studied was Nintendo. They found the video game company sold the most products when it offered a bundle (in this case, a video game console WITH a game), but customers were also shown how much the items would cost individually. Ultimately, Nintendo sold 100,000 more units when they offered the bundles -- and sales of video games jumped by more than one million units! So, not only did they make more money on those individual sales, people ended up buying more hardware and software overall.
So, applying this idea to your store, there are a couple of ways to bundle products using the Product Bundles app. You can bundle by product or bundle by collection.
BUNDLE USING A COLLECTION
Starting with the collection idea, and using this graphic as an example, let's say you sell team gear. Product Bundles will allow you to set which of your products belong in that team gear collection, and then when someone goes to buy something from that grouping, they'll be shown the bundling options WITH the regular and discounted prices. (Plus, to make it easy for the shoppers, they can add the entire bundle with one click.)
As you can see in the graphic, if a customer clicked on a team hat, they would be offered a scarf and jersey from that same collection, at a cheaper price if they're bought together.
One great thing is that even if they don't click "Add Bundle" but add each item individually from each individual page, the app runs so they'll still receive the bundle discount.
If we're talking about bundling by products instead of collections, it works almost the same way: you'll pick which items you want to be grouped together, and they'll be offered in the same way as the collection items.
HELP, I NEED IDEAS!
So now you're thinking, what can I bundle together? The list is endless, truly, but here are a few possibilities to get your ideas flowing:
- Winter hat, scarf, mittens
- Coffee beans, coffee filters, coffee mug
- Lipstick, foundation, blush
- Shoes, laces, protectant spray
- Dog leash, dog collar, dog dish
- Shirt, hat, pants
Ultimately, you can drastically increase order sizes just by installing this easy-to-use app. And bringing it back around, it's an ideal tool for the holiday season, offering shoppers sale prices on items grouped together, which is perfect for gift-giving.
FIND OUT MORE AT OUR FREE WEBINAR
We'll touch on this and so much more on our Bundle It Up FREE webinar on Thursday at 1:00pm CT, as part of our Black Friday University series. Watch the webinar replay here, and get ready to blow your previous holiday sales out of the water!
We will also have a special guest, Rhian Beutler from NewLeaf Labs joining us! NewLeaf Labs are thought-leaders in Search Engine Optimization, and the developers of SEO Manager, a power tool that empowers merchants to rank higher in search results, attract customers, and sell more. Rhian is passionate about small business success, and has been helping merchants grow their online and offline businesses for more than a decade.
- Bold Life & PR