Want to increase your webshop’s turnover? Get started with product bundles
Want to take control of your prompts and get more out of AI tools? Take the online course on December 19
The feasibility of your business depends on many factors. One of those factors that can influence this feasibility for webshops is product bundling. But what makes it so powerful and how can companies make the most of it?
What are product bundles?
Product bundling is the process of combining two or more products or services at a reduced price. This term is not new. Department stores, bookstores, and even grocery chains have always offered bundles in one way or another. However, e-commerce has changed and amplified the concept of bundling.
History of product bundling
In the 1950s and 1960s, when shopping malls were still booming, stores used bundling as a way to sell more products at once. Buyers were lured in with the promise of “buy one, get one free” or similar offers. However, the rise of digital marketplaces has reinvented this tactic, allowing companies to bundle products in more data-driven and personalized ways. So, what exactly are the benefits of bundling?
Benefits of Product Bundling
Value perception : For the customer, a bundle can feel like a “deal.” They get more for their money, which increases the attractiveness of the purchase.
Increased Sales : Companies can bundle products that might not otherwise sell, leading to increased sales of those products.
Differentiation : In a crowded market, a unique product bundle can help a company stand out.
In what way can you offer products?
There are different ways to offer your products. You can choose to offer them separately, you can only sell bundles or apply a combination of the two. Therefore, test this well as a company. namibia email list 137403 contact leads When you have tested this for your company, it will be easier to determine optimal sales prices, bundle prices and order quantities of products.
Psychology behind product bundling
People often search for the best deal. Bundles play into this search by providing the perception of value. In addition, it simplifies decision-making for the customer. Instead of having to choose between more brand awareness? how to become a guest on a podcast [4 steps] two products, they get both in a bundle. In addition, there is a cognitive bias called anchoring . When customers first see the individual price of each product and then the discounted bundle price, they become anchored to the idea that the bundle price is a bargain.
Got a good deal source: Stokkete / Shutterstock
What do the studies say?
Are financial savings the only reason consumers respond agb directory to sales promotions? Researchers reveal that the answer is much more complex. They discover that sales promotions are not just about money, but also about fun and convenience.
Imagine walking into a store and being greeted with a sale. This promotion can not only save you money, but also provide a sense of discovery, entertainment, and even a chance to express your own values and tastes. These are what researchers call “hedonic benefits.” At the same time, promotions can also provide you with practical benefits, such as saving time.