Retailers are no strangers to clever marketing tactics that will drive customers to visit, click and buy online. Themed marketing efforts from Facebook ad campaigns to in-store coupons are just a few promotional efforts that can drive awareness and increase sales during the holiday season.
In addition to ongoing marketing efforts, retailers can also benefit from bundling products together to boost sales, clear dead stock and optimize fulfillment during the holidays. And with Stitch’s new launch of product bundling, this opportunity has just become a whole lot easier to implement through all your sales channels.
Bundling allows you to group products together and sell items as a package with adjusted price points, giving more power to experiment with product promotion. This tactic can help increase overall revenue while allowing you to introduce new products, move out excess inventory, and offer more buying options for your customers. Some examples of bundling strategies that drive revenue include add-ons (adding a case to a laptop purchase), multi-packs (packaging multiples of the same item) or accelerators (combining slow sellers with best sellers to clear out inventory). Curious what other perks come with packaging items together? Here are five benefits of bundling products:
1. Increase sales
As a business owner, providing your customers with added value is key to increasing sales. Bundling provides your customers with the added value of receiving more items for one unit price. It gives you an opportunity to showcase similar items, and offers your customers the convenience of getting “more” in a single package and for a single price.
2. Speed up fulfillment
As your warehouse team packages and send out products, increased foot traffic can clog operations. When bundling items, they’ll be able to grab many products at once and bring them to the shipping dock as opposed to going back and forth.
3. Capture a unique promotional opportunity
By grouping products together at a new price point, you have an extra opportunity to market your business. Leverage this opportunity to stand out against competitors and craft clever marketing promotions around these special, timely deals.
4. Maximize product exposure
For online retailers, it can be tough to sell the value of your products without a customer touching it. Help your customers discover other products you offer by bundling items together. Whether you’re having trouble selling old inventory or experimenting with new products, package items together to get it into the hands of your customers.
5. Clear old stock
The holidays is a great time to clear unwanted stock off the shelves so you can start new in 2015. But, it can be a challenge to market old stock alongside your hot selling items. To combat this, bundle them together! By combining old stock with new, you can enhance the value to your customers with a great rate and clear out stock, which might otherwise go unsold.