Guest post by Laura Gayle, Founder of Business Woman Guide
Consumers love a great deal. BOGO (Buy One, Get One) offers and deep discounts on one product with the purchase of another are great examples. As an e-commerce retailer, are you taking full advantage of this great opportunity to increase your average cart value and upsell your customers on products and services that may be floundering?
When consumers feel like they’re getting a great deal, they’re more likely to complete their purchase and even return repeatedly to your store. While it’s easy to create an offer of this type with an in-store experience, offering bundled deals online requires a bit more forethought and planning. Here are 5 tips for creating the ideal bundled e-commerce offer that will tempt the most jaded consumer to make a purchase and increase your average order value.
1. Sell complementary products together
Are you selling athletic shoes online? Then socks are or different shoelaces may be the ideal complementary product for your business. Offering a great eye cream? Try putting face cream together with it for a full-face experience. Digital cameras? Throw in a carrying case and an SD card.
Regardless of the type of product, you can almost always find a complementary or related product that will add value to your consumer. When you’re able to bundle together two items that work well together, you can often induce customers to buy more than they had intended. Think about when you go to a fast food restaurant and order a cheeseburger. Invariably, the individual on the other side of the microphone will ask “Would you like fries with that?” or “Would you like to make that a meal?”. This is the stereotypical complementary product sale that works more often than it doesn’t. And customers often appreciate curated suggestions.
2. Offer bulk discounts or upgrades
If your product isn’t conducive to finding a complementary offering, why not try bundling multiple items together at a slightly discounted price? Or offer an upgrade for a discounted price? This allows you to increase your e-commerce cart size per customer and incrementally boost your sales.
These upgrades should be a truly good deal for the consumer and they’re likely to sell themselves. If you offer items in a variety of sizes, try an extra step at checkout that encourages your customer to grab a slightly larger offering at what appears to be a great deal. Think of your fast food outlet again, only this time they’re asking “Would you like to supersize those fries?” A lot of consumer behavior is based on subconscious habits.
3. Bundle less-popular products with hot sellers
You may have noticed other e-commerce vendors adding “warehouse deals” to their checkout process, in the hopes you will add a few extra items to your shopping cart before you complete checkout. These bundles of deals are often made up of inventory that is selling more slowly than the e-commerce vendor hoped. Bundling slow sellers with more popular items can offer greater value to your customers and help you clear out aging inventory before it turns into dead stock.
4. Make it convenient
Some things simply go better together: bread and butter, burgers and fries, shoes and socks, plates and bowls and more. When you offer your consumers a more convenient way to purchase items that work well together, then you’re not only providing a better user experience but you can boost your sales volume as well.
The convenience of bundled items helps individuals who are purchasing an electronic item remember batteries, for instance. While the key goal is improving your cart size, you are saving your consumer from frustration at the same time. Dealing with too many choices can be exhausting for consumers, so when you take the time to curate your offerings into thoughtful groupings, it will be much appreciated — and purchased more often, too. Packaging them together can add to the perception of added value.
5. A/B test your offerings
Not sure exactly which products your customers are likely to purchase together? Test, test, and test again! When you A/B test your offers repeatedly, you’re more likely to find that magical combination that will cause customers to pull out their credit cards and log into your site to make a purchase.
A quick way to get started is to analyze your past sales to see what customers tend to purchase together. Start by testing these bundles against others that you feel consumers would like. Once you’re seeing strong patterns, don’t stop testing! You never know when consumer buying patterns will shift, making it less likely that they will purchase particular items together on your e-commerce store.
Overall, product bundling can influence your buyer’s purchase decisions by providing a higher perceived value on your overall offer. Online purchasing taps into several different centers in your brain: allowing e-commerce consumers to make decisions at a more visceral level based on their subconscious desires.
Check out more from Laura Gayle on her website!