2. What do you need to know about a product bundle?<\/a><\/p>\n 3. Why sell products in bundles?<\/a><\/p>\n 4. Product bundling strategies: How to create product bundles and sell them?<\/a><\/p>\n 5. E-commerce product bundling made easy: Collect the right metrics with Synder Insights<\/a><\/p>\n\n\n\n <\/p>\n\n\n\n Product bundling is a marketing technique in which a business groups together two or more products or services and sells them as a single unit. Referred to as a package or product bundle, these products or services are usually grouped under one SKU (stock-keeping unit) code.<\/p>\n\n\n\n Bundles come in different types \u2013 a product bundle may consist of several items of the same product, or several different complementary products. Bundles are usually (but not necessarily) sold at a lower price than if the same products were sold individually. <\/p>\n\n\n\n Bundles can be sold offline and online, although the latter variant is more widespread \u2013 it\u2019s become a staple of e-commerce stores. Ultimately, product bundling encourages sales and increases customer engagement.<\/p>\n\n\n\n Increased sales and customer engagement aren\u2019t the only reasons why bundles are so popular in e-commerce. Product bundling offers numerous benefits:<\/p>\n\n\n\n If you\u2019re considering introducing product bundles into your e-commerce store, you might wonder where to start. Creating a compelling product bundle includes, but isn\u2019t limited to, choosing what products to group together and how to promote them. We\u2019ve got a list of actionable steps that will help you to create bundles that sell.<\/p>\n\n\n\n How well do you know your customers? What do they buy and when? What products do your customers purchase frequently\/avoid? What products can you group together to meet their demands and increase your sales? <\/p>\n\n\n\n Studying your customers and their purchase behavior may be educational. Analyze your current sales and try to identify bundles that customers already create. Pay attention to the following:<\/p>\n\n\n\n E-commerce product bundling should be based on the analysis of your customers\u2019 preferences. Understanding what resonates with your customers and what makes them purchase specific products is a perfect place to start creating a successful product bundle.<\/p>\n\n\n\n What\u2019s the best price for this item? <\/p>\n\n\n\n Customers are always looking for bargains and if there\u2019s an opportunity to save some money with a product bundle, they\u2019ll take it. Make your bundles more appealing by offering small discounts and comparing the price of individual items to a bundle. Create product bundles that showcase the value to your customers. Let them see the difference and make the right decision.<\/p>\n\n\n\n Now that you know what products to pair, it\u2019s time to make sure you know how to make these bundles shine. There are lots of product bundling strategies, pick what fits your needs best:<\/p>\n\n\n\n While following these simple steps provides you with a compelling product bundling strategy, e-commerce product bundling is meaningless if you don\u2019t measure your efforts. Keeping track of customer and product KPIs allows you to make data-driven decisions affecting your bottom line.<\/p>\n\n\n\n Measuring the performance of your e-commerce business in general and the performance of your product bundling strategies is not an easy task. But with the right accounting software even the most sophisticated KPIs can be acquired in a matter of minutes.<\/p>\n\n\n\n Synder Insights<\/a> is a comprehensive solution to successful product bundling for your business. The tool offers a set of actionable and clickable reports on the vital metrics necessary for accurate evaluation of how well your e-commerce business is performing, as well as how effective your strategies are. The insights allow you to create product bundles that sell, choose the best product bundling strategy for your store and find solutions to the most complex issues easily!<\/p>\n\n\n\n All e-commerce stores have best selling products and least performing products. Knowing these products is key to bundling the right products together and increasing your revenue. <\/p>\n\n\n\n To bundle products correctly, start with studying the Top performing products and Least performing products reports. You can sort the items by various filters in order to analyze their performance, predict demand, diversify the range, etc. When you identify those products that are not selling well, you can put together bundles that would offer these items at a lower price, making it a no-brainer to purchase the bundle instead of just the one item.\u00a0<\/p>\n\n\n\n In this case, we have a best-selling laptop (see 1 on the picture<\/em>) and a product that\u2019s not selling well \u2013 a backpack (see 2 on the picture<\/em>). If we offer a bundle that is 20% off the cost of the backpack if it\u2019s purchased at the same time as the laptop, it makes it an easier decision for the customer to choose both. What\u2019s more, the report shows that a \u2018Unisex gray backpack\u2019 was sold only once during the last 3 months (see 3 on the picture<\/em>). Based on this information, you might want to either bundle it with a laptop or lose this item altogether. The list of alternatives for your backpack is vast.<\/p>\n\n\n\n <\/p>\n\n\n <\/p>\n\n\n\n Additionally, Synder provides you with the Products most purchased together<\/a> report, which gives you insights into which items are already bought by your customers together and therefore should be bundled.<\/p>\n\n\n\n Synder instantly analyzes your sales from all connected online channels (Shopify, Amazon, Walmart, eBay, etc.) and provides you with a top performing pairs list sorted by the number of orders when these items were bought together. Analyzing such pairs across countries, sales channels and customer cohorts will empower you with very specific data-based offers to your audience!<\/p>\n\n\n\n In this example we can see that the laptop and bluetooth mouse are commonly bought together. So, why not bundle them and make it an easier decision to purchase both?<\/p>\n\n\n\n <\/p>\n\n\n <\/p>\n\n\n\n What\u2019s more, you can get detailed statistics on AOV in order to understand how successful and effective your strategies (including bundling) are. In the Average order value report<\/a>, you can display the statistics by period (today, yesterday, 3-12 months, or custom). When customers purchase two items instead of one (even if one of those items is purchased at a discount) it increases your AOV and your gross revenue. <\/p>\n\n\n\n Let\u2019s use an example here. A company wanted to increase their AOV to eventually increase income. Here\u2019s what they started at: <\/p>\n\n\n\n <\/p>\n\n\n <\/p>\n\n\n\n As the company wasn\u2019t satisfied with the numbers, they looked for ways to increase AOV and decided to implement bundling strategies. This is what they\u2019ve got 2 months later:<\/p>\n\n\n\n <\/p>\n\n\n <\/p>\n\n\n\n These reports are just part of what Synder Insights can do for you in terms of metrics. Check out the full list of indicators available<\/a>.<\/p>\n\n\n\n E-commerce product bundling is meaningless if you don\u2019t measure your efforts. Keeping track of product KPIs allows you to make data-driven decisions affecting your bottom line, and Synder is just the tool you\u2019ve been looking for!<\/p>\n\n\n\n Product bundling is a great way to increase your sales both online and offline. Creating a compelling product bundle as well as choosing the right product bundling strategies for your e-commerce business should be data-driven as only scrupulous data analysis allows you to foresee the performance of bundles among your customers. Turn over the calculation of metrics to automated software that can do it accurately and in a few clicks. Save time and money, trust the automation!<\/p>\n\n\n\n Ready to experience automation and simplify e-commerce product bundling with Synder Insights? Learn more about the tool by starting a free 7-day trial<\/a>.<\/p>\n\n\n\n Not quite ready for a free trial of Synder? Want to see what else it can help you with? Book a demo<\/a> with one of our specialists and they can show you all the ways Synder can help you automate your accounting, and get one source of truth that helps you make the right business decisions. <\/p>\n\n\n\n <\/p>\n\n\nWhat is product bundling?<\/strong><\/span><\/h2>\n\n\n\n
What do you need to know about a product bundle? <\/strong><\/span><\/h2>\n\n\n\n
Why sell products in bundles?<\/strong><\/span><\/h2>\n\n\n\n
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Product bundling strategies: How to create product bundles and sell them?<\/strong><\/span><\/h2>\n\n\n\n
1. Research your customers and their behavior<\/strong><\/h3>\n\n\n\n
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2. Offer discounts and showcase the value<\/strong><\/h3>\n\n\n\n
3. Choose the right product bundling strategies for promotion<\/strong><\/h3>\n\n\n\n
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E-commerce product bundling made easy: Collect the right metrics with Synder Insights<\/strong><\/span><\/h2>\n\n\n\n
Move inventory of lower selling products <\/strong><\/h3>\n\n\n\n
![\"Product](\"https:\/\/synder.com\/blog\/wp-content\/uploads\/sites\/5\/2022\/10\/top-performing-products-synder-report-1024x515.jpg\")
Find bundles your customers already create <\/strong><\/h3>\n\n\n\n
![\"Product](\"https:\/\/synder.com\/blog\/wp-content\/uploads\/sites\/5\/2022\/10\/products-most-purchased-together-synder-1024x511.jpg\")
Product bundles for higher revenue<\/strong><\/h3>\n\n\n\n
![\"AOV](\"https:\/\/synder.com\/blog\/wp-content\/uploads\/sites\/5\/2022\/10\/AOV-before-synder-1024x364.jpg\")
![\"AOV](\"https:\/\/synder.com\/blog\/wp-content\/uploads\/sites\/5\/2022\/10\/aov-after-synder-1-1024x353.jpg\")
Final thoughts<\/strong><\/h2>\n\n\n\n
![\"Top](\"https:\/\/synder.com\/blog\/wp-content\/uploads\/sites\/5\/2022\/08\/4-kpis-ecommerce-1024x482.jpg\")
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