In these unprecedented times, online retailers are experiencing major changes in their business operations as people are asked to remain at home.
While certain sectors have subsequently seen a boom in sales, for instance DIY, groceries and home & garden, it has caused others such as fashion, accessories, building supplies and toys to experience less consumer demand and therefore a decline in sales.
One way to mitigate against this decline is to consider product bundling. In fact, for those of you dealing with slow-moving stock during this time, you may benefit from using this marketing technique to increase your average order value and shift stock that you are currently struggling to sell.
If you’re not familiar with how product bundles work, they essentially comprise of several complementary items that are sold to consumers as one combined package. As this retail method is proven to enhance the perceived value of the combined products, many retailers do in fact offer it without any type of discount. That said, if you can justify offering a monetary discount to improve your chances of selling the stock, then you may stand to improve sales further.
Examples of product bundles:
With more consumers switching to a remote working lifestyle, they may be looking for loungewear or activewear. If you sell these types of products, why not consider teaming them up with some other complementary, yet slow-moving, products.
After all, while the fashion industry is seeing a decline in sales, searches for queries like ‘loungewear’ are on the rise (as shown in the screenshot below), so it could be worth considering what items you do sell that you could market as loungewear.
Then think beyond this and look at what other products you sell that could be sold alongside this as a bundle.
Similarly, let’s say you sell toys, but are seeing a decline in sales. Could you bundle up some arts and crafts related toys and package them as educational – something that could help parents with children not currently at school.
For those of you selling hair care products, perhaps choosing to bundle a deep conditioning hair mask alongside a selection of hair accessories to create an evening pamper kit may appeal to your customers.
Another idea is to create a subscription box, full of complementary items for “the perfect birthday gift”.
How can Linnworks help?
While you may already be using Linnworks to manage the stock levels for each of the individual items you are considering bundling, what you may not be aware of is that you can continue to do so while also making these items available to be sold as part of a bundle.
This can be done using Linnworks’ Composites feature.
More specifically, the composites feature allows you to configure these bundles and maintain control of your inventory with minimal intervention.
This also means that if you were to run out of stock for one item in the bundle, then the bundle would no longer be available, so you won’t risk overselling.
How do I create a bundle in Linnworks?
To create a bundle in Linnworks, simply go to My Inventory to create a SKU, click Add New and name your new SKU, for example “Dining Set”, then add a barcode and click Create.
Following this, you will need to go to the Composite tab at the top.
From here, you can add products to your composite. Simply click Add New and search for the items you want to add. This could be a single dining table and 4 chairs.
Then hit Save.
For bundling items quickly, take a look at this guide on how to create composite listings in bulk.
You then have to consider when you come to print your shipping label in Linnworks, this can be found in this step by step guide.
Ultimately product bundles are a great way to shift slower moving stock, increase the perceived value of your products and creatively drive more sales; and the Composite feature in Linnworks takes away the hassle of keeping track of individual stock levels.
Just remember to consider your customers when bundling products, in order to ensure that you’re offering something that will appeal to them during this time.
If you are selling slow moving goods, then it’s never been more important to ensure that your listings or website are being found by potential customers. This starts with understanding the search terms that people are using to find products you sell, so that you can optimise your site and/or marketplace listings.
We know that times are hard, which is why we’d like to help where we can.