You can get nearly anything at a shopping mall. Well, you used to be able to, anyway.
It’s no secret that the traditional shopping mall is on the decline, its unfortunate demise was greatly accelerated by the pandemic. But while the end of shopping malls may be nigh, demand for the same level of convenience lives on. Now we’re seeing the rise of the mixed-use developments–spaces designed to include housing, workplaces, child care centers, restaurants and more in a single complex.
So while you may not always be able to get an Orange Julius, an entire back-to-school wardrobe, and pictures with “Santa Claus” under one roof, you are now likely to find places where you can rent an apartment, grab a frappuccino, and take your kids to daycare all within 100 yards of each other.
The moral of the story? While the setting may change, one thing about human behavior remains constant: People are always looking to acquire the things they want and need with minimal effort and maximum convenience. That often means finding them all in the same place. And it’s your job as a brand to help them do that–especially in the ecommerce space.
The most successful online brands understand how to minimize barriers to purchase and make it quick, simple, and convenient to purchase their products. They also use specific tactics like bundling to encourage customers to increase their basket size and buy more than one product at a time.
In this blog post, we’ll explore how bundling works, why it’s beneficial and how you can leverage PriceSpider’s Where to Buy Bundle to increase average basket size and drive more conversions.
What is product bundling?
Ever leave the store with more items than you intended to? Maybe you were making pasta and spontaneously decided that it would go better with parmesan cheese. So you bought the cheese along with the noodles and the sauce. But chances are, you didn’t even think about the cheese until you got to the store and saw it conveniently placed next to the sauce. What drove your decision to purchase the cheese wasn’t simply that it existed, but that it was highly visible, relevant, and convenient to access.
It works the same way for consumers online. Product bundling is the act of grouping products together to form a package of related products. With bundling, brands can create groups of similar or complementary products so that basket size is increased and the clicks to conversion are decreased. Plus, by encouraging shoppers to only buy your brand’s products and use them together, you can build loyalty with them over time.
Using bundling to increase basket size and drive sales conversions
For brands, making sure that customers can find your products and purchase them should be priority number one. But priority number two should be maximizing the value of every purchase–both for you and your customers. Let’s look at a few ways bundling can increase average basket size and streamline the path to purchase.
Harnessing the power of suggestibility
There’s a reason those “impulse purchase” items are so conveniently placed at the cash register of every brick-and-mortar store in existence. Whether it’s a pack of gum, a bottle of water, or a scandalous celebrity news magazine, seeing these items just before you finalize a purchase increases the likelihood that you’ll deem them worthy of your dollars.
This tactic is even more effective when the suggested products are complementary to products customers have already decided to purchase. Buying a pack of ball park franks? All of a sudden, that soda next to the register looks a lot more appealing.
By suggesting their products to you at the right time, those brands and their retailers are making your decision to purchase nearly effortless. And as a brand, if you’re not suggesting additional products to your online customers during the buyer’s journey, you’re missing out on valuable cross-sell and upsell opportunities.
PriceSpider’s Where to Buy Bundle helps with this by allowing you to create product bundles of your brand’s products and place them directly in the Where to Buy module. Each bundle can be customized and personalized to display relevant products based on shopper and brand preferences, and shoppers can see suggested retailers, price, and stock availability directly within the module. In addition, you can add a “Customers Also Bought” section with a few SKUs that your team can customize without the need for support tickets.
Reducing clicks and number of pages required to purchase
There’s nothing more frustrating than following a complex process to achieve what should be a simple task. When people are trying to purchase your brand’s products, the last thing you want to give them is a frustrating or friction-filled buyer’s journey. Forcing them to click around and open new tabs when buying multiple products can lead to abandoned carts and lower conversion rates.
By using PriceSpider’s Where to Buy Bundle, you can make it simple for shoppers to purchase multiple products at a time. Shoppers can easily make a cart out of the bundle and, with a single click, move all the items directly to a cart on the retailer’s website. This saves time and hassle while creating an overall more satisfying buyer’s journey.
Increasing product awareness
The saying goes that “the customer is always right,” but the truth is, sometimes customers don’t even know what they’re looking for. That’s where you come in.
As a brand, you have to maximize every opportunity to build product awareness at every step of the buyer’s journey. Maybe you have a superior product, but if your customers don’t know about it, your competitors will swoop in and steal the sale.
Bundling presents an excellent opportunity to build awareness about all of your products–whether they’re directly related to what your customer is looking for or not. For example, if your customer is looking for dog food, why not let them know that you sell high-quality bowls as well? And while you’re at it, you could also show them your leashes, chew toys, and treats.
PriceSpider’s Where to Buy Bundle makes all of this possible by enabling brands to group product suggestions together in a single module, accessible via product detail pages, within content, via ads, and more. By including these suggestions at a timely place in the buyer’s journey, you’re more likely to increase basket size and capture market share from your competitors, all while capitalizing on the opportunity to expand awareness about your full range of product offerings.
Fostering customer loyalty
Remember how we talked about competitors swooping in and closing the sale? To prevent this, you have to be able to beat them to the punch. If you’re not streamlining the path to purchase and taking every opportunity to increase product awareness, then your competitors will be able to reach your would-be customers with their alternative products.
Bundling helps you stop this from happening. By presenting bundles with only your products, you can actively foster customer loyalty in two ways:
- By showing the range and depth of your product offerings, highlighting all of the different ways you can meet the customer’s needs
- By making it fast, efficient, and more enjoyable to purchase your products
When you show the customer that your brand has their needs in mind and your products are easy to purchase, your competitors will be fighting an uphill battle just to gain the customer’s consideration.
Sell more of your products, more often
In a world with unlimited options, customers can take their buying power anywhere. But bundling enables brands to capture their attention, raise awareness about products, and make it easy and intuitive for shoppers to purchase multiple items at once. With PriceSpider’s Where to Buy Bundle, you can help ensure a greater average basket size, drive more sales conversions, and nurture customer loyalty for the long-term.
Want to see what our Where to Buy Bundle can do for your brand?
