Do you ever notice that your customers are less interested in specific products on your Shopify store? It’s a common scenario for businesses. That’s when Increasing Revenue Through Mix and Match plays a key role for B2B and eCommerce businesses to increase their revenue.
Shopify’s Mix and Match bundle app feature lets customers combine a variety of products into one package. However, the key factor that influences bundle success is the discount rate. ResearchGate found that customers are more likely to purchase bundled products with a discount. Customers may prefer individual purchases with 20% discounts, but bundle purchases with 45% discounts dramatically shift their preferences.
However, implementing this strategy requires careful consideration of which products are best suited to bundling, as well as selecting the right app to manage the process. This method not only appeals to customer desires for personalization but also gives store owners a way to clear inventory, increase average order values, and maximize sales.
In this writing, we will cover the ins and outs of Mix and Match bundling, the benefits, and bundled apps that Shopify merchants can use to boost revenue.
Introducing Mix and Match: Shopify Bundle App Feature
Mix and Match product bundles offer an engaging and customizable way for Shopify store owners to boost B2B sales. Unlike traditional fixed or multipack bundles, which typically group similar or complementary items, mix-and-match bundles give the freedom to select a combination of products from a predefined list.
The mix-and-match feature helps businesses meet two key goals: increasing customer spending and offering solutions to diverse preferences. By offering customers the ability to mix various product variants—such as different colors, sizes, or tastes—Shopify merchants can attract a wider audience and encourage consumers to make larger purchases.
Bundles in Shopify help businessmen and customers meet their primary goals, both of which are selling variations of products and saving money by buying bundles.
Here’s how it works: Store owners usually set a fixed price for a bundle or box, and customers are then invited to “build” their box by choosing different variants of the available products. This encourages bulk purchases, thus raising the average order value (AOV).
The feature is available through Shopify bulk order apps like MultiVarinats, and Bundle Builder or as part of standalone configurators like Mimac, which focus solely on mix-and-match functionality and a one-click add-to-cart application, as MultiVariants have mix-and-match bundle features to help B2B wholesale businesses increase sales and profit.
Mix-and-match bundles not only increase revenue but also enhance customer satisfaction. With flexible selections, shopping feels more engaging and unique compared to fixed bundles.
5 Strategies Of Increasing Revenue Through Mix and Match
Shopify mix-and-match bundling seems easy, but there are a few strategies you must follow to get the ultimate result. You must constantly monitor, track, and optimize your mix-and-match product bundle strategy to increase revenue.
The top 5 mix-and-match strategies are:
- Enhance Product Customization and Personalization
- Offer Bundle Discounts To Encourage Larger Orders
- Leverage Bundling For Cross-Selling Opportunities
- Target Seasonal Or Limited-Time Bundling Offers
- Combine Slow-Moving Or Fast-Selling Items and Minimize Inventory Waste
Strategies #1: Enhance Product Customization and Personalization
The Mix and Match feature allows customers to create bundles, which gives them a personalized shopping experience. By letting them select among the existing variants of a particular product, you are targeting specific customers’ needs; as a result, they buy more. Such levels of customization can lead to high conversion rates, customer loyalty, and increased revenue.
Strategies #2: Offer Bundle Discounts To Encourage Larger Orders
When buyers get a discount for bundle purchases, they become more interested in larger orders, which is crucial for increasing revenue. For example, if buyers buy a combination of 3 variants, they get a discount, which increases the average order value and boosts revenue directly.
Strategies #3: Leverage Bundling For Cross-Selling Opportunities
Mix and match is a significant feature to promote complementary products, which is an excellent chance to boost sales. For example, if a customer buys a primary product (like a camera), they can mix related accessories to complete their bundle. This approach increases the chance of cross-selling, leading to higher revenue volume for businesses.
Strategies #4: Target Seasonal Or Limited-Time Bundling Offers
Targeting limited-time or seasonal bundling deals and combining mix-and-match strategies boosts revenue. Create special bundles during peak seasons (holidays or sales events). Allowing customers to mix and match products while running a time-sensitive promotion creates urgency and encourages customers to buy sooner. These time-limited offers can help to move inventory faster and boost revenue.
Strategies #5: Combine Slow-Moving Or Fast-Selling Items and Minimize Inventory Waste
Combine slower-moving items with popular ones in a mix-and-match bundle. This strategy minimizes inventory waste and stocks new items. It helps clear out less popular products while leveraging high-demand items, increasing overall revenue. Customers see these packaged together as having more value, which can increase average order value and sales.
Top Benefits Of Using Mix and Match Feature In Shopify
Don’t you think nowadays a savvy customer base wants brands to meet all their expectations? Well, all they want is comfort while shopping, like discounts, personalization, lower prices and offers, etc. It’s where mix and match won their trust and ticked most of their needs. Here we’re going to discuss the top benefits of the Mix and Match bundle strategy in your Shopify store.
- Increase Average Order Value
- Cost Saving and Inventory Efficiency
- Expanded Customer Base
- Enhanced Customer Engagement and Satisfaction
Benefits #1: Increase Average Order Value
The mix-and-match bundle feature helps increase the average order value (AOV) as customers choose to buy more products in one go rather than buying single products. Brands can offer tempting discounts on bundles to encourage customers to buy more.
Moreover, when buyers buy more and spend more through the mix-and-match strategy, it automatically increases the revenue.
Benefits #2: Cost Saving and Inventory Efficiency
Mix and match plays a different role in terms of offering product bundle strategies. Because it’s not common on all e-commerce platforms. It gives flexibility, cost savings, and inventory efficiency to its consumers and doesn’t tie them up with pre-mixed bundles.
This sort of flexibility brings convenience and better value for money. It also minimizes the expense and saves the fee of individual product shipment. Thus, customers prefer to mix and match more than other types of bundles.
Benefits #3: Expanded Customer Base
Mix-and-match bundles enable a wider customer base because of their various range of products, services, and many categories; unlike fixed bundles, they offer more flexibility and enhance customer reach. Which makes it easy to create a broader customer base and shop these bundles.
This means more customers and more revenue. That is why the mix-and-match feature boosts sales.
Benefits #4: Enhanced Customer Engagement and Satisfaction
What do you do when you can select your product and create a bundle? You must inspect it properly before buying it, whether you want it, need it, or don’t. That’s when you engage yourself in shopping.
That’s why the ultimate goal of the mix-and-match bundle feature is to enhance customer engagement based on their preferences, likes, and needs and increase revenue. It also enhances customer satisfaction and encourages them to buy more, thus boosting sales.
How Do You Implement Mix and Match in Shopify?
Shopify offers an efficient way for merchants to create and manage mix-and-match product bundles with ease. Here’s how it works:
Merchants can set up mix-and-match bundles by allowing customers to select different product variants. For example, a store might offer a bundle where customers must choose exactly 6 items from a variety of available product variants.
Customers can choose different variants from the product page within the predefined limit. This makes it easy for shoppers to mix and match their favorite items, such as selecting various flavors, sizes, or colors, depending on the product type.
The app calculates the total cost based on the items selected and applies any available bundle discounts automatically. This encourages customers to complete the bundle and purchase more items at once.
Here’s a detailed tutorial on how to set up mix and match bundle in Shopify using the bulk order app
Moreover, using the Shopify app MultiVariants, merchants can track inventory for each product variant. This helps avoid overselling or stock differences.
Furthermore, merchants can set rules like minimum and maximum quantity limits, specify the products eligible for bundling, and ensure that only valid combinations of items are added to the cart. This ensures smooth operation while giving customers flexibility in their purchases.
Below we’ve given a detailed tutorial on how to limit minimum and maximum quantity limits.
Bottom Line
So far, you’ve learned the strategies and benefits of mix-and-match and how it works on Shopify through its bundle app feature. Implementing this mix-and-match bundle strategy can be a highly effective way to increase revenue for eCommerce businesses.
This feature creates a win-win situation for both customers and businesses, allowing them to enjoy tailored shopping experiences at discounted rates while increasing profits and improving inventory management.
Moreover, by using these strategies through reliable apps, Shopify merchants can enhance customer satisfaction, achieve greater sales volume, and increase overall revenue.
FAQs
How Can You Use a Product Bundling Strategy to Increase Your Store’s Revenue?
Potential buyers are always looking for the best deal. It means they’ll shop around for discounts and offers. To enhance your sales, consider applying a discount to your bundles. This will make your products much more appealing without hampering your profit margins.
What is a Mix-and-Match Bundle?
Product mix and match means buyers build their bundle out of a group of products and not necessarily collections. This means one can select from two or more types of products and turn them into one single bundle.
How Does Bundling Increase Revenue?
The primary reason that product bundling works is that buyers see getting more than one product for a slightly higher price than a single product as a deal. Adding products to a bundle increases their perceived value and encourages customer loyalty.
What is an example of a Bundle Pricing Strategy?
When price bundling, businesses will sell two products together at a lower price than the sum of the individual cost of each product. Common bundle pricing example: fast food restaurant value meal combos.
How Do I Create Bundle Pricing?
It is important to figure out each item’s gross margin before you calculate the price for your product bundles. Next, determine how much discount you will be able to offer on the bundles. Generally, discounts between 10% and 20% are recommended for bundles with margins above 50%.