Bulk purchasing is an art. It looks and feels like all you do is buy surplus goods, place them in a room, and wait for the buyer without worrying about other aspects. However, saving goods for this long makes them a waste, not a profit.
Inventory that does not move only limits your opportunities for more businesses. While you can get rid of it at some point, you will be throwing away your investment and future capital.
The key to succeeding with surplus goods and making them profitable as a reseller is to build a powerful strategy. This is often handled through product bundling and discovering that this is what makes bulk purchasing and reselling an art.
Coastal Surplus Solutions is a reliable and trusted sourcing partner that helps you find surplus goods for your business or projects. Anything from drywall, machinery, and kitchenware to safety gear, packaging options, and books.
You can request our help, and we will find it for you. But what we want to point out the most is how our expertise and experience come in handy.
This article explores the art of bundling surplus goods from what we have learned and built. All of it backed by best practices and insights from reliable sources, such as industry bureaus and financial experts.
What Is Product Bundling and Why Does It Matter?
Product bundling is the practice of selling multiple products together as one combined offer. Of course, each product won’t cost its full retail price, but rather offer the bundle at a discounted price.
For instance, bookstores that need to get rid of old editions, books that are not selling well after their hype, or maybe it wasn’t well-received among the clientele, can resort to this. Pick one of the most popular books and pair it with those you need to move out of your inventory.
You won’t be making the full price, but you won’t be losing either.
The strategy is often to keep the main product at its retail price while going for a discounted price on the rest. This discounted price can be the same as you paid or a bit higher.
This approach has several benefits:
- Inventory optimization since bundling helps move slow-selling or overstocked items.
- Increased sales and profitability thanks to how they encourage customers to purchase more. This boosts average order value and overall revenue.
- Simplified shopping experience as packages or bundles are convenient and should be tailored to the customer’s needs.
According to the U.S. Small Business Administration research, bundling is an effective inventory management tool. It can transform surplus stock into profitable opportunities. All of this while enhancing customer experience.
Best Practices for Bundling Surplus Inventory
More than jumping in and picking randomly, this is a planned strategy.
1- Analyze your inventory data
Reviewing your stock beyond what you see is sticking to your inventory is key. Identify actual overstocked or slow-moving items to pair them with the popular ones.
Combine this with sales data to find complementary or frequently purchased-together products.
Following the same bookstore example, it wouldn’t be ideal to pair a heavily romance and popular book with a thriller or psychological book.
While readers are diverse (in this case), themes matter, and what others are buying with their books must be tracked.
This applies to other areas, like pairing home décor overstock with related accessories and not random self-care items, for instance.
Bundle products that make sense.
2 – Segment your audience and how you will bundle
This is key if you sell more than one type of product, even within the same category.
You want your bundles tailored to different targets within your audience. For instance, create family packs, seasonal themes, or budget-friendly lots.
Personalization brings value as well and attracts people to the bundled option you are offering.
3 – Price bundles strategically, not blindly
Depending on how slow your inventory is moving, you have three options:
- Price bundles are slightly lower compared to individual item prices. This will move current items faster, and you won’t get stuck with inventory.
- Offer lower prices for old products that are about to expire or haven’t sold in a long time. Don’t try to sell for high prices what others could see as junk instead of an opportunity to get more.
- Price according to who is getting it.
Real-World Examples of Successful Bundling of Surplus Goods
- Retailers who clean seasonal stock: This is mostly seen in clothing stores and brand pieces. Anything post-holiday or specific times of the year can be put in bundled and discounted.
- E-commerce businesses: Skincare sets or tech accessory kits are common. As people buy several items to complete a routine or fully equip their setups, you can put several bundles together.
- Wholesale suppliers: Volume discounts on pre-selected bundles help you move excess stock.
These strategies align with findings from the U.S. Department of Commerce. They express how bundling’s role in the industry has reduced waste and improved financial performance.
How We Transform Your Bundling Experience
Coastal Surplus Solutions is a leading sourcing partner that connects you to all surplus goods.
From drywall and safety gear for contractors to skincare sets and beauty products, we bring all items for your bundling strategy.
Our expertise in sourcing, inventory analysis, and logistics allows us to tailor bundling that fits your unique needs. Or we can even help you avoid it.
We ensure your surplus goods find the right market, maximize returns, and minimize waste. Contact us today and get the best support.
