How Offering Bundles Doubled Lume Cube's Average Order Value
Shopify Masters · with Riley Stricklin · April 27, 2021 · 54 min
Summary
Lume Cube’s co-founder, Riley Stricklin, shares how they transitioned from wholesale to a DTC model and leveraged product bundling to successfully double their Average Order Value (AOV). This episode offers actionable strategies for e-commerce businesses looking to optimize their pricing, increase profitability, and expand their product offerings through effective bundling.
Key takeaways
Implement a strategic product bundling approach that offers complementary items to increase perceived value and AOV, rather than just discounting.
Transition from wholesale to a DTC model to gain more control over pricing, customer relationships, and brand messaging, ultimately boosting margins.
Utilize crowdfunding platforms like Kickstarter to validate product ideas, secure initial funding, and build a foundational customer base.
Carefully select manufacturing partners that can scale with your business and maintain product quality as you grow.
Continuously analyze customer purchasing behavior to identify optimal product combinations for bundles and refine your pricing strategy.
In this episode of Shopify Masters, we chat with Riley Stricklin, co-founder of Lume Cube about launching on Kickstarter, searching for manufacturing partners, and increasing margins by transitioning from wholesale to direct to consumer.
