Frequently Bought Together Marketing: The Secret to Maximize your ROI

You know that feeling. That buzz you get when you find a hidden level in that new game you’re playing? Or that burgeoning sense of curiosity that creeps up on you when you read about that hip new pop-up burger joint that everyone is talking about, that feeling that creeps up and gets you thinking, “Everyone’s raving about this place; maybe I need to check it out!”  Well, imagine if you could elicit this sense of excitement when shopping online. That’s right folks, the holy grail of e-commerce is here, and it’s called “Frequently Bought Together Products”. It’s like a shopping BFF who knows exactly what you need, even before you do. So, buckle up and grab a snack because we’re about to embark on a wild ride of maximizing ROI with the power of Frequently Bought Together Products. Let’s go!

What is “frequently bought together”?

So what exactly is the “Frequently Bought Together”( also known as FBT) feature? Simply put, it’s a feature on your website designed for upselling or cross-selling by suggesting related or complementary products to customers based on their search queries or past purchases. It’s an excellent way to improve your website’s user experience.

Now that we are done with the basics, let’s get on with the show.

You down with FBT? Ya you know me!

According to a study by McKinsey & Company, 35% of Amazon’s sales are generated from product recommendations, and the majority of those recommendations are FBT products. That’s right, a third of Amazon’s revenue comes from suggesting other products to customers while they’re shopping.

So it’s evidently clear that shoppers love and buy into FBT suggestions and promos, but why is that?  Why are shoppers attracted to FBT like moths to a flame?

OK, so picture this; you’re shopping online for a new outfit, and you find the perfect shirt, but as you’re about to click “buy”, the website pops up with a “Frequently Bought Together” offer and shows you some matching pants. At this point, you’re thinking, “This is brilliant, why did I never think of that? Everyone else must be buying these together for a reason.” That’s the power of social proof at work! Retailers are showing you that other customers have paired these items successfully, making you more likely to follow suit.

But there’s more to it than just social proof. Retailers are also playing with your emotions by offering these items as a bundle deal at a discount. They know you love a good deal, and they’re tapping into the idea of loss aversion, where you don’t want to miss out on potential savings. So, now you’re not just buying a shirt and pants; you’re buying a complete outfit and saving money in the process!

In short, “Frequently Bought Together” offers and promotions use the psychological principles of social proof and loss aversion, making shopping more fun and persuasive. Who wouldn’t want that?

OK, we know that FBT works, and we also understand why it works, so you’re now probably wondering, “This is all brilliant, but how the heck can get it working for me?” For that, you need to understand your customers and how they interact with your online store, and that’s where site search comes in.

Site search and customer insights

The success or failure of your FBT marketing hinges on having a deep understanding of customers’ buying behaviors and preferences. Site search offers you analytics and user data that can help you glean better insight into your customers. Retailers can leverage this data to identify the products that are frequently being purchased and tailor appropriate product suggestions and combination offers or to make personalized recommendations at the point of purchase.

Site search data can also help retailers to identify the most popular products and categories, which can be used to create targeted marketing campaigns. For example, if a particular product is frequently purchased with a specific accessory, the retailer can create a marketing campaign that promotes the accessory alongside the product.

If you want to make sense of all the data analytics can throw at you, check out our blog post on Understanding Site Search Data.

How do you add the frequently bought together feature to Shopify?

You can add the Frequently Bought Together feature to your Shopify store with a third-party app from the Shopify App Store, or you can streamline things and opt for an advanced site search app like AddSearch, which includes this feature and more! Why purchase an extra app when you can have it all in one place?

With the process being so simple, there is no excuse for not adding the frequently bought together feature to your Shopify store. Go ahead, do it right now, I’ll wait.

Tips on how to maximize ROI with FBT products:

Identify complementary products

The first step in maximizing ROI with FBT products is to identify products that complement each other. This could be accessories that go with a particular product, such as a case for a phone, or items that are used in conjunction with the main product, such as batteries for a toy. By identifying these complementary products, you can create bundles that offer greater value to the customer and increase your sales.

Offer bundle deals

Once you have identified complementary products, you can offer bundle deals that combine the main product and the FBT products at a discounted price. This can be a great way to increase the average order value (AOV) and boost your profits. The majority of consumers are more than happy to spend a little extra bit more on bundle offers, especially if they feel they’ve saved money by doing so.

Cross-sell and upsell

In addition to offering bundle deals, you can also use FBT products to cross-sell and upsell to your customers. By suggesting other products that complement their purchase, you can increase the likelihood of them adding more items to their cart. This can not only increase your AOV but also improve the customer experience by offering them additional products that they may need.

Utilize product recommendations

Finally, it’s important to utilize product recommendations to maximize ROI with FBT products. By using algorithms and data, you can recommend products to customers based on their previous purchases and browsing behavior. This can help increase the chances of customers purchasing FBT products and can also help you identify new product combinations to offer.

Conclusion  

Maximizing ROI with FBT products is like having a superpower in the e-commerce world By offering customers relevant and useful products they are likely to purchase together, you can boost your revenue and take your ROI to new heights. And don’t forget, site search is like your trusty sidekick, providing valuable insights into customer behavior while helping you grow your revenue. So put on your e-commerce cape and get ready to conquer the world of increased profits and satisfied customers!

Discover the Power of AddSearch: Experience the future of site search firsthand. Request a demo today and see how FBT can help improve your site search experience.