Overview

In this article, we will explore what Product Bundles are, how they work, and how to effectively use them in your day-to-day operations.

What is a Product Bundle?

A Product Bundle is a collection of items that are grouped together and sold as a single unit. For example, when selling a smartphone, you might bundle it with a charger, cable, and earphones. This ensures that all components are tracked and managed together, simplifying the sales and inventory processes.

In iVendNext, a Product Bundle consists of two main components:

Parent Item: This is a virtual item that represents the bundle itself. It is not a physical product and does not maintain stock.

Child Items: These are the actual physical products that make up the bundle. Stock levels are maintained for these items.

Key Benefits of Using Product Bundles

• Simplified Inventory Management: By grouping items together, you can easily track and manage stock levels for multiple components.

• Streamlined Sales Process: Product Bundles allow you to sell multiple items as a single unit, reducing the complexity of sales transactions.

• Flexibility in Offers and Promotions: You can create bundles for special offers, such as "Buy One Get One Free," making it easier to manage promotions and discounts.

Steps to Create a Product Bundle

Creating a Product Bundle in iVendNext is a straightforward process. Follow these steps to set up your first Product Bundle:

1. Prerequisites

Before creating a Product Bundle, ensure that the following are set up:

• Item Group: Categorize your items for easier management.

• Warehouse: Define the warehouse where the items will be stored.

• Unit of Measure (UOM): Specify the unit of measure for the items.

• Parent Item: Create a virtual item that will represent the bundle.

• Child Items: Ensure that the individual items to be included in the bundle are already created.

2. Steps to Create a Product Bundle

1. Access the Product Bundle List:

• Navigate to Home > Selling.

• Under the Items Catalogue Section, click on the Product Bundle shortcut. This will take you to the Product Bundle List View Screen.

2. Create a New Product Bundle:

• Click on the New button to create a new Product Bundle.

• Select the Parent Item. If the Parent Item does not exist, create one by ensuring that the Maintain Stock option is unchecked. This is because the Parent Item is a virtual product and does not maintain stock.

3. Set the Price for the Parent Item:

• Enter the price for the Parent Item. This price will be fetched during sales transactions.

4. Add Child Items:

• In the Items table, list all the Child Items that will be included in the bundle.

• Specify the quantity of each Child Item that will be part of the bundle.

5. Save the Product Bundle:

• Once all details are entered, click Save to create the Product Bundle.

Using Product Bundles in Sales Transactions

Product Bundles can be seamlessly integrated into your sales transactions. Here’s how you can use them:

1. Select the Parent Item:

• When creating a Sales Invoice, Sales Order, or Delivery Note, select the Parent Item in the main item table.

2. Fetch Child Items:

• Upon selecting the Parent Item, the system will automatically fetch the Child Items in the Packing List table of the transaction.

3. Manage Serialized Items:

• If any of the Child Items are serialized, you can specify their Serial Numbers directly in the Packing List table.

4. Update Stock Levels:

• When the transaction is submitted, the system will automatically reduce the stock levels of the Child Items from the specified warehouse.

Managing Offers and Schemes with Product Bundles

Product Bundles are not just for grouping items; they can also be used to manage special offers and promotions. For example, if you want to run a "Buy One Get One Free" offer, you can create a non-stock Parent Item and list the sellable product as a Child Item with a quantity of two. Every time the Parent Item is sold, the system will deduct two quantities of the product from the warehouse.

Example: Managing a "Buy One Get One Free" Offer

1. Create a non-stock Parent Item with the offer details in the description.

2. Add the sellable product as a Child Item with a quantity of two.

3. When the Parent Item is sold, the system will automatically deduct two quantities of the product from the warehouse.

Important Points to Remember

Some important points to remember are:

Parent Item is Virtual: The Parent Item is a virtual product and does not maintain stock. Stock is only maintained for the Child Items.

Price List Configuration: The default Price List for buying and selling items can be configured in the Buying Settings and Selling Settings respectively.

Valuation Rate: The valuation rate reflects the actual cost of acquiring or producing the goods and is used in accounting records.