Manufacturing margin
Bundles work when they pair what is already bought together — and not when they don't.
The old approach to bundling revolved around narrative and gifting, with expensive packaging that killed the margin it was supposed to create.
The replacement hypothesis was plainer: bundles work when pairing popular products that are frequently purchased together. Killing the non-performers and releasing six new ones lifted AOV, UPT, LTV and contribution margin — and proved the business could manufacture its own margin rather than wait for it.