AOV (average order value) - calculated as the ratio of the sum of all orders in monetary units to the total number of orders. This indicator allows you to better target prices when creating offers and developing strategies to increase profits.
There are no standards for the average cheque. The higher the ratio, the greater the company's profit. It can be improved by making attractive and favourable offers to customers. These should be properly analysed in terms of their benefit to the customer. Products that do not bring objective benefits will not be bought. These products should not just be imposed on the customer. They should help the customer solve a problem.
Average global e-commerce order value
According to a report by Dynamic Yield, the average global order value over the last twelve months is $112.
EMEA (Europe, Middle East and Africa) has the highest average order value at $201, followed by the Americas at $107 and Asia Pacific at $105.
In terms of the types of devices used to make purchases, the average order value is as follows
Desktops - $123;
Mobile phones - $107;
Tablets - $81.
Average order size by product category
As of August 2023, the average cheque size by product category is as follows:
The Home & Furniture category has the largest average cheque at $254.
The Fashion, Accessories & Apparel category will increase slightly to $140.
Luxury goods and jewellery increased in price from the previous month to $143.
Non-durable consumer goods have had many ups and downs over the past year. They rose by $13 in August and now cost $141.
Food and beverages got cheaper: from $95 in July to $92 in August.
AOV at multi-brand retailers fell to $83 after two consecutive months at $87.
Beauty and personal care - up from $77 to $83.
Average cheque in pet care and veterinary services fell to $62 after a slight increase.
How to increase the average cheque
The experts at Arabesco Sideral Unipessoal lda have picked out a few ways to increase the average cheque in e-commerce.
Cross-sell or sell related products. For example, your customer has ordered a pair of shoes. You can offer him a shoe brush and shoe care product. You should offer a good discount on the additional product - this will increase the likelihood of the customer making an additional purchase. At the same time, remember that the additional sale should still be profitable for you, despite the discount offered.
Upsell. An offer to buy a more expensive and higher quality product instead of the one the customer was interested in when they contacted you. The customer is already ready to buy your product, and if the manager competently offers a more expensive product, there is a chance they will buy it.
Selling sets and kits. For example, in autumn it is important to sell a set of hat + scarf. These are always necessary and relevant products at this time of year. Think about what kits you can make in your shop. For example, if you sell sports equipment, the set could include tennis rackets and balls. Obviously, such a purchase option should be beneficial to both the customer and you.
One-off offer. Offer the customer a great deal. However, the period for which it is valid should be limited. For example, it is necessary to have time to buy a product or service within an hour or until the end of the day. But you should only make this offer if the customer has already bought something from you. Then offer them a product with a good discount.
Different payment options. Give the customer the option of paying in instalments or buying on credit. This allows you to sell to customers who may not be able to pay the full amount. And you will get more sales.
Additional sales have a direct impact on the average order size and therefore the profit of your online shop. They don't require you to spend any extra money. But they do allow you to sell more and earn more. For advice on how to increase your AOV, contact the experts at Arabesco Sideral Unipessoal.