AOV.
LTV.
CPA.
More than just digital marketing, buzz words, these acronyms are tied to your e-commerce success. Today we’re talking AOV – average order value – the average amount that each person spends at your online store.
Here are five ways to increase your AOV – and get more money from each person who purchases from you online:
Use The 1/3/6 Model:
Sell products in bundles of 1, 3 or 6. With your default being 3. Add a compelling discount for buying 3 products, and an even bigger discount for 6, so that the 3 and 6 option look way better than the 1 option. This works really nicely for beauty products, food and household items.
Bundle Complementary Products:
Bundle together complementary products, and provide a discount for ordering the bundled deal.
Sell A Warranty:
Sell a lifetime warranty or insurance package on your product that gives your customer peace of mind. H&H Outfitters sells a hat “weather guard,” to protect the hats from rain, sweat or falling in the river.
UpSell Priority Shipping&Handling:
Especially near the holidays, sell a priority shipping and handling package to guarantee a product by a certain date when volume might otherwise be very high.
Free Item Over Certain Amount:
Give away a free tee-shirt, sticker, priority shipping if customers spend over a certain amount. The trick here is that the item is a high perceived value and is something people actually want.
Have you tried these or other tactics? Would love to hear your thoughts!