Looking to boost your ecommerce revenue?
Look no further. We’ve got all of the latest tips and tricks to help you increase revenue and profits, without the grind of chasing new customers and traffic. If you haven’t already optimised your ecommerce website and marketing strategy to increase your average order value (AOV), now is the time to get started!
The Importance of AOV
AOV is absolutely integral to boosting the profitability of your business. Instead of chasing your tail trying to increase brand visibility with the SERPs, reaching a few new users and hopelessly trying to convert them into customers, focusing on AOV allows you to boost revenue from existing customers. In turn, saving you time and costly resources in the long run. By focusing on customer retention and increasing AOV, you can create deeper bonds with existing customers, encouraging them to purchase more products per transaction and increasing revenue.
Additionally, many studies have shown that existing customers are much more willing to part with their hard earned money and buy more products per transaction. Demonstrating how focusing on AOV can be an extremely efficient way to boost sales and increase the profitability of your business.
5 Ways To Boost Your Online Store’s AOV
1. Set a free shipping threshold
Setting a free shipping threshold that guarantees free shipping when a customer spends over a certain amount is a sure-fire way to boost your AOV. Psychologically, customers are incentivised to add more product to their cart to ensure they hit the free shipping threshold and as a result, increases your AOV. Be sure to do your research and set your free shipping threshold at an amount that makes sense for your average product price points and average customer order value. Think of it like this; Would you rather spend £50 on an item with free shipping or £40 on an item with £9.99 shipping on top? Our guess is the former! Not only will this help to improve your AOV, it also helps to build trust with your audience as there are no nasty surprises when they get to the checkout page.
**2. Offer unique product bundles **
Product bundling is a tried and tested way to boost your online store’s AOV. When it comes to creating product bundles, it’s absolutely paramount that you demonstrate why they are a benefit to your customers. For example, if a customer buys a pair of socks with a pair of shoes, do they get the socks for free? Or if they buy 3 pairs of socks, perhaps they get a discount on the total price? However you decide to bundle your products, your UX should be designed in such a way to clearly demonstrate the advantage of buying product bundles instead of separate items. If your UX is hot and product bundles offer a clear value proposition, we’re sure your AOV will increase in no time at all!
3. Create a loyalty program
If you don’t already offer a loyalty or rewards program for your customers, what are you waiting for? A loyalty scheme is a fantastic retention strategy that will encourage users to make high-value purchases and boost their customer lifetime value (CLV) as well as AOV. Whether your loyalty scheme entitles customers to a free gift when they spend a particular amount or can redeem rewards points based on how much they’ve spent over the year, your loyalty program should be tailored to your unique audience to ensure it resonates with them and has tangible benefits that are going to incentivise them to spend.
**4. Incorporate up-sell and cross-sell UX features **
In a similar vein, incorporating up-selling and cross-selling features within your ecommerce site is another fantastic strategy for boosting your AOV. Leading British fashion brand ASOS does an excellent job of this with their unique ‘finish the look’ feature which showcases the other products a model is wearing when a user adds an item to their basket. So if you’re adding a top to your cart, the UX feature will display the matching jeans, shoes and even accessories in a super simple, streamlined way to increase the value of a customer’s cart. It’s pretty nifty and certainly helped the brand to succeed.
We’d recommend taking inspiration from ASOS by adding creative up-selling features to your ecommerce site to boost your AOV. It really can work for any industry, think showing golf tees and bags when a customer adds a golf club to their bag or highlighting a garden furniture cover when a customer adds a new garden sofa to their basket. Whatever your industry, get creative and think about what your users are looking for at the exact moment they add a product to their carts.
**5. Offer flexible, BNPL payment options **
Finally, a great way to boost your AOV is to offer flexible payment options such as Buy Now Pay Later (BNPL) schemes, Pay in 3 plans and more. This is a great way to improve the value of a customers’ cart, getting them to spend more as they can pay for it over a few months. This strategy works extremely well for premium brands with a higher product price point as a customer is much more likely to commit to paying 3 lots of £30 rather than £90 in one go, but your brand benefits from higher order values and increased profitability while the BNPL schemes like Klarna and Clearpay take care of the finances.
And there we have it! Some of our best tips for boosting your ecommerce store’s AOV. If you need a helping hand supercharging your website with unique UX features, various payment plans, product bundles or integrating a loyalty program, don’t hesitate to get in touch and we’ll be happy to help!
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