6 Tips to Increase Average Order Value for your eCommerce Business.
As an entrepreneur, you are looking for ways to optimize your business and make more money. To begin with, you may want to take steps to increase average order value in your online store. This might help increase total revenue and enhance customer loyalty.
So what you can do to increase order value?
1. Throw in the free shipping bait
Online shoppers love free shipping. They are willing to pay more for an order with no shipping cost. So harness the power of free shipping to lure customers to spend more on their order every time they purchase. When there is a minimum spending threshold, customers are willing to spend more for free shipping.
2. Offer a discount
Shoppers are always looking for discounts and deals. Set specific levels of spending within the cart for shoppers to avail a discount. Though it might affect your profitability, it will attract customers to spend more. When shoppers are willing to spend more for a discount, you will benefit more. A gift card is another option to lure customers into buying more. For example, a discount for bulk buying can attract shoppers to spend more and increase average order value.
3. Package products in a bundle
One tactic to sell more is to group some products into a bundle that share a common purpose. Packaging such products in a bundle can compel shoppers to buy more for a slightly reduced price. It always helps to display packages in a way that makes bundles look more appealing.
4. Recommend similar items
Harness the power of the recommendation engine to attract shoppers to spend more on their cart. By recommending similar and related products that a shopper is looking for, you can prompt them to either come back for more or add more items to their cart.
5. Reward loyal customers
A loyalty program is an excellent tactic to encourage customer retention. The idea is to reward customers with loyalty points when they shop with you. You can decide how the loyalty program will work. The goal is to encourage shoppers to purchase more to cash in on more points and gain more rewards. For example, you may run a program or giveaway to reward the latest customers. This could influence consumer purchase behavior and encourage more spending.
6. Plan short-term sales
It is a smart business tactic to run a sales program for a limited period. It could be anything – either a huge discount that fans want to take advantage of or a limited period offer that encourages more spending. At the end of the day, you may notice an increase in your average order value. That’s exactly what you had started this project for.
Experiment with these strategies at different times to see what works and what not. There may not be a significant overnight jump in the average order value but the results will be apparent as you adapt to the needs of your audience.
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