An effective method for increasing your profit margins is increasing your average order value.
Average order value is the average dollar amount a customer spends per transaction in your store.
You can calculate average order value by using a simple formula: total revenue / number of orders = average order value.
To increase your average order value, you’ll need to convince customers to add more items, or more expensive items, to their cart.
There are many different strategies that can be used to achieve this.
I included an overview of 5 strategies below.
- Add product recommendations to product and checkout pages
- Upsell or cross sell complementary products
- Provide order minimum incentives
- Create product bundles or packages
- Run deals and specials
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