Every Magento store owner’s life moves around earning huge revenues. They always strive to find ways of increasing store revenue. As with growing competition, it has become difficult to receive a whopping amount of revenues from the store. Some of the tactics to increase store revenue is AOV, i.e. Average order value.You can find average order value with a small formula which is the total revenue of your store divided by the number of orders. Or if you have enabled e-commerce tracking in Google Analytics, you can find AOV under Conversions->E-commerce->Overview. These are the simplest way to find AOV of your store. Many tried and tested techniques are there which can surely help you to gain momentum in your AOV.
Allow free shipping:
Customers drool over free Magento shipping. So, take advantage of customers drooling over free shipping and let them enjoy free shipping. Customers tend to buy more items when they discover free shipping. In this way, you can drastically increase the order value of customers.
Give discounts on the minimum purchase order:
Giving discounts on minimum purchase order encourages customers to purchase more so that they can have a discount. This tactic works best to drive more sales. Put up an attracting discount offer and see the results.
Display upsell products smartly:
Selling high priced items to customers is a challenging job. If you do it right, you can earn huge profits from it. We can learn from Amazon that how effectively they display higher priced products with its features. It is always a good idea to aware the customers about the expensive products and their characteristics which they are missing out. It might boost the interest within them to buy the expensive product.
Make the most of Cross-sell products:
Cross-sell products are something which can be your game changer. Giving your customers a variety of items, which are useful for the product can work in your favor. For example, you can display upsell items for mobile phone like memory card, phone case, charger, etc. These things are essential for a mobile buyer, and there are higher chances of a customer ending up buying one.
Bundle the products with a discount on your store:
Mac Donald is the master of using this strategy. They offer several meals to their customers at a reasonable price, and that is the reason behind them earning huge. Their customers always end up in what should they have. There is no second thought towards not having anything at all. You can also bundle your products into one item and selling it at a reasonable price. This strategy can also work wonders for you.
Organize loyalty programs:
Reward your loyal customers with some fantastic offers, gift vouchers or assign them free loan credit. Show your gratitude towards your loyal customers. If your loyal customers are happy and satisfied with you, you may enjoy their word of mouth and have more customers.
So, these are the tried and tested tactics which you can use to increase your store’s AOV. But do keep your profit margins in your mind before implementing it. Play smart in this competitive world and keep your customers happy with your quality service and products.