One of the “big three” when it comes to ecommerce metrics—along with average conversion rate and customer lifetime value—average order value (AOV) is one of the most important tools in an online brand or retailer’s arsenal.
Armed with AOV stats, an ecommerce team can gain insight into confusing consumer shopping patterns, find ways to develop marketing and pricing strategies that move the needle, and deepen their understanding of other key metrics that drive business decisions.
Another reason AOV is such an important metric is that increasing it is almost always directly correlated with growing revenue. While there are of course tons of bottom-line-boosting tricks out there, growing AOV is often the most simple and affordable.
In this infographic, we’ll dig into the details of AOV, learn how to calculate it, and reveal 13 tactics—including everything from loyalty programs to product bundles to tapping into human psychology—that any ecommerce marketer, manager, or business owner can put into practice right away to grow online orders and overall revenue.