As an ecommerce shop, you always need to come up with new ways to increase your revenue.
But with that said, it’s a common misconception that you need to find new customers to generate more sales. That’s simply not the case.
In fact, there are plenty of ways to increase revenue without acquiring new customers.
Rather than trying to get more transactions on your ecommerce site, you should be focusing on tactics that increase the amount of each transaction.
Don’t get me wrong. Obviously, new customers and more transactions are great news for your business. But it’s not the only way to make more money.
What’s the average order value on your platform?
This is a metric that you should be tracking at all times. If you’re unfamiliar with average order value, abbreviated as AOV, it’s really easy to calculate.
Tactics that improve your AOV work for new customers and existing customers alike.
It’s all about how you display information on your website.
I know what some of you might be thinking. Your current average order value is adequate. Do you really need to make any changes?
Absolutely.
When it comes to what’s acceptable as an AOV, the sky’s the limit. Don’t settle for anything less. There is always room for improvement.
Use this guide as a reference for in… Read More