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Report presents an Average Order Value (AOV) parameter. This is one of the key metrics for your analysis in e-commerce business. On our site you can find even more useful solutions or get a customized one for your exceptional needs.
The KPIs in Magento advanced reporting is presented with the breakdown by different dimensions such as:
Timeline shows the progress of AOV over time. The list of latest orders gives an overview on the customer's particular order or orders with a common peculiarity.
For you as an entrepreneur, this option may come in handy estimating the variance of AOV basing your analysis on the last paid orders.
Date filter to decrease/increase timeframe for which the AOV will be calculated.
KPIs: Average Order Value (AOV), Grand Total, Orders Count, Order Items Count.
Pie Chart with AOV for first customer's orders and repeated orders.
Bar Charts: AOV by customer group, by category name, by geographic region.
Timeline Chart: shows AOV together with Grand Total and Orders Count for the last 6 months.
Latest Orders List shows latest orders with their Grand Total and Items Count.
Everybody knows from childhood how to calculate an average parameter. To get your Average order value (AOV) and to estimate how many dollars a customer spends when he or she pays for his or her purchase in your online store, simply divide total revenue by the quantity of orders.
There are four common ways in e-commerce on how the AOV can be raised without increasing the price for the product itself. Find them below:
You can do it even in your Magento mobile app. This strategy better works for those shops who sell the consumable products they tend to use everyday.
For example, the products for skincare, house cleaning items and equipment, devices for computers and other tech that need to be changed from time to time etc. Applying the above strategy will increase your customer lifetime value, and thus, revenue.
When your customer buys a detergent for dishes, advise adding a sponge or a hand care cream into his cart. The result is a happy customer and a profit to your firm.
A good way to encourage a customer to buy more from your shop is an order package creation. The demand for bundles is high during the public holidays. Pay attention to this fact when creating your item packages.
A client will surely add an item to buy rather than cancel the order. This is more a psychological factor; everybody now cherishes the time they spend choosing the products they want.
If you are a risky person, you may try to increase your AOV to the market’s maximum and, if things go well, expect high revenues, and thus, profit. The tricks with AOV are for those marketers who want to have a direct and sometimes harsh impact on the business they do.