Here you are, ready to take the leap into Increasing average order value for boosting revenue and initiating long-term customer relationships. You’ve undoubtedly heard that the global ecommerce market is expected to reach $18.89 trillion by 2027, and you want to make sure your company doesn’t fall behind. A short scan through the huge array of ecommerce platforms accessible today, on the other hand, might easily lead to decision paralysis.
Consider Salesforce Commerce Cloud before throwing in the towel. The platform has undoubtedly become one of the world’s leading B2C and B2B commerce platforms, with retail giants such as Adidas, Puma, and Lacoste among its customers.
As a Salesforce-Navigator Specialist for B2C Commerce, we’ve seen company after company achieve online success through the Salesforce Commerce Cloud (SFCC). Today we’re going to give you a better idea of how to Increase Average Order Value (AOV) for Salesforce Users and for the retailers who are considering hopping on SFCC.
Learn how ecommerce merchants and brands can increase AOV!
What is the AOV (average order value)?
The average order value measures the average amount spent each time a customer places an order on a website or through a mobile app (AOV). Divide total revenue by the number of orders to find your company’s AOV.
Why does average order value matter?
Knowing your company’s average order value can help you evaluate your entire online marketing efforts and pricing strategy by providing the numbers you need to assess individual customers’ long-term worth.
The AOV serves as a benchmark for consumer behavior, allowing you to establish targets and measure how effectively those initiatives are functioning. When it comes to generating website traffic, some marketers overlook the fact that raising AOV is more significant and lucrative. Expanding traffic is usually expensive, but increasing AOV is not.
Because each order has a transaction cost, raising your AOV is a technique to enhance direct income and profits while consumers are already purchasing from your store.
The following are examples of effective AOV-increasing strategies:
- Einstein Commerce Cloud
- Improve the site’s searchability
- Sorting and filtering
Einstein Commerce Cloud
Commerce Cloud Einstein allows you to apply 1:1 personalization to product suggestions, search recommendations, and sorting criteria! Einstein Predictive Sort employs Artificial Intelligence (AI) and customer data to give more personalized product results, resulting in 9.1% greater revenue per visitor and 3.8% higher conversion rates!
Improve the site’s searchability – Einstein Search Recommendations
The Commerce Cloud Einstein engine is used to power personalized search suggestions in the storefront via Einstein Search Recommendations. Einstein Search Recommendations personalizes type-ahead search for each unique consumer by directing them to the best accessible search keywords. Einstein Search Recommendations provides the following advice:
Einstein provides search term recommendations using machine learning, which analyses consumer queries and creates recommendations that are most likely to lead to product views. Einstein Search Recommendations are intended to improve your consumers’ search experience by:
The elements of this feature, taken together, lessen the risk of consumers seeing empty or irrelevant search results. This implies that when Einstein Search Recommendations are enabled, shoppers are more likely to locate relevant products in your storefront.
Sorting and filtering
You can add personalization to the product order presented by adding the Predictive Sort sorting rule to the keyword search sorting rule that is currently active on the site. In a roundabout way, the Einstein Search term supplied will be utilized as the keyword to which the sorting criteria will be applied.
A/B testing to improve your AOV
Each website and app has its own range of users and products, and growing AOV may be done in a variety of ways. There are various options to test within each approach, such as headlines, graphics, and calls to action.
As an example, consider cross-selling. To check if AOV increases, compare your initial shopping cart to a variant that contains a “People who purchased this also bought this” statement and image. Then you might try a different message, such as “Recommended items for you,” to see which one gets the best AOV.
With so many options for increasing your AOV, you’ll need to create a systematic sequence of A/B testing that will allow you to gather enough data for each test to optimize for conversion.
These are just a few ideas for increasing average order values on your e-commerce website. To choose the most successful path to pursue, you need first ensure that you have a thorough understanding of your visitors so that you can use these methods at the most appropriate time in the customer journey.
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