Top 10 Methods to Increase Average Order Value (AOV) for eCommerce Sellers in 2024

Rahul Kumar

By Rahul Kumar

July 16, 2022

The central aim after starting an eCommerce business is to sell more and more products. Some business practices help you get an idea of your sales performance and how to increase it for the betterment of your firm. One method is to increase average order value. You can calculate how well your store is doing by finding out what your AOV is.

The tactics in this article can help you to increase average order value after you have determined it. You will be well on your way to increasing the number of orders placed on your online store, whether you decide to implement bundled discounts or a free shipping threshold, post which, you can easily prepare to experience an increase in sales.

Table Of Contents
  1. What is Average Order Value (AOV)?
  2. How to Calculate Average Order Value?
  3. Benefits of Having a Stong AOV in 2024
  4. 10 Effective Tips to Increase Average Order Value
  5. Conclusion
  6. Increase Average Order Value: FAQs

What is Average Order Value (AOV)?

Average order value (AOV) in an eCommerce business is the average amount of money that each customer spends on each purchase that they order from your business. It is an indication of the cash and inventory flow of your online business.

High AOV denotes high sales and healthy profit margins. So for new eCommerce sellers, it is often a challenge to increase average order value.

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- Vishal Gupta, Founder, Gynoveda

How to Calculate Average Order Value?

To calculate your average order value (AOV), simply put the total revenue you earned and divide it by the total number of orders.

Average Order Value(AOV) = Total Revenue (Earnings) / Total Number of Orders (Sales)

For example, let’s assume that you own an eCommerce store that sells earphones. In July, you generated ₹45,000 in total revenue from 30 earphones that were ordered.

Your average order value will be: 

45,000/30 = ₹1,500

The value means that a customer is spending ₹1,500 on average on each transaction from your online store.

Benefits of Having a Stong AOV in 2024

Boosts Sales and Profits

You will notice a surge in sales and profit as the AOV increases. Your business will generate more money overall, the more you make with every order. If you notice an increase in average order value, you can put more money into the expansion of your company and earn more profit.

Offers Better Overall Marketing Returns

When you spend money on fixed assets and marketing, that amount is more or less a fixed expense that you have to spend on the business. By spending the same amount of money, you can increase average order value and thus, the overall return margin on spending will also increase.

For instance, after subtracting the cost of the products and taxes, you would not have made much money if you spent a lot on marketing, especially if your AOV is low. However, your marketing expenditure becomes more profitable when you notice an increase in the average order value. Hence, the necessity of implementing an average order value strategy is vital.

Maintains Better Cash and Inventory Flow

A better AOV will provide you with a better flow of inventory as well as the cash flow associated with it. You will be providing fresh items to your buyers and never feel a cash crunch in the business.

In the case of pumping extra capital into the business, you will be assured of getting a good return instead of fearing the blockage of money due to leftover inventory.

Provides Data for Forecasting Orders

The insight that the average order value shows you is the market demand for your products. If it is low, you need to order fewer items and offer discounts in order to sell them. And if it has a high figure, you need to reorder more at a particular time to avoid stockouts.

10 Effective Tips to Increase Average Order Value

Execute First Time Offers

If your company is less than six months old, the majority of your consumers will be first-timers. Promoting discounts to new customers helps raise the AOV. You can offer this specific audience a one-time discount when they purchase multiple units of a well-liked product or special bundle offers reserved only for customers who have never purchased with you before.

It will be considerably simpler to persuade your customer to buy with you again if they order many goods and are happy with their purchases. They will have already had a personal experience using your website to shop. As a result, your chances of getting them to buy from you again are higher, which will help to increase average order value.

Run Flash Sales

Flash sales are special offers provided by an eCommerce seller for a few hours for a set of specific products. These products often have extra discounts during the period of the flash sale.

Flash sales increase the sales velocity for hours in a day which can ultimately increase average order value. It is mostly done during the off-season when the AOV is lower.

Provide Discount Coupons

Discount coupons and gift cards are a physiologically better method to increase average order value. To avoid losing money, you must make sure that your product prices are high enough to prevent a free purchase from your business after the buyer uses the discount coupons. Make sure that customers are aware that they cannot use the discount coupons to pay for current purchases or delivery and implement digital barriers to prevent them from doing so.

Offering discount coupons also encourages additional purchases, which helps cut down on additional advertising expenses. Giving clients more for their money is an amazing idea when sales are lagging due to various factors. This deal should not be available all year long because it can become ineffective and result in losses.

Have Festive Offers

Many buyers wait for festive offers to buy high-priced products, specifically so that they can receive discounts. These high price products are ordered by a few customers but offer a better profit than most other products.

These festive offers also add more customers to your shop while helping you maintain your AOV for the future.

While these offers help increase average order value, you can sell your old products by giving high discounts on them and free up your money instead of holding onto them perpetually.

Initiate a Free Shipping Threshold

Offering a free delivery threshold is the simplest strategy to raise the average purchase value. For example, free delivery on a purchase of above ₹500.

When customers check out and their order falls short of the minimum amount required for free shipping, you can include an additional notification. This notification will prompt them to add more items to their cart and enable you to increase average order level.

Offer a Minimum Order Discount

Indians have a tendency to save money and constantly search for the best offers. Buyers may feel guilty about placing large orders. By showing customers their overall savings if they order a certain amount, you can increase average order value and also increase customer satisfaction. This can stop cart abandonment or alterations, which could reduce the total they intended to spend.

Customers will feel as if they are getting a better deal. Even if it serves as a preventative measure, demonstrating to customers the financial advantages they get from purchasing multiple things can help raise your AOV.

Cross-Sell or Up-Sell Related Products

A cross-sell is a product that is distinct from the one that a consumer is currently browsing but that they might also like. For instance, if a consumer is looking at a pair of shoes, you may suggest a pair of socks that go well with it as a recommended product.

Adding all the items that the model is wearing in the listing pictures to the suggested items is a great cross-selling strategy. As an illustration, if a tank top in the product photo is being sold, you might cross-sell the jeans that are in it too. Customers are more inclined to buy the two items together since they can see them in use.

To increase average order value or profit, you can up-sell by persuading customers to purchase more expensive items or upgrades. For example, if you sell mobile phones, you might up-sell earphones, mobile covers, add-on guarantees, etc. 

Offer Same-day or Next-day Delivery

An enhanced sense of satisfaction comes when products/services come to customers as soon as possible and they can utilize them. Many companies are doing their best to make their customers happy and that is why all buyers strive to provide amazon prime-like delivery, i.e., offering Same-day or Next-day delivery

A seller who offers a slow fulfillment option can be at risk of buyers preferring to choose a competitor that offers faster delivery. So always keep in mind to make delivery hassle-free and available all over the nation.

Provide Different Payment Options

Many times, a buyer is willing to purchase and pay for the product but in the end, the cart is abandoned due to a variety of reasons. You may try to persuade the buyer by giving them offers on the product or some extra benefits like free shipping but very often, the reason behind it is the lack of payment methods available.

For example, a buyer may prefer to pay through UPI to avail of coupon benefits given by a digital payment platform. So the more payment options you give, your AOV will get higher.

Have a Clear and Easy Return Policy

In an eCommerce business, you must have a return policy because, in the sector, buyers are afraid of getting a fake or damaged product instead of the one they spent their hard-earned money on. The return option gives them a sense of trust which influences them to place orders without worrying about the product quality.

Conclusion

Average order value in eCommerce is a helpful tool used by businesses to calculate the average value of transactions done with respect to a particular time frame. There are several reasons to increase average order value and several methods to go about it. This is where WareIQ can help.

increase average order value_WareIQ services

WareIQ provides services relating to picking, packing, reordering and managing inventory which will help you increase average order value by providing smooth and fast fulfillment to ensure better reviews and positioning of your products.

When you use WareIQ’s Warehouse Management System, Inventory Management System and other services, you do not have to worry about fulfillment, taking care of returns or placing orders to your merchants manually as all these processes will be provided by us. We also provide a network of fulfillment centers across the country for easy storage and have partnered with more than 20 of the biggest shipping aggregators to provide ultra-fast delivery to every customer.

Increase Average Order Value: FAQs

Supercharge your fulfilment with WareIQ now, contact our team.

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Rahul Kumar
Author

Rahul Kumar

Rahul Kumar worked as a content marketing analyst at WareIQ contributing to blog posts related to eCommerce operations, fulfillment and shipping along with a few topics around tips and tricks for eCommerce sellers. He has more than 3 years of content writing experience across industries like logistics & supply chain, media etc.

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This includes: Business name Type of business (sole proprietorship, partnership, private limited company, etc.) GSTIN (Goods and Services Tax Identification Number), which is mandatory for selling on JioMart Business address for correspondence and shipment purposes Bank Details Enter your bank account details where you will receive payments from JioMart. This includes: Account holder’s name Bank account number IFSC code of the bank branch Upload a cancelled cheque or a recent bank statement for verification. Business Documents Upload the required documents to verify your business credentials. These documents typically include: GST Registration Certificate PAN Card of the business entity or owner Address proof (electricity bill, rent agreement, property deed, etc.) Cancelled cheque or bank statement for bank verification Ensure that all documents are clear and legible to avoid delays. Product Listings Once your account is verified, you can start listing your products. Ensure that each product listing includes the following: High-quality images Detailed and accurate product descriptions Pricing information Stock availability Use keywords and SEO practices to make your listings more visible to potential customers. Compliance and Quality Check JioMart may conduct a compliance and quality check to ensure your products meet their standards. Be prepared for periodic audits to maintain high-quality listings and customer satisfaction. Start Selling After your products are listed and approved, you can begin selling on JioMart. Use the seller dashboard to manage orders, track inventory, and address customer queries. Utilise Seller Support JioMart offers extensive seller support services to help you optimise your sales and resolve any issues. Participate in training programs and webinars JioMart provides to enhance your selling strategies. Advantages of JioMart Seller Registration Broad Customer Reach: Gain access to a large and diverse customer base across India. Efficient Logistics Support: Benefit from JioMart’s robust logistics network for timely and reliable deliveries. Secure Payments: Enjoy secure and timely payments with transparent transaction records. Marketing Support: Leverage JioMart’s marketing tools and promotions to boost your product visibility. You may also like to read: APOB Registration on AJIO: A Step-by-Step Guide [signup] Conclusion Navigating the complexities of e-commerce platforms like Jiomart requires a strategic approach to ensure compliance and optimise performance. Understanding the role of APOB (Additional Place of Business) is crucial for Jiomart sellers as it helps streamline operations, manage inventory effectively, and comply with GST regulations. APOB for Jiomart facilitates efficient warehousing and logistics and ensures that sellers adhere to the legal requirements necessary for smooth business operations. Proper registration, meticulous inventory management, and leveraging Jiomart’s marketing tools are essential strategies for enhancing your presence on the platform. By following the tips outlined for Jiomart sellers, such as optimising product listings, managing customer service effectively, and staying updated with platform changes, sellers can significantly boost their chances of success. Ultimately, a well-managed APOB setup and adherence to best practices will lead to a more organised and profitable e-commerce business on Jiomart. FAQs About APOB for Jiomart What is the role of APOB in Jiomart?APOB, or Additional Place of Business, plays a vital role in the operations of Jiomart sellers by ensuring proper registration and compliance with GST regulations. For Jiomart, an APOB allows sellers to register additional business locations that are crucial for managing inventory and fulfilling orders. This setup helps maintain accurate records, optimise logistics, and meet legal requirements. With an APOB, Jiomart sellers can streamline their supply chain operations, enhance their ability to handle large orders and ensure smoother business operations across different locations.How does one register for APOB on Jiomart?To register for APOB on Jiomart, sellers must first ensure that they have a valid GST registration for their primary business location. Once this is established, sellers can apply for APOB through the Jiomart seller portal. The process typically involves providing details about the additional place of business, such as address proof and relevant business documents. Jiomart will review these details and, upon verification, approve the APOB registration. 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First, sellers must create an account on the Jiomart seller portal by providing basic information about their business. This includes details like business name, GST number, and contact information. Next, sellers must upload documents such as GST registration certificates, PAN cards, and bank details. After submission, Jiomart reviews the information and verifies the documents. Once approved, sellers receive access to the Jiomart platform to list their products, manage orders, and track sales. This registration process is crucial for establishing a presence on Jiomart and starting operations.How can Jiomart sellers effectively manage their business using APOB?Effective management of a Jiomart business using APOB involves several strategies. Sellers should ensure that their additional places of business are well-organised and equipped for efficient inventory management. 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Managing APOB for Nykaa: Tips for Sellers

Managing APOB for Nykaa: Tips for Sellers

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Understanding APOB for Nykaa An Additional Place of Business (APOB) for Nykaa sellers refers to any location apart from the primary registered office where significant business activities occur, such as product storage, distribution, or packaging. Registering these additional locations with GST authorities ensures compliance and facilitates smooth business operations.  For Nykaa sellers, maintaining multiple APOBs can significantly enhance their operational efficiency by allowing them to manage inventory more effectively, reduce delivery times, and better cater to regional customer demands. Registering an APOB involves updating the GST portal with the new location details and submitting necessary documentation, such as address proof and rental agreements.  By effectively managing APOBs, Nykaa sellers can leverage strategic locations to optimise their logistics, improve delivery performance, and provide a superior shopping experience to their customers. 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Additionally, these partners provide tracking services that enable customers to monitor the status of their orders in real time. Collaborating with multiple delivery partners also helps Nykaa manage peak season demands and handle large orders efficiently. By leveraging the expertise and infrastructure of its delivery partners, Nykaa ensures a seamless shopping experience for its customers, reinforcing its position as a leading e-commerce platform in the beauty and wellness sector. Process of Nykaa Seller Registration Registering as a seller on Nykaa involves a straightforward yet comprehensive process designed to onboard legitimate and quality-focused businesses. The registration process includes the following steps: Account Creation: Visit the Nykaa Seller Portal and create an account by providing basic information such as name, email address, and contact number. Business Information: Enter detailed business information, including business name, type, and GSTIN. Ensure that all APOBs are registered and listed. Document Submission: Upload necessary documents such as GST registration certificate, PAN card, bank account details, and address proof for the primary and additional places of business. Product Listing: After verification, list your products on the Nykaa platform by providing detailed descriptions, images, and pricing. Onboarding Completion: Once all details are verified and approved, your seller account is activated, and you can start selling on Nykaa. You may also like to read: Step-by-Step Guide to Registering an APOB for Amazon How to Track Nykaa Delivery? Nykaa provides a robust delivery tracking system to ensure transparency and enhance customer satisfaction. Once an order is placed, sellers can access real-time tracking information through Nykaa’s Seller Dashboard. This tracking system includes: Order Confirmation: Sellers receive an order confirmation with details such as order number, product, and customer information. Dispatch Notification: When the product is dispatched, a tracking number is generated, and both sellers and customers can monitor the shipment’s progress. Real-Time Updates: The tracking system offers real-time updates on the shipment’s status, including pick-up, transit, and delivery stages. Delivery Confirmation: Upon delivery, the seller and the customer receive a notification confirming that the order has been successfully delivered. This efficient tracking system keeps customers informed, helps sellers manage their inventory, and promptly resolves potential delivery issues. Vital Tips for Nykaa Sellers To succeed as a seller on Nykaa, it’s essential to adopt best practices that optimise operations and enhance customer satisfaction: Efficient Inventory Management: Keep your inventory updated and ensure that popular items are always in stock to avoid missing out on sales. Clear Product Descriptions: Provide detailed and accurate product descriptions and high-quality images to attract and inform potential customers. Competitive Pricing: Regularly review and adjust your pricing strategy to remain competitive in the market. Customer Service: Offer excellent customer service by promptly responding to queries and resolving issues quickly. Leverage Promotions: Participate in Nykaa’s promotional campaigns and offers to boost visibility and sales. By implementing these tips, sellers can enhance their presence on Nykaa and build a loyal customer base. Also read: APOB Registration on AJIO Conclusion In the dynamic world of e-commerce, managing an Additional Place of Business (APOB) efficiently is crucial for sellers on platforms like Nykaa. APOB registration ensures compliance with regulatory requirements and facilitates smoother business operations across multiple locations. By understanding the intricacies of APOB for Nykaa, sellers can leverage their business's potential, expand their reach, and enhance their service quality. Embracing effective logistics and delivery partnerships is equally important. Nykaa's collaboration with trusted delivery partners and robust tracking mechanisms ensures timely and reliable deliveries, contributing to a superior customer experience. Following the outlined tips and best practices, Nykaa sellers can streamline operations, boost customer satisfaction, and achieve sustainable growth in the competitive e-commerce landscape. FAQs About APOB for Nykaa What is an Additional Place of Business (APOB) for Nykaa sellers?An Additional Place of Business (APOB) for Nykaa sellers refers to any location other than the primary registered office where business operations such as storage, dispatch, or delivery are conducted. These locations must be registered with GST authorities to ensure compliance and smooth operations.How do I register an APOB for my Nykaa seller account?To register an APOB, log in to your GST portal and update your business details by adding the new location. If applicable, submit necessary documents such as proof of address and a lease agreement. Once approved, the APOB will be officially recognised and used for business operations.Who are Nykaa's delivery partners?Nykaa collaborates with several reputable delivery partners, including Delhivery, Blue Dart, and Ecom Express. These partners help ensure efficient and timely product delivery to customers, enhancing the overall shopping experience.What are the steps to become a Nykaa seller?To become a Nykaa seller, create an account on the Nykaa Seller Portal, provide detailed business information, submit necessary documents for verification, and list your products on the platform. Once your account is approved, you can start selling.How can I track my deliveries on Nykaa?Nykaa offers a robust delivery tracking system that is accessible through the Seller Dashboard. Sellers receive real-time updates on the status of their shipments, from dispatch to delivery, ensuring transparency and timely information for both sellers and customers.

July 24, 2024