Ecommerce has become the main channel of choice for holiday buyers during Black Friday and Cyber Monday (BFCM).
However, with the cost of acquiring new customers rising over 60%, Shopify store owners are searching for new ways to increase their average order value (AOV) this holiday season.
We’re offering our top 10 best techniques to help Shopify merchants sell more items per transaction this holiday season, to make the most of every sale and easily increase revenue.
Average order value (AOV) is an ecommerce metric that calculates the average amount a customer spends during just one transaction from an online store.
AOV is determined by taking the overall revenue amount from your store and dividing it by the number of transactions.
For Shopify store owners, this important metric is quickly accessed in the analytics menu.
With acquisition costs rising, material cost increases, inflation, and overhead pay, many Shopify merchants could be losing money on each transaction. You need to make the most of every sale.
This Black Friday Cyber Monday (BFCM), you should strive to increase your average order value to offset costs and increase your ROI.
Let’s look at our top 10 essential techniques to quickly make more per transaction from your Shopify store.
The easiest way you can increase average order value is by adding post-purchase offers after the checkout page.
Instead of offering product upsells and cross selling during checkout (which can overwhelm your customer and lead to cart abandonment) your post-purchase offer is shown on a new page after your customer has just checked out.
This “post-purchase funnel” is a new page that highlights products that compliment what your customer has just bought, drastically increasing your conversion rates.
Because excitement is high after placing their purchase, your customer is more likely to accept the one-click offer to easily add new products to their existing order.
Using CartHook’s app, you can modify your post-purchase offers to match your store’s branding and automatically recommend new products based on your customer’s order, increasing your average order value by 10% through targeted upsells.
Additionally, you can set up a limited-time offer timer in your post-purchase offer to motivate your customer to take advantage of their special offer.
Using CartHook, you can create a post-purchase subscription offer after the checkout page to encourage customers to sign up for monthly or weekly subscriptions.
Consider adding a discount on the first month to encourage customers to sign up, such as 10% off their first order.
Stores that offer a limited range of products frequently suffer from low average order value.
An easy way to solve this is by bundling and grouping products together. Instead of offering just one product, create different bundles, ranging from 3 packs to 5 packs that easily multiply your customer’s order value.
If you want to increase your average order value, then raise your minimum free shipping threshold prices. Instead of offering free shipping at $45 per order, consider raising it to $75.
On average, it costs around $11.50 to ship a medium-sized parcel. However, by upping your free shipping threshold by $30, you can easily make around $20 more from each order, making the cost of paying for free shipping worth it.
If your Shopify store only sells one type of product, such as shampoo, supplements, or candles, consider creating a BOGO deal to sell more items per transaction.
You can create a buy one, get one discounted to sell more products per transaction.
Implementing BOGO deals is also a great way of managing your inventory. Selling off excess products is a good way to get rid of old products to make space the new. Plus, you’ll give your customers a great deal so they’ll be eager to return.
It’s a win-win-win situation.
A great way to reward your customers and promote new products is by offering free samples, mini-sizes, or $1 offers.
For example, you can create a post-purchase offer to include a free product for customers who have spent more than the average order spend.
The next time your customer places a purchase, they’ll likely buy the full-priced version of their free gift.
Fear of missing out is a powerful motivator for getting customers to add valuable items to their shopping carts.
Especially for Black Friday and Cyber Monday (BFCM) deals, create limited-time offers, such as “cosmetics up to 50% off.”
By offering a limited-time offer, you can boost short-term sales and increase your conversion rates by incentivizing your customer to place their order sooner than later.
Using CartHook, you can set pricing thresholds to reward your customers who have spent much higher than the average spend.
Offering a free gift or gift card not only rewards your loyal customers and improves customer retention, but it also shortens your sale cycle so your customer will make a repeat purchase sooner than they would have without a deal.
If your product range is limited, start thinking of product accessories that will pair well with your existing products.
For example, shoes naturally pair well with socks, or electronics pair well with chargers and cases.
If you’re able to, try expanding your product range to include more accessories for each of your main products.
This will likely be a long-term strategy that over time will increase your store’s cross selling opportunities and average order values.
CartHook is a Shopify app that improves your average order value by creating a quick, no-code, one-click post-purchase upsell page.
Your targeted offers are shown on a new page immediately after checkout, to allow your customer one last chance to accept or decline the new offer with just one click.
Because your customers have already placed their order, there’s zero risk of cart abandonment, and you’ll get another opportunity to increase their average order value.
Download CartHook today to see your average order value increase by 10% easily.