Growing average order value – or AOV – is one of the top goals for eCommerce brands worldwide. Imagine if every one of your customers spent 10% more. That’s the power of increasing AOV, and a good enough reason to pursue its development.
Generating a greater spend-per-user is one way of describing our end goal. However, boosting AOV could also be interpreted as realizing the potential of each customer.
Upselling to grow AOV
Brands have many different ways of encouraging someone to expand their cart. Some focus on upselling, where the aim is to increase order values by suggesting a product or service upgrade.
Telecom providers are ideal for this strategy as there is invariably a more expensive handset and data package to consider. The same applies to sellers of consumer electronics and in industries like travel, subscription, and sports equipment.
Cross-selling to grow AOV
Another way of increasing online spend is through cross-selling. Here, customers are invited to add items to supplement what’s already in their carts.
The key is to ensure relevance whenever you recommend a new product. Fashion brands tend to be the best at using supplementary items to grow AOV. The bigger brands analyze millions of data points to determine which convert together on “recommended for you” tools or similar.
Thankfully, you don’t need a huge range of products to unlock the benefits of cross-selling. All you need is a way of creating links between the products on your site. That’s where technology comes into play.
How to maximize AOV with RevLifter
All instances of growing AOV are, at least in basic terms, good for your online brand. However, while getting the customer to add another product is a positive result, you can always integrate more data to fully optimize that sale.
RevLifter considers a number of factors – from margin to availability and relevance – to boost AOV in a way that reflects your goals.
Perhaps you’re a fashion retailer heading into spring with stock remaining from winter. By using RevLifter’s AI-powered product recommendation engine, you can find opportunities to promote your distressed inventory in the best possible situations.
It’s a definite upgrade on blanket promotions, which fall short due to the absence of 1-2-1 targeting.
Examples of growing AOV
Another intelligent way of increasing spend is to use profitability as a goal for conversion.
Using our telecom retailer example, we can think of many ways to make every cart more valuable. That’s why the real question shouldn’t be “how can we grow customer spend?”. Rather, it should be – “how can we grow customer spend and profit?”
One of RevLifter’s award-winning campaigns did precisely that for a telecom provider. In this instance, we calculated the margin of each cart before suggesting a way to expand it through upselling.
Our technology also enabled customers to add new products or upgrade their orders with a single click, as navigating to extra pages would slow the process down. Every deal provided more value to the customer while raising profitability.
How RevLifter Makes Every Customer More Valuable
Boosts baskets with stretch-and-save offers
Build a deal algorithm that pushes high-margin sales even further by trading greater spend for a bigger saving.
We highlight the advantages of increasing the order through an interactive demonstration of value, which aligns with your expectations for profit. Stretch and save – it’s a win-win.
Cross-sells and upsells with AI
Leverage AI-powered recommendations to convert bigger carts. Suggest a supplementary item, promote an upgrade, or do both simultaneously.
Natural ties and opportunities exist within every product catalog. Maximize your online potential by cross-selling and upselling to buyers that crave inspiration.
Identifies and converts your VIPs
Convert more high-margin carts with trigger-based solutions that capitalize on the opportunity before it leaves.
Define rules for VIPs and give them a clear path to the checkout. RevLifter considers your goals, the order, and the purchase intent – all in real time – before converting the sale.
Deploys gamification and countdowns
RevLifter transforms the process of redeeming incentives into an extra layer of the customer experience, producing heightened AOV and engagement.
Implement progress bars to create a link between raising spend and unlocking extra value or benefits, or use a timer to build urgency around one-off deals.
To learn more about the ways that RevLifter helps you to increase AOV, book a demo today.