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Average order value (AOV) is the average amount spent every time a customer makes an online purchase. The formula to calculate it is really straightforward. Divide your revenue by the number of orders you’ve had in a given timeframe and you’ll get AOV.
Say you want to know your AOV for a specific month. Revenue is $5580 and you’ve had 100 orders. Your AOV for the month is $55.80.
AOV is one of the most important KPIs for ecommerce brands to track. Knowing the average amount a customer is going to spend on an order gives you a much better sense of what you should be spending on your marketing efforts across the board.
Common strategies for increasing AOV include cross-selling, upselling, and bundling. Because it’s cheaper to improve relationships with current customers than it is to acquire new ones. And you already know they’re interested in your products.
Here's a list of resources to help you increase your average order value: