Tools to Increase Sales
You can evaluate your sales efficiency by tracking the Average Order Value (AOV) metric. The following influences the metric:
- Customer satisfaction.
- Pricing policy.
- Purchasing power.
- Customer loyalty.
- Strategic effectiveness.
Use the Merchant Portal to find out your AOV.
You can increase your AOV by:
- Selling add-ons
Offer your customers additional products or services that complement their main purchases. For example, when the customer adds a product to the checkout page, you can suggest them to buy something beneficial to the already purchased products. An add-on product can be an additional item (e.g. accessory) or a service (e.g. extended warranty, extended support).
You can use cross-sell to offer additional products on your checkout page, or use TYPO to offer additional products after the main order has been paid.
- Increasing check averages
Offer your customer to purchase a more expensive product. For example, when the customer adds an inexpensive product to the checkout page, you can offer them to pay attention to more effective and high-end products from the same segment. You can also add a discount to this offer.
Use up-sell offers.
- Using discounts, sell-outs, promotions
Even though discounts should reduce prices, your Average Order Value usually goes up even during sell-outs. The customer compares old prices with new discounted prices. This psychological strategy makes the customer see new prices more profitable because they have no knowledge about how much prices were initially raised. This strategy stimulates purchases and increases your Average Order Value as the number of orders grows.
Use promotions to provide your customers with instant discounts (discounts are applied on products instantly when they are added to the checkout page) or promotion codes (discounts are applied on products after such coupons are activated on the checkout page).
- Using various payment options
Offer your customers more options to pay for their products. For example, offer them to pay in installments.