Analysis of the AOV helps:
An increased average order value (AOV) means that buyers are willing to buy from you. It also shows that your company provides users with a quality customer experience. If the AOV indicator is too low, then this indicates that you are doing something wrong and you need to conduct additional research to check all aspects of your company.
You can calculate this indicator using a very simple average order value formula:
Average check = amount of revenue/number of customers
Let’s give an example of the calculation using this formula. Toys online store managed to sell 20 items worth $5,000. This means that the average check will be calculated as follows: $5,000/20 items = $250.
According to XP2 Dynamic Yield, as of November 2022, the following worldwide average order value by industry was next:
Increasing AOV is an opportunity to increase revenue without attracting new customers:
Average order value isn’t included in the standard Google Analytics reports, but you can access Average purchase revenue per user, which is the same KPI. To find it, open the Reports tab, then Monetization » Overview. Then, you can scroll down to the graph that shows the average user purchase revenue.
The high average order value is the total amount of the revenue for a specific period of time, divided by the number of checks, which is higher than the medium AOV indicator in your industry segment.
Average order value KPI is a metric that measures the average amount of money that customers spend making a purchase in an online store. It gives the necessary data for a deeper understanding of their client’s behavior.
The average check is the money flow, reduced to the number of checks for a concrete time period, which is less than the medium AOV indicator in your industry segment.
