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Unless you’re completely uninterested in growth, you probably want to generate more e-commerce sales.
But what if the secret to success doesn’t lie in more sales, but instead, bigger sales?
Increasing your average order value doesn’t just mean more money in your merchant account. It also maximizes the profit on each order.
Every order you fulfill as an e-commerce store comes with a collection of costs, both direct and hidden.
Delivery costs are one of the biggest challenges for 24.7% of e-commerce companies, and 51% reported escalating fulfillment costs within the last year.
The higher your average order value, the more you can drive down these costs. Increasing your average order value also allows you to capitalize on the high conversion rates associated with existing customers.
The probability of selling to existing customers is 60-70%, compared to 5-20% for new customers.
Leverage low-hanging fruit and learn how to increase your average order value in this guide.
Optimize Your Checkout Design
One of the keys to unlocking a higher average order value is to optimize your online checkout design.
A well-optimized online checkout process is fundamental to e-commerce store success. If your checkout process is cumbersome, full of friction, and slow loading, it’s going to lose you e-commerce sales instead of facilitating them.
Don’t believe us? Analysis reveals that an optimized online checkout design can net you a 35% higher conversion rate.
For a start, your checkout flow should be short and sweet (preferably single page). It should be branded and customized, and have lightning-fast load speeds.
Besides these fundamentals, you should also use your checkout page as a direct opportunity to increase order totals.
Have you ever gone to a dealership to buy a car, walked away having signed on the dotted line for upgraded trim, insurance, a maintenance plan, roof rack accessories, key protection… and still felt like you got a good deal?
This is what you want to aim for in your online checkout process. Instead of it just being where customers finalize their purchase—you can turn it into a place where you pitch irresistible deals, add-ons, and upsells.
A/B Test for Success
It’s not enough to design an online checkout process that simply looks good on paper. You need to make sure it’s generating the maximum conversions possible.
The way to do this? By A/B testing.
Here at Checkout Champ, we pride ourselves on being the wizards of checkout design. Your online checkout is where the action happens, and it needs to be geared accordingly.
With us, your pages will load faster than the most feared gunslinger. You’ll also be able to A/B test every aspect of your page to maximize conversions and ramp up those average order values.
We don’t just allow you to A/B test. With Checkout Champ, you can A/B/C/D test.
This is known as four-way split testing. Split testing is notoriously tricky to implement and used to be the domain of hardcore marketing professionals.
Now, any e-commerce store owner can leverage this powerful, data-driven, sure-fire way to supercharge sales. With Checkout Champ, you can effortlessly split-test via our one-click implementation feature.
You can track your AOV and LTV by page variation, and run up to four variations simultaneously, cutting down the time it takes for you to identify the money-making page variation.
Incorporate Upsells Offers, Add-Ons, and Bundle Deals
The next step to turbocharging your average order value is practicing the art of the upsell. And you shouldn’t stop at upsell offers. Cross-sells, down-sells, bundle deals, and add-ons are all great opportunities to boost your AOV.
As you might have guessed, your online checkout page is the perfect place to tempt shoppers with upsell offers. This is known as an order bump.
You can also present cross-, down-, and upsell offers during the shopping journey. But you need to be strategic about how and what you offer to customers.
Be Strategic
Bombarding customers with unrelated products is not going to drive results. It’s also not going to inspire trust.
You want your customers to feel like the offers you present them are valuable and relevant to their virtual shopping trip.
For instance, if someone is buying a suit, they probably wouldn’t want a salesperson to start peddling lawn furniture at them.
But a nice dress shirt that perfectly complements the color palette of the suit they picked out? Well, that’s a different story.
If you apply this concept to your upsell offers, you’ll have a winning recipe.
Another example where this applies is bundle deals. There’s a reason why leading box stores love the “Buy 2 Get 1 Free” strategy.
If someone is buying 1 bulk pack of toilet paper, there’s a good chance they’ll double up their purchase in exchange for a free pack.
With Checkout Champ, you can easily create dynamic upsell offers that will add specific upsells based on your customers’ cart contents.
Eliminate Friction With One-Click Upsells
Before we move on, here’s a quick secret about e-commerce upsells. They have to be friction-free. You do not want your customers jumping through hoops to add the upsell to their cart.
In other words, they shouldn’t have to click through to the product page, add to cart, and then get back to where they were. Instead, they should be able to instantly add the item to the cart without deviating from their current navigation path.
The answer? One-click upsells.
One-click upsells allow shoppers to add suggested items to cart in one click, without having to navigate to the product page.
Increase Your Conversion Rate With Time-Sensitive Offers
Once you’ve got a customer’s attention with an attractive upsell, you can add extra motivation to the equation with a time-sensitive offer.
For instance, you can give shoppers a 20% discount if they purchase the item within 24 hours. Offers like this can be a conversion catalyst for a customer struggling to make up their mind.
There’s nothing like a generous but time-sensitive offer to seal the deal and win you the sale.
Want to Increase Your Average Order Value and Amplify Profits?
Increasing your average order value is one of the most overlooked strategies for e-commerce store success.
The first place to start is right within your cart. By optimizing your online checkout process for speed, eliminating friction, and incorporating upsells, you can significantly increase your AOV.
Checkout Champ makes implementing these strategies as easy as 1-2-3. Our features can increase your conversion rate by a whopping 50% without increasing your marketing spend in any way.
Would you like to see Checkout Champ in action for yourself? Book a free demo and witness the power of a perfectly designed checkout experience.
