Average order value (AOV) is an important metric for retailers. AOV- how much money a customer spends each time they place an order. Here we are going to discuss some ideas to keep your shopper engaged and adding to their shopping cart.
1. Set free shipping threshold
The first tactic is to offer free shipping on orders which are slightly more than your current AOV. Here i mention ‘slightly’ because free shipping is a tricky subject. 40% of customers are willing to buy more items if they qualify for free shipping. But there’s also a lot of research to suggest that the lack of free shipping is the biggest reason for cart abandonment.
2. Offer discount on minimum purchase
So you are thinking to extend that generous 20% flat discount to clear all your dead stock? need to Improvise. Tell them they will get the discount on a minimum purchase of $50 or $100 or whatever figure sufficiently makes up for your lost margins in giving that discount. Give some, take some.
3. Related Items
Don’t just sell them the one item, list all the accessories that are likely available for it.
4. Correlated items
Items indirectly related or similar in a way may attract customers. Customers who bought ‘x’ also bought ‘y’.Either way, show them something else they might like and they may take you up on it.
5. Recently viewed Items
6. Show them cross-selling option
Purchasing that 500GB Windows 8.1 laptop? Would you need a laptop bag with it? Or perhaps a USB drive? This is precisely cross-selling. Soft selling complementary or additional products to a customer.
7. Loyalty programs
Set reward points they get for spending, referring a friend or sharing on social media, as well as offers they can’t find anywhere else. Last SuiteWorld with the Clutch solution which seems to integrate well with NetSuite.
All businesses like Subscription Business model, how they increase customer lifetime values.
9. Save for later
Available in SuiteCommerce Advanced, a portlet containing previously saved for later items is displayed right below the shopping cart table as a reminder for shoppers before checking out.
Do’s and Dont’s
1. Don’t implement all these tips at once.
2. Do A/B test these strategies to find out what works the best for you
3. Do keep a balance between discounts offered and your profit margin