Music to my ears: let’s make some more money with no effort whatsoever!
Last week, in part 1, we discovered 5 simple strategies to increase your average order value (basically, how much your customer is going to add to cart). And this week, we’re going to complete that list with 5 more tips.
I know for sure ecommerce entrepreneurs keep focusing on the most expensive tasks (traffic generation, social media, networking, and so on), when upselling or increasing the amount of products purchased by order is absolutely free of charge!
[If your ecommerce store does not have a free shipping threshold, discounts on big orders, volume discounts, up-sells and cross-sells, then you should read this again: 10 Simple Ways to Increase your Average Order Value (part 1).]
So, keep reading here and find out 5 more incredible tips to increase your average order value (AOV).
6. Increase product price!!!!!!!
Sorry about the exclamation marks, I usually never do that. But in this case it’s inevitable. I’ve seen so many business owners increase their prices over and over again, with no bad consequence whatsoever.
This is the most evident… the most obvious… and the most common suggestion of all time. Increase your prices NOW.
Customers pay for the “perceived value”, not the actual price. Shoppers spend hundreds in fashion boutiques because they know they’re going to look better, and the price is not an issue.
This is one of the most underestimated strategies to make more money. Your prices can and should be increased right now.
Start with a simple +20% and test it out. If successful, add another 20%. And so on. The more you add, the more room you can leave for offers, discounts and coupons.
7. Bundle items together
One great way to increase your AOV is by selling a bunch of highly relevant products together. Bundling fundamentally means offering different products as an element of a bundle or package and selling them together using special prices or reductions.
Similar products that are often sold on their own can be wrapped up together into a “package”. For example, if you sell laptops, you might want to bundle them with mouse, keyboard, camera and laptop bag.
Guess what? Customers will buy the package if that allows them to get a decent discount.
Bundling products together can be good for your business as you can move and sell products quicker. At the same time, bundling related or complementing items together can save your customers time in attempting to find out what other items they need to buy to achieve better and more effective usage of the products they purchased.
8. Visitors who bought this also bought…
Your online business needs a proactive approach to encourage your customers to buy more and more, even after they have gotten what they want. This will offer to your customer a whole lot of options – thereby increasing your average order price.
Using again the laptop example, you can say to your visitors who bought a PC that customers also bought mouse and keyboard. This recommendation will entice them to add more products to cart.
If Amazon does it, you should do it to. And once again, it costs you nothing to implement.
9. Get cash back when you spend over…
As a strategy of increasing average order price, you can give cash back to customer who spends over a set amount.
For instance, you can give $20 cash back to any customer that spends above $150. This money will be credited to the customer’s account – which can be used only to make a purchase on your website.
You are automatically convincing a customer to shell out $150 to avail of the offer – but tying the offer with shopping credit!
10. Donations
People donate a lot (and keep doing it, thank God!). Well, your online business can help with that too, while you aim at increasing your AOV at the same time.
When you use triggers such as “this product will help finance $150 to a charity”, or “buy 1 product and another one will be donated to charity” (I might know a brand or two that makes gazillions with this strategy!), online customers will buy more for a good cause.
And if your business can make a charity – and you – happy at the same time, well, you’ve got to try this.!
What to do next?
Overwhelmed with too many tips and too much information? Don’t worry, you have the time to try all these strategies, one at a time. Just pick one, and go for it.
And if it doesn’t increase your average order value within 2 months, get in touch and I’ll refund you the whole time you spent reading this blog… with some free tips to improve your ecommerce sales.
Keep in touch, and don’t forget to tell at least one friend about this blog. It could really change her business around – by applying just 1 of these 10 great tips.