What is AOV and why should I focus on it?

AOV stands for Average Order Value—the average dollar amount of each transaction. There are only three ways to grow a business: get more first-time customers, get current customers to spend more (which is AOV), or get repeat business from customers. AOV is fantastic and often overlooked. You can increase it several ways: raise your prices right now (this also makes future discounting easier), start selling prints if you don’t already, create limited edition sets, offer buy-one-get-one deals, or add low-cost upsells like calendars for an additional amount at checkout. Think of how retail stores snake you through aisles of snacks and small items while you wait in line—those impulse purchases increase average order value dramatically. Someone comes in to spend twenty dollars and leaves spending forty. The same strategy works for selling art online.

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Asked by general audience · Answered by Patrick Shanahan · art-marketing-podcast · 2019-08-13