How can you increase your average order value just using price?
We’re going to go over that in this video.
If you need help with you average order value, go to https://www.oasisoptimization.com
Hey, I’m Adam Moody.
And I help others, both ecommerce businesses, digital marketing professionals, increase their average order values and get better results online.
If you’d like help doing this, as well as other areas like email marketing, you can find out more about me at Oasisoptimization.com, but let’s dive into this.
So basically, what we’re talking about here is you can play with the price, right, you got a certain price on a product, and you can either increase it or you can decrease it.
Now your goal is to find out the number that results in the best outcome.
So what we’re talking about here is average order value or average cart value, same thing. And what we would want to do is to test the price because we could potentially increase the price slightly and we may not see a drop in conversions, that’s an instant gain to your average order value, you’re making more money and you assumably are making more of a profit, which is a good thing.
The other thing you could do is look at Well, maybe I drop the price slightly. And what that happens is maybe the conversions go up at that point. And I see more people going through the sales process and having the chance to order upsells. Maybe there’s order bumps.
And so that initial decrease is increased by the number of people going through your funnels. Alright, now this generally works really well with as I’m saying funnels, because people have the opportunity to buy upsells by those order bumps by these other things.
Alright, so it’s something that you can play with, and find out what works best for either your store your funnel, your website, whatever it is. So now how can you actually do this? Well, you can use a tool like Clickfunnels to split test product prices, okay?
And again, you can use any tool you want, just naming that as like if you want to do a standalone test, you could use that you could use something like cartridge for Shopify, I know that there’s third-party tools, conversion XL has a great blog post on tools just to get this done to automate some of this and then this is with WooCommerce.
So another and just to take the simplest approach is to say, well, whatever has been going on, let’s say, let’s take a 90-day snapshot, right with your product, and say that’s the baseline. Now, you could make the change in one direction or the other, set it measure the results after your testing is done, boom.
And there you go, you’ll have your answer, I would suggest testing it both ways. And making sure of course, that you have enough traffic going through there.
But that is how you can increase your average order value just using variations in the price. Again, you know, if it comes down to it, you just want to do this a simple way, just set it as baseline, take a screenshot of your analytics for maybe the past 90 days for the product, and then go ahead and make the change, monitor and see what the results are.
All right. So definitely use a spreadsheet something like that. Like I was saying you want to take a screenshot or at least write down what’s going on. And that way over time, you know, you don’t get confused, lose track and you’re able to make the right choice that you actually are increasing.
Your average order value. Alright, so if you’d like help with increasing your average order value, like I said, you can hop over to Oasisoptimization.com get in contact with me or just stay here and keep watching these videos