When owing to this reason, let us now analyze the importance of increasing the average basket size and all that can be done to achieve the objective.you are looking to increase the endorsement of your eCommerce website, there are two important factors that you need to consider: the average basket size and online traffic. The latter, along with the conversion rate of the website, is usually given preference over the former. However, when the main purpose is to increase the overall endorsements, the average basket size on your eCommerce site is a factor that should not be ignored.
Why an increase in average basket size craves attention?
- Not focussing on your basket size may cause you to lose out on the resources that help drive traffic to your site. Paying attention to this aspect and having a larger average basket size upfront will allow you to be in a better situation.
- Generating traffic for your online store requires significant financial investments and efforts. Conversely, an increase in the average value is not only cost-effective but also easier.
- An increase in the average basket size is both practical and a simple means by which you can increase cash flow to your online store. When you experience a regular cash flow, it assures continuity for your business.
Methods of increasing average basket size
Let us now take a look at the various methods that can be used for increasing the average basket size on your eCommerce website.
Release the product as a packet containing the product that the customer has chosen and another product that he is most likely to be in need of soon. If you are able to create special packages that are tailored as per the needs of the customers, you will succeed in selling more than one product at a single instance.
“Free shipping” is likely to force the hand of many an online business owner as far as the associated operational costs are concerned. However, when increasing the average basket size is the primary purpose, this opens up a whole new world of opportunities. Start by conducting a research of the products your customers usually shop for and the price range that records maximum sales. For example, if you find your customers are willing to pay a shipping charge of $7 on an order costing $80, you can simply offer them a free shipping on a minimum purchase of $95. This little difference goes a long way towards motivating your customers and increasing the average size of your eCommerce store basket.
When you announce that part of your interests will be endowed to a welfare association, it often plays on the emotions of individuals and can serve as an effective tactic. Let your customers know about the arrangement in detail, the amount you will have left with you and how much gets endowed to the welfare association in question. When a customer realizes that a part of the investments will be forwarded to a welfare society or trust, he may feel further inclined to buy more from your online store in a bid to help that organisation in question. If your preference lies with a popular welfare association or organisation, you can create an effective PR campaign to support them. Not only will you be helping the general society in the process but also seeing to it that your online sales are enhanced.
Cross selling is a process where you sell another product that is closely related to the one that the customer has just bought from your eCommerce store. For example, you can sell a duvet along with the bedcovers that a customer buys from your site. This technique is one of the best ways in which you can increase your average basket size and also gather more endorsements for your business. Place a gift bag option along with the product so that you can ensure that your customer does not unnecessarily lose time searching for the same. Such a tactic at cross-selling can also prove to be effective.
If you are on the lookout for a new way that will help you rock your online business but have already reached what is considered to be a competitive conversion rate in the eCommerce industry, it is time you focus on boosting your average sale values. When the average basket value of your online store increases, it serves as a clear indicator that your company’s strategy is not only working well but also becoming increasingly effective.