Have you ever wondered how enterprise ecommerce brands like Amazon, Flipkart, and Myntra manage to generate millions of dollars in revenue? Or, how do they keep their customers coming back for more?
A big part of the reason is that these brands have managed to boost the ticket size of their orders.
In other words, they've managed to get their customers to spend more per order.
And that's no easy feat.
After all, getting a customer to buy just one more item can be a challenge. But getting them to spend 20% or 30% more per order?
That's a whole different game.
But it's a game that's worth playing because the benefits of boosting your ticket size can be huge. For one, it can have a massive impact on your bottom line.
How boosting enterprise ecommerce brands’ ticket size impacts growth
Increasing your ticket size by just 10% can lead to a significant increase in profits.
In order to boost their ticket size enterprise brands need to focus on two things – customer experience and personalization.
When it comes to customer experience, enterprise ecommerce brands go above and beyond to ensure that their customers have a great experience shopping on their website or app. This could involve anything, from providing fast and free shipping to offering 24/7 customer support.
As for personalization, enterprise ecommerce brands use data to segment their customers and then offer them personalized recommendations. This could be in the form of product recommendations or even targeted ads.
While we know what to do, the BIG question is how to do it. What should your fast-growing brands do to increase the ticket size of your orders?
Fret not, for we have you covered!
This article will look at some of the best ways to do just that.
But before we dive in, let's first take a quick look at what is a ticket size and why boosting your ticket size is so important.
What exactly is an average ticket?
An average ticket is the average value of an order placed by a customer on your enterprise ecommerce website.
The higher this amount, the better it is for your business.
This key metric is extremely relevant for ecommerce businesses as it can help them understand how much revenue they are generating from each customer.
How to calculate the average ticket size for your enterprise ecommerce brand?
To calculate the average ticket size, you need to consider two factors: the number of items per order and the revenue generated per order.
Average ticket size = Total revenue / Number of orders
For example, if your enterprise ecommerce business generated $100,000 in revenue last month, and you had 100 orders, your average ticket size would be $1000.
Determining what factors influence the ticket size
Here are some factors that affect the average ticket size of an enterprise ecommerce brand:
1. Product pricing
Product pricing is one of the most important factors affecting the average ticket size. If your prices are too high, customers will be reluctant to buy from you. On the other hand, if your prices are too low, customers might doubt the quality of your products. Therefore, it's important to get the pricing right.
2. Product mix
Another factor that impacts the average ticket size is the product mix. If your enterprise ecommerce brand offers a wide range of products, customers will likely buy from you, and this is because they can find everything they need in one place.
3. Discounts and promotions
Discounts and promotions are other factors that can influence the average ticket size. Customers will likely buy from you if you offer discounts or run promotions.
4. Payment methods
The payment method you offer can also influence the average ticket size. If you submit multiple payment methods, customers will likely buy from you, as they can choose the payment method that suits them best.
Overall, enterprise ecommerce businesses need to understand what their customers want and design strategies. It's very important to have the right mix of products that complement each other and are also priced correctly.
Offering multiple payment methods is another way to ensure that you give your customers the flexibility they need. Lastly, discounts and promotions are a great way to increase the average ticket size.
Top 3 enterprise ecommerce brands with high average ticket sizes
Marks and Spencer
Marks and Spencer increased its average order value by focusing on its loyalty program. The brand offers a loyalty card which gives customers 5 points for every £1 spent, resulting in total transactions at Marks & Spencer stores in the financial year 2021/22 amounted to 9.7 million an average per week. This encouraged customers to spend more with Marks and Spencer to get the loyalty programme's benefits.
Nike increased its average order value by personalizing the shopping experience for its customers. The brand offers a Nike Plus membership, giving customers access to exclusive products, events, and experiences. This encouraged customers to spend more with Nike to get the loyalty programme's benefits.
Prime, Amazon's most popular loyalty programme, offers customers free shipping, exclusive deals, and Prime Video and Music access. With Prime, Amazon increased its average order value by offering free shipping for orders over $20. This encouraged customers to add more items to their cart to reach the free shipping threshold.
These are just some ways that enterprise ecommerce brands have managed to increase their average ticket size. By focusing on customer experience and personalization, these brands have been able to get their customers to spend more per order.
How often to monitor the average ticket size on your enterprise ecommerce platform?
It is important to monitor the average ticket size regularly to ensure that your business is on track. There are a few different ways to do this, but one of the best ways is to use data analytics. This allows you to see how the average ticket size has changed over time and identify trends. It would be best if you aimed to monitor the average ticket size at least once a month.
However, to do this your brand needs a host of reports and tools at your disposal. StoreHippo- the best enterprise ecommerce platform comes with a built-in reporting engine. Using these reports brands can get detailed insights about the overall performance of their businesses right in their admin dashboard.
Also, brands can integrate with their chosen data and analytics tools to get micro insights and make data-driven decisions.
StoreHippo the best enterprise ecommerce platform comes with a gamut of tools that help you implement a variety of strategies that directly or indirectly boost your ticket size. By making integrations with best-in-breed tools quick and seamless, our platform helps you keep track of your sales numbers in real-time.
How enterprise ecommerce brands can increase their average ticket size
Here are a few tried and tested tips to boost the average ticket size for brands:
1. Start with upselling, cross-selling and bundle offers
This is one of the most effective ways to increase your average ticket size. In addition, it will also result in happier customers, as they will feel like they are getting a good deal.
Upselling is when you offer a higher-priced product to a customer already buying from you. For example, if a customer buys a dress from you, you could upsell them by providing them with a matching pair of shoes.
Cross-selling is when you offer a related product to a customer already buying from you. For example, if a customer buys a dress from you, you could cross-sell them by offering them a matching handbag.
Bundle offers are when you offer a group of products at a discounted price. For example, you could create a bundle of a dress, shoes, and a handbag and offer it at a discounted price.
Implementing this business strategy is easy with StoreHippo. StoreHippo, the best enterprise ecommerce platform comes with built-in solutions that enable brands to implement upselling, cross-selling and product bundling. StoreHippo has been powering out-of-box enterprise ecommerce solutions for brands across 35+ industry verticals.
2. Perfection in your store layout
The layout of your online store can have a big impact on your average ticket size, and this is because it can influence the way customers navigate your store and the products they buy.
Here are some tips for creating a perfect layout for your online store:
Use images and videos to showcase your products
Create clear and concise product descriptions
Use a clean and simple design
Organize your products in an easy-to-navigate way
Use customer reviews and testimonials to build trust
This is just a single example of how enterprise ecommerce brands can perfect their store layout to increase the average ticket size. Brands can go further and enhance the look and feel of their store using built-in StoreHippo tools.
The simple-to-use drag-and-drop option of StoreHippo 's theme designer lets enterprise ecommerce brands create a unique look for their store without any coding.
In addition, ecommerce brands can opt for various features like the mix and match theme features, allowing them to mix and match the elements of any old theme in the new one. StoreHippo the best enterprise ecommerce platform also helps in building multilingual themes to connect better with customers which eventually boosts order size. We also offer review and rating features to get quick reviews on your online portal.
3. Target your prospects with content
Content is the key to driving traffic to your online store. Content is the key to driving traffic to your enterprise ecommerce store and a great way to increase your average ticket size.
To increase your average ticket size, you should create content that targets your prospects and encourages them to buy more expensive items from your store.
Here are some tips for targeting your prospects with content:
Write relevant content for your products
Use keyword-rich titles and descriptions
Use social media to promote your content
Use email marketing to reach your prospects
Use retargeting to keep your brand in front of your prospects
With StoreHippo's blog engine, you can easily create and publish targeted content. The SEO-friendly StoreHippo enterprise ecommerce platform also comes with built-in SEO tools to optimize your enterprise ecommerce website’s content. With optimized and targeted content through blog and landing pages you can create a conversion-oriented store that get you bigger orders.
4. Tap in some promotions.
Promotions are a great way to increase your average ticket size, and this is because promotions can encourage customers to buy more products from you.
Here are some ideas for promotions that you can use to increase your average ticket size:
Offer discounts on certain products
Offer free shipping on orders over a certain amount
Offer a percentage off when customers buy multiple products
Offer a discount code for first-time buyers
Run a contest or giveaway
You can draw more traffic to your enterprise ecommerce store by using StoreHippo's discount engine to your advantage. This powerful tool comes with unique features that enable you to implement multi-level discounts, personalized discounts, limited-time discounts and much more. Isn’t this a simple yet effective way to boost your order size? It sure is!
5. Wish for wishlisting
Wishlisting is when a customer adds a product to their wish list but doesn't buy it immediately.
Simply put, it's a way for customers to save items they're interested in for buying later.
And it can be a powerful tool for increasing your average ticket size. This is because it allows you to keep your products in front of your customers even after they leave your store.
Here are some tips to make wishlisting work on your enterprise ecommerce platform:
Offer a discount on products that are added to a wish list
Use images and videos to showcase products on wish lists
Use social media to promote wish lists
Use email marketing to reach customers with wish lists
Use retargeting to keep your brand in front of customers with wish lists
Make sure you have a wish list feature in your online store to take advantage of this powerful tool. Store Hippo the best enterprise ecommerce platform provides an easy-to-use wish list feature that you can add to your store.
6. Connect with your buyers in their native language
Do you have customers from different countries? If so, connecting with them in their native language is important, and this is because they're more likely to buy from you if they can understand your store.
Here are some tips for connecting with your buyers in their native language:
Enable multilingual content on your enterprise ecommerce website
Offer multilingual support for mobile apps
Use multi-currency payment support to expand your reach
Offer error messages in the native language to minimize abandoned carts
Create landing pages aligned with local festivals in the native language of your buyers
StoreHippo the best enterprise ecommerce platform comes with a built-in multilingual solution. You can translate your site in 100+ languages including RTL languages in a few clicks. The best part is you do not need any plugins to do so. Isn’t this a smart way to boost your ticket size!
7. Make sure you have a fast and responsive store
As mentioned above, in order to increase AOV, enterprise ecommerce brands focus on two things, first, customer experience and second, personalization.
A fast and responsive store is essential for providing a good customer experience, leading to increased sales and higher average ticket size.
There are a few things you can do to make sure your store is fast and responsive:
Go with the best enterprise ecommerce platform that offers fully hosted and managed solutions
Choose a solution that does not require multiple plugins which eventually slow site speed
Build PWA stores that work even on slow internet connections and entry-level devices
Offer mobile apps that make shopping easier
Go with an enterprise solution that offers the same performance even if you scale to millions of buyers, products or vendors
StoreHippo the best enterprise ecommerce platform uses MEAN stack, SPA and cutting-edge MACH architecture to build high-performance stores for fast-growing brands. Enterprise stores powered by storeHippo work seamlessly on all devices. StoreHippo builds future-ready enterprise solutions that can quickly adapt to market demands and help brands to build strategies and solutions that eventually bring bigger orders.
8. Take your brand where your customers are
Omnichannel isn't just about being everywhere your customers are, it's about being there in the right way—with the right message, at the right time, and with a consistent look and feel.
With omnichannel commerce, you can give your enterprise ecommerce customers what they want: a consistent, personalized experience across all channels.
Omnichannel solutions from StoreHippo help you do just that— build multiple customer touchpoints quickly, engage customers on their preferred channel and personalize the experience every time.
Here are some tips for using omnichannel to your advantage:
Use social media to reach buyers on different channels
Use email marketing to reach buyers on different channels
Use retargeting to keep your brand in front of customers on different channels
Use a personalization tool to offer different deals to different customers
Use a marketing automation tool to automate your marketing efforts
Omnichannel marketing is a great way to reach more buyers and increase your average ticket size.
StoreHippo makes it easy to take your brand to omnichannel. The best enterprise ecommerce platform makes it easy to integrate with various social channels, offers a variety of notification tools to keep customers engaged in real-time, gives a powerful discount engine and more. StoreHippo makes it easy to take your brand omnichannel with a platform that gives you everything you need to succeed. The platform is focused on providing a unified commerce backend, single inventory for all channels with a consistent look and feel across all channels with the ability to personalize the experience for each customer.
Growing enterprise ecommerce brands face a unique challenge when scaling their businesses. On the one hand, they need to maintain the niche they have created for themselves. On the other hand, they need to grow their average order value to continue growing their business.
The best enterprise ecommerce platform StoreHippo allows enterprise brands to do both. By providing robust features and functionality, StoreHippo enables enterprise brands to maintain their niche and work out different ways to boost their average order value. What’s more, brands can even pivot to new business models using the built-in support for a variety of business models like B2B, D2C, B2C, hyperlocal ecommerce, multi vendor marketplace, multi store etc
Ready to put your enterprise ecommerce business on a growth trajectory? Power your brand with StoreHippo to access features and tools that let you do so! Get started right away with our 14-day free trial.