Average Order Value by Industry
A part of running an online business to success is setting relevant ecommerce key performance indicators (KPIs). They help you understand how well your store is performing and identify areas that can be improved.
The average order value is an important KPI to track. It is the average dollar amount consumers spend per checkout. To set a realistic benchmark, you need to know what the standard is in your niche. Here’s a breakdown of the average order value by industry for a clearer picture.
Average order value by industry: top five
A recent study of the average order value by industry shows that as of September 2023, home and furniture has the highest average order value across all sectors. At $256, it marks a 2.4% increase from the previous month, when its average order value registered at $250.
Second on the list analyzing the average order value by industry is luxury and jewelry. The sector registered an average value of $149 per order. Like the home and furniture industry, this represents a rise from the previous month. This is followed by the fashion, accessories, and apparel industry, whose average order value also rose—from $140 in August to $142 in September.
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Fourth on the ranking of the average order value by industry is consumer goods, with an average order worth $124. These four industries are also the only ones whose average order values exceeded $100 in September 2023.
The food and beverage sector rounds out the top five. Its average order value in September was $94. The only of the five industries with the biggest average order values to see a decrease in its average order value month on month is consumer goods.
Average order value by industry: multi-brand retail, beauty and personal care, pet care and veterinary services
Sixth on the list studying the average order value by industry is multi-brand retail, with $84. This is $1 more than the previous month.
The beauty and personal care industry follows, with $80, falling by $3, or 3.6%, from the preceding month. The sector with the lowest average order value is pet care and veterinary services. At $66, it represents a $4 monthly increase.
To increase your store’s average order value, consider establishing a minimum checkout amount to qualify for free shipping, and setting bundle deals.