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.
|
Industry |
Average order value (as of March 2024) |
|---|---|
|
Luxury and jewelry |
$426 |
|
Home and furniture |
$382 |
|
Fashion, accessories, and apparel |
$309 |
|
Consumer goods |
$259 |
|
Food and beverage |
$106 |
|
Multi-brand retail |
$90 |
|
Beauty and personal care |
$75 |
|
Pet care and veterinary services |
$71 |
Average order value by industry: top five
A recent study of the average order value by industry shows that as of March 2024, luxury and jewelry has the highest average order value across all sectors. At $426, it marks a 5.7% increase from the previous month, when its average order value registered at $403. It is also the industry’s highest in the past 12 months.
Second on the list analyzing the average order value by industry is home and furniture. The sector registered an average value of $382 per order. Like the home and furniture industry, this also represents a rise from the previous month. This is followed by the fashion, accessories, and apparel industry, whose average order value close to tripled—from $111 in February to $309 in March. These three industries are also the only ones whose average order values exceeded $300 in March 2024.
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Fourth on the ranking of the average order value by industry is consumer goods, with an average order worth $259. The food and beverage sector rounds out the top five. Its average order value in March was $106. All of these five industries with the biggest average order values experienced increases in their average order values from February to March.
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 $90. This is $4 less than the previous month, and the only industry to see a month-on-month decrease.
The beauty and personal care industry follows, with $75, rising by $3, or 4.2%, from the preceding month. The sector with the lowest average order value is pet care and veterinary services. At $71, it represents a marginal 1.4% increase from the previous month’s $70.
To increase your store’s average order value, consider establishing a minimum checkout amount to qualify for free shipping, and setting bundle deals.