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 February 2023, home and furniture has the highest average order value across all industries. At $235, it marks a five-fold increase from the previous month, when its average order value registered at $37. This was also the industry’s highest average order value so far in at least 12 months.
Second on the list analyzing the average order value by industry is fashion, accessories, and apparel. The sector registered an average value of $138 per order, $11 more than the previous month. This is followed by the luxury and jewelry industry, whose average order value fell from $190 in January to $128 in February.
Fourth and fifth on the ranking of the average order value by industry are multi-brand retail and consumer goods, with average orders worth $124 and $105, respectively.
These five industries are also the only ones whose average order values in February 2023 exceeded $100. Of the top five, three (home and furniture, fashion, accessories, and apparel, and multi-brand retail) increased their average order values month on month.
Average order value by industry: food and beverage, beauty and personal care, pet care and veterinary services
Sixth on the list studying the average order value by industry is food and beverage, with $86. This is $21 less than the previous month, and also the sector’s lowest in at least 12 months.
The beauty and personal care industry follows, with $70, rising $4 from the previous month. The sector with the lowest average order value is pet care and veterinary services. At $63, it’s a fractional $1 monthly increase, but $25 less than 2022’s peak of $88, which came in April and May.
To increase your store’s average order value, consider establishing a minimum checkout amount to qualify for free shipping, and setting bundle deals.