Average Order Value by Industry
A part of running an online business to success is setting relevantecommerce 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
Arecent studyof the average order value by industry shows that as of June 2023, home and furniture has the highest average order value across all sectors. At $254, it marks a marginal 1.55% fall from the previous month, when its average order value registered at $258.
Second on the list analyzing the average order value by industry is fashion, accessories, and apparel. The sector registered an average value of $141 per order. Like the home and furniture industry, this represents a $4 fall from the previous month. This is followed by the luxury and jewelry industry, whose average order value fell from $152 in May to $137 in June.
Fourth on the ranking of the average order value by industry is consumer goods, with an average order worth $126. These four industries are also the only ones whose average order values exceeded $100 in June 2023.
The food and beverage sector rounds out the top five. Its average order value in June was $93. All of the five industries with the biggest average order values decreased their average order values month on month.
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 $81. This is $3 more than the previous month, and also the sector’s second-highest this year.
The beauty and personal care industry follows, with $72, holding steady from the preceding two months. The sector with the lowest average order value is pet care and veterinary services. At $65, it’s a $6 monthly fall and nearly $20 less than the month with the highest order value over the past year, which came in at $84 in September 2022.