Average Order Value by Industry
A key part of running an online business to success is setting relevant ecommerce key performance indicators (KPIs). These KPIs help you understand how well your store is performing and identify areas for improvement.
One important KPI to track is the average order value, which represents the average dollar amount consumers spend per checkout. To set a realistic benchmark, you need to know the standard in your niche. Here’s a breakdown of the average order value by industry for a clearer picture.
Average order value in online retail: latest highlights from June 2024
- In June 2024, the online luxury and jewelry sector recorded the highest average order value, at $391 per checkout.
- Only three industries had an average order value of more than $200: luxury and jewelry, home and furniture, and consumer goods.
Average order value (ecommerce): table
|
Industry |
Average order value (as of June 2024) |
|
1. Luxury and jewelry |
$391 |
|
2. Home and furniture |
$351 |
|
3. Consumer goods |
$218 |
|
4. Fashion, accessories, and apparel |
$120 |
|
5. Food and beverage |
$110 |
|
6. Multi-brand retail |
$90 |
|
7. Pet care and veterinary services |
$80 |
|
8. Beauty and personal care |
$73 |
Average order value by industry: top five
A recent study of the average order value by industry shows that as of June 2024, luxury and jewelry had the highest average order value across all sectors. At $391, it marked a marginal 0.8% increase from the previous month, when its average order value was $388. June’s figure 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, which registered an average value of $351 per order. Like the luxury and jewelry industry, this also represented a rise from the previous month. The consumer goods industry follows, with its average order value falling month-on-month from $234 in May to $218 in June. These three industries are also the only ones whose average order values exceeded $200 in June 2024.
Fourth on the ranking of the average order value by industry is fashion, accessories, and apparel, with an average order worth $120. The food and beverage sector rounds out the top five. Its average order value in June was $110, keeping steady from the previous month.
Average order value by industry: multi-brand retail, pet care and veterinary services, beauty and personal care
Sixth on the list studying the average order value by industry is multi-brand retail, with $90. This is $2 more than the previous month.
The pet care and veterinary services industry follows, with $80, rising by $4, or 5.3%, from the preceding month. The sector with the lowest average order value is beauty and personal care. At $73, it represents a 5.2% fall from the previous month’s $77.
To increase your store’s average order value, consider establishing a minimum checkout amount to qualify for free shipping, and setting bundle deals.