WooCommerce: How Store Credits Can Benefit Store Owners and Customers

Running an online store often means coming up with smart ideas that can help you sell your products faster. Some of those ideas might succeed and some may fail.

There are no strategies that work all the time, for all WooCommerce websites. But there is one that is often very effective: offering store credits. The reason for its popularity can be attributed to the awesome flexibility it provides to both store owners and customers. 

So, let’s find out more about store credits through this article and how you can enable them in your WooCommerce online store. But first – what are store credits?

Well, with this functionality, customers can purchase store credits (as opposed to buying products) and then they can use their credits to buy products from the store. Buyers can either use it for themselves or gift it to others. It’s an easy and effective way to convert your store visitors into buyers. 

Now it’s time to figure it all out. And thankfully, there’s a plugin for that.

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WooCommerce: How to Increase Average Order Value?

AOV a.k.a. Average Order Value is one of the most important ecommerce metrics. It describes the average order total in a given period of time. If this year your WooCommerce website converted 150 orders and made $30,000 in revenue, your AOV for this year is $30,000/150 = $200 (i.e. on average, you can expect each order to be $200).

FYI, the meaning of AOV is the same for any ecommerce platform, but in this article we’ll talk just about WooCommerce. In our opinion WooCommerce is a better, more cost-effective solution than Shopify or other counterparts.

If you don’t know what your WooCommerce store AOV is, immediately go to WordPress Dashboard > WooCommerce > Reports > Orders > Sales by Date > Year and divide “net sales in this period” by the number of “orders placed”. But be careful – those reports are sometimes not correct (I know WooCommerce is working on this at the moment). Mine is giving me AOV = €2… and I know that’s not right.

Your best bet is your Google Analytics account (as long as you’re using the official WooCommerce – Google Analytics integration) and/or your Metorik reports (here’s an article you should read if you need to know how to install reliable WooCommerce tracking, reporting, filtering and segmentinghttps://businessbloomer.com/advanced-woocommerce-tracking-analytics-reports-exports-segmentation/). My Metorik dashboard tells me my WooCommerce website AOV for this year is €233 so far – I can trust this one for sure.

So the question is: how can we get our WooCommerce customers to spend more? Well, here’s a list of WooCommerce plugin alternatives you can install right now to boost your AOV.

In fairness, who wouldn’t want some extra revenue? 🙂

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