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.
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).
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.