Metrics that matter: Shopping Cart AveragesAug 2, 2022
We want organizers to build long-term success in their ticketing on our platform. In order to really understand their needs, we speak to hundreds of them every week, both current and future customers. Over time, we started to note some patterns in the things they care about – and where they found the most success in optimization.
We believe that all organizers can profit from these insights. In this series, we introduce the metrics that matter for ticketing professionals – and show concrete steps on how to optimize them using vivenu’s powerful features.
Today, we are taking a closer look at Shopping Cart Averages, what makes them relevant for your organization, and showcase actionable steps you can take on the vivenu platform to optimize them. Let’s dive in!
What are Shopping Cart Averages and why do they matter?
If you’ve been in the event industry for a while, you probably have a pretty good idea of who the people buying tickets to your events are by now. For example, if you are organizing electronic music concerts, your ticket buyers will probably tend to skew younger and more affluent.
But there are still things you don’t know about them – and in some cases, not knowing them can mean you are leaving money on the table.
One of these things is exactly how much your ticket buyers spend with you every time they buy tickets to your events – both on an individual and aggregated level.
Shopping Cart Averages tell you just that. Let’s say your electronic music event series does two local concerts per month. With Shopping Cart Averages, you can get a quick overview of the worth of an average shopping cart that was successfully checked out – and most importantly leverage these insights to influence them. With optimized Shopping Cart Averages, your business generates more revenue – and can invest even more into outstanding experiences.
Three ways to optimize Shopping Cart Averages with vivenu
Since you can’t optimize what you don’t measure, Shopping Cart Averages are part of the extensive data and analytics dashboard for every single one of your events on the vivenu platform. By displaying the Shopping Cart Average throughout your entire sales period, you get a fast and intuitive sense of its development over time – and can start drawing your first conclusions about the reasons behind its movement over time.
Now that you have the data on the status quo, we have collected three actionable, proven tactics to drive Shopping Cart Averages higher:
- Upsells and cross-sells
vivenu offers a variety of functionalities to present and drive upsells and cross-sells throughout the checkout process. From popups alerting ticket buyers to check out special VIP packages available with one click to the elevated display of merchandise articles, organizers on the vivenu platform managed to achieve substantially higher Shopping Cart Averages and drive additional revenue through upsells and cross-sells.
- Tailored offers
It’s never been easier to re-engage buyers who abandon the checkout before submitting their order. By utilizing vivenu’s built-in connectivity to best-in-class marketing automation and retargeting tools, you can leverage the data your ticket buyers generate when they interact with your online shop. With targeted messaging, you can make them come back. e.g., by offering additional items at a high discount, but only if they put the item into the cart and complete the checkout in the next 24 hours. This way, organizers on the vivenu platform can leverage rich data to create urgency – and generate more revenue with higher Shopping Cart Averages.
- Loyalty programs
Creating a strong, long-term relationship with your ticket buyers continues to be the most important strategy for generating reliable, high-value revenue: Customers who feel connected to your offering and brand are more likely to be repeat customers – and become evangelists down the line. With loyalty programs, you can incentivize this behavior, e.g. by offering special benefits and discounts if they book just one more ticket for a friend in the same checkout.
Knowing the dynamics underlying your Shopping Cart Averages can make all the difference as you look for those pockets of revenue potential in your organizing business. With granular, real-time Shopping Cart Average tracking, you know what measures help boost revenue – and can make fast adjustments as you try out new ideas!
The steps above are only three of many more that are available to organizers on the vivenu platform – and we continue to be amazed by the inventive ways vivenu customers come up with as they optimize them.
Want to optimize your revenue with higher Shopping Cart Averages? Speak to one of our experts today and find out what vivenu can do for your ticketing.