Tactical & Practical
We Doubled Our AOV (With Ryan Beltran, Co-Founder of Original Grain)
Nov 21, 2024
Ryan Beltran, co-founder and CEO of Original Grain, shares insights into doubling the company's Average Order Value through innovative product development. He emphasizes the critical role of strategic pricing and the impact of software tools on e-commerce growth. Ryan details how experimenting with pricing on popular watch models can enhance customer behavior understanding and profitability. Additionally, he discusses data-driven strategies for launching new products and navigating pricing in a fluctuating economy, revealing the balance between quality and affordability.
24:48
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Quick takeaways
- New product development, like introducing automatic watches, has effectively repositioned the brand and nearly doubled their average order value (AOV).
- Price testing strategies, including adjusting popular watch prices, have significantly optimized sales and enhanced AOV by leveraging consumer psychology.
Deep dives
The Impact of New Product Development on Average Order Value
New product development has played a critical role in increasing the average order value (AOV) for the company discussed. The introduction of higher-priced items has allowed the brand to reposition its product offerings effectively. For instance, introducing automatic watches at a higher tier, such as the rugged autos at $349, significantly boosted sales volume despite their higher price compared to older models. This strategic approach showcases how innovative products can drive consumer interest and, consequently, higher revenue.
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