AOV = Total revenue / Total number of orders.
For instance, if your sales for April were $50,000 from a total of 1000 orders: $50,000 / 1000 = $50.00.
The AOV for April is, therefore, $50.00. Although the metric is often calculated monthly, you can also calculate it daily or weekly. Daily calculations can help compute AOVs for specific shopping sale events like Black Friday or Cyber Monday.
What’s more, you can track AOV via Google Analytics by setting up e-commerce tracking in your Google Analytics account. Once you do that, go to Conversions, click on e-commerce, and then Overview.
You’ll see many key statistics here. On Transactions, for example, you’ll see the AOV.
For Shopify stores, it is a lot easier. Simply go to the Analytics section to see many key sales metrics, including your AOV.