Average Order Value (AOV) is a key metric in e-commerce that measures the average total of every order placed with a merchant over a defined period of time. It is calculated by dividing the total revenue by the number of orders.

For example, if an online retailer's total revenue for the month is $10,000 and there were 200 orders placed in that same month, the AOV would be $50 ($10,000 / 200 = $50).

This metric is important as it helps online businesses understand their customers' purchasing habits. By increasing the AOV, businesses can increase their revenue without having to focus on getting new customers. Strategies to increase AOV include upselling, cross-selling, bundling products, offering free shipping over a certain amount, and implementing a loyalty program.

In the context of the Statsig platform, you could use the Events Explorer to track purchase events and calculate the AOV by aggregating the sum of the purchase events and dividing by the count of these events. This could help you understand how your AOV changes over time or across different user segments.