Average order value per variant

Average order value is revenue divided by conversions for that variant. It answers how much each order was worth, which is a different question from how much the variant earned in total, and a different one again from how often it converted.

Keeping the three apart is what makes a result readable. A variant can lift conversion rate and drop order value, which is the classic outcome of a discount or an aggressive promotion, and total revenue alone will not tell you that is what happened.

It is the figure most often misread on this screen, which is why the console defines it in place: revenue per conversion, not revenue per session. Divided by sessions it would be a blend of two effects and would move for reasons that have nothing to do with what a buyer spent.

Like every other money figure it is scoped to one currency, for the same reason: an average taken across currencies is not an average of anything.