diff --git a/includes/shortcodes/class-wc-shortcode-products.php b/includes/shortcodes/class-wc-shortcode-products.php
index 5df396ec336..5fb33ffb4fe 100644
--- a/includes/shortcodes/class-wc-shortcode-products.php
+++ b/includes/shortcodes/class-wc-shortcode-products.php
@@ -429,6 +429,26 @@ class WC_Shortcode_Products {
 		return $classes;
 	}
 
+	/**
+	 * Generate and return the transient name for this shortcode based on the query args.
+	 *
+	 * @since 3.3.0
+	 * @return string
+	 */
+	protected function get_transient_name() {
+		$transient_name = 'wc_loop' . substr( md5( wp_json_encode( $this->query_args ) . $this->type ), 28 );
+
+		if ( 'rand' === $this->query_args['orderby'] ) {
+			// When using rand, we'll cache a number of random queries and pull those to avoid querying rand on each page load.
+			$rand_index      = rand( 0, max( 1, absint( apply_filters( 'woocommerce_product_query_max_rand_cache_count', 5 ) ) ) );
+			$transient_name .= $rand_index;
+		}
+
+		$transient_name .= WC_Cache_Helper::get_transient_version( 'product_query' );
+
+		return $transient_name;
+	}
+
 	/**
 	 * Get products.
 	 *
@@ -436,7 +456,7 @@ class WC_Shortcode_Products {
 	 * @return WP_Query
 	 */
 	protected function get_products() {
-		$transient_name = 'wc_loop' . substr( md5( wp_json_encode( $this->query_args ) . $this->type ), 28 ) . WC_Cache_Helper::get_transient_version( 'product_query' );
+		$transient_name = $this->get_transient_name();
 		$products       = get_transient( $transient_name );
 
 		if ( false === $products || ! is_a( $products, 'WP_Query' ) ) {