Despite global economic uncertainty, the long-term growth of the ecommerce sector looks set to be strong.
Forecasters predict that sales will reach $8.1 trillion by 2026.[1] This growth represents huge opportunities for businesses. But competition will also grow ever fiercer.
In order to succeed in the ecommerce market, businesses need to provide a great customer experience. This includes offering a wide range of delivery options, providing clear and concise tracking information, and making it easy for customers to return items.
Here are seven steps that businesses can take to deliver ecommerce success:
- Increase conversions at checkout – one in four online baskets are abandoned at checkout. This costs retailers some £32bn globally.[2] “Lack of delivery choices” is one of the most common reasons. By offering, and clearly badging a range of delivery options, ecommerce companies can increase conversions by 20%
- Align with customer values - a staggering 88% of consumers claim to be more loyal to a company that gives back to the world around them.[3] Retailers should seek opportunities to show customers that they share their values. They can demonstrate this by providing sustainable delivery options and setting up specific delivery options which automatically trigger charitable donations
- Convenience of delivery – despite changes since the pandemic, not everyone works from home. Offering OOH (Out Of Home) delivery alternatives where the customer collects from a parcel shop or locker could be a far more convenient option. For omnichannel retailers, enticing customers back in store to click & collect their parcel is a great way to increase sales as customers make impulse purchases while in store
- Keep customers up to date – some 78% of online shoppers will change brands or retailers if they don’t receive regular updates on the status of their order.[4] Sending shoppers regular and relevant updates in their channel of choice can cut WISMO (“where is my order”) calls by 60%
- Remarket and upsell – when customers are waiting for their order, they are at their most engaged. Communications around their delivery are much more likely to be opened than other messages from retailers. Incorporating marketing messages into these communications can help retailers build revenue. There is a much higher propensity for customers to make additional purchases when clicking back to the retailer’s website
- Convert returns to exchanges – a digital returns process, with a consumer-friendly interface makes it easier to offer people exchange options, which can mean retailers don’t lose their revenue on returned items. nShift’s Returns solution typically helps businesses convert 30% of returns to exchanges and at the same time creates additional opportunity to remarket and upsell
- Analyze, adapt, improve – running a digital delivery process creates a wealth of data that is easy to analyze. Ecommerce companies should use this to improve marketing, operations and customer journey personalization. For example, looking at trends in sent-back items could help teams identify and rectify common problems, reducing returns over the medium term
By following these steps, businesses can deliver ecommerce success and attract new customers.
Businesses must also remember the importance of sustainability. Later this year, nShift will launch Emissions Tracker. The solution will help ecommerce companies and warehouses calculate, record, and analyze greenhouse gas emissions for every shipment. It will make it easier to measure and report on the success of environmental strategies.
[1] https://www.businessgo.hsbc.com/en/article/global-ecommerce-top-trends-in-2023
[2] https://www.retail-week.com/customer/one-in-four-online-baskets-abandoned-at-checkout-costing-retailers-32bn/7043798.article
[3] https://www.forbes.com/sites/solitairetownsend/2018/11/21/consumers-want-you-to-help-them-make-a-difference/
[4] https://ridewithvia.com/resources/articles/78-of-customers-want-delivery-updates-on-orders-or-they-will-switch-brands/
