nShift releases four strategies to increase conversions and revenue in online and multi-channel retail
Continued ecommerce growth is likely to lead to lower customer loyalty and increased cart-abandonment rates. Brands need to double down on the customer experience to maintain market share, claims nShift, the global leader in parcel delivery management software.
While the ecommerce market continues to grow at pace, companies may be struggling to seize their share of the ever-expanding opportunity.[1] According to some studies, ecommerce cart abandonment rates have exceeded 70%, with consumers more willing than ever to shop around for a better deal and experience. This accords with further research that indicates customer loyalty to brands plummeted by 14% over the course of 2023.[2]
To help online and multi-channel retailers boost their profits, nShift has released a list of four strategies to increase conversions and grow revenue:
- Reduce abandoned baskets through delivery choice at checkout –some 55% of shoppers admit to abandoning their basket because they are not satisfied with the delivery options.[3] While some shoppers seek free delivery, others will be prepared to pay extra for a speedy shipment or lower-emissions delivery. Through checkout process optimization, including offering a range of delivery options, retailers can improve cart conversions by 20%
- Encourage post-purchase upsells – messages about the status of the delivery are far more likely to be opened than other communications from the retailer. Incorporating marketing messages into these updates is a fantastic way to turn the post-purchase experience into a marketing opportunity
- Build loyalty in the last mile – some 58% of shoppers will buy again from a retailer following a positive delivery experience.[4] In a world where customer loyalty is declining, it’s vital to give shoppers a reason to come back for more. The delivery experience is an increasingly crucial part of the overall shopping experience
- Retain revenue from returns – consumers expect to be able to quickly send back anything they are not happy with. But returns are expensive and risk becoming the “silent killer of profits” in online retailer. By making it easier to offer exchanges, rather than refunds, retailers can retain revenue from the original purchase
Mattias Gredenhag, CTO at nShift said, “Increasing revenue in online retail is not just about products, price, and promotions. Online and multi-channel retailers must deliver a top-rate customer experience. Now more than ever, how products are shipped to shoppers really matters.
“Our range of solutions enables retailers to create an end-to-end delivery experience from checkout to returns. With our library of over 1000 carrier connections, retailers can easily offer a range of delivery options and display them seamlessly at checkout. We make it possible to easily compare performance between carrier companies, helping warehouses make decisions to drive up standards. With nShift, retailers can send relevant, branded communications to customers at each stage of the delivery process. They can offer digital returns that help convert 30% of returns into exchanges.”
www.nShift.com
Ends
[1] https://baymard.com/lists/cart-abandonment-rate
[2] https://emarsys.com/press-release/loyalty-landslide-us-consumers-demand-more-as-brand-loyalty-declines/
[3] https://startups.co.uk/news/shoppers-admit-to-abandoning-shopping-carts/
[4] https://nshift.com/press/https/nshift.com/nshift-study-finds-cash-conscious-uk-shoppers-prefer-free-delivery-over-speedy-shipments
