EOFY is nearly here and bargain hunters are on the lookout for smart buys. But as a retailer, you know there’s only so low you can go before there’s no wiggle room left on price. Thankfully price is only half of the story. Consumers are also looking for cost effective delivery so EOFY is a good time to review your shipping options.
In the e-commerce era shipping has become a product unto itself. Online shopping and shipping are now inseparable and consumers are well aware that delivery forms part of their total purchase cost. Unsurprisingly, research has found that a gob-smacking 66% of consumers will opt to buy the same product from another site if they provide better shipping options! Clearly shipping is not an aspect of e-commerce that retailers can afford to overlook, especially if they want to drum up big EOFY sales.
EOFY in particular is important for e-commerce retailers. EOFY stands for the end of the financial year and it’s when all the big brands offer huge sales to get rid of last season’s stock before tax time. Small brands jump in, too, to try to get rid of their dead stock. Essentially it’s the new year of the retail world and an opportunity to get our finances in order before filing out our tax return. It’s also an opportunity to make room for fresh products and set up your store for the year ahead. So EOFY is super important to the running of any retail business, but we won’t get very far if our shipping options are not up to scratch.
So what’s a retailer to do? First up, ensuring you onboard multiple shipping options so you can match consumer expectations. Secondly, start thinking of shipping as a product itself and use delivery options as a way to seal the deal. For a quick run-down, these are our top tricks:
Offer shipping incentives
Drop incentives like they’re hot. Free shipping on purchases over $100 will encourage EOFY bargain hunters to shop big. Everyone loves a haul and express shipping on purchases over $200 could encourage a splurge. Special offers at check-out can further upgrade your shopping cart, such as buy 2 get 1 free offers, or cost saving bundles.
Choice is the name of the game in online commerce and that is true of shipping as well. Consumers expect shipping options to be tailored to their needs, for example, being able to select a delivery slot for when they are at home. Choices in shipping speeds are also essential. Standard, express and next day delivery speeds are your basic three but enabling more than one shipping carrier will impress even the fussiest of consumers. Ultimately, offering shipping and delivery choices reflects your customer’s real life experiences of shopping online. For example, some customers may have had a bad experience with Australia Post but a good experience with UPS and will abandon the purchase if UPS is not available. Offering multiple shipping options covers most variables and increases your sales conversions in the long term, not just over EOFY.