The growth of eCommerce has been exponential over the past five years, and customer expectations of their shopping experience has significantly shifted. Access to the internet has ensured that consumers demand immediate responses, quicker delivery times and memorable shopping experiences.
Without these elements, customer loyalty is transient, and the consumer can easily jump ship to a willing and equipped competitor who has capitalised on the opportunities that eCommerce has to offer. It doesn’t have to be a competitor in the same country, as borders and distance are no longer elements that restrict a buyers’ choice of vendor.
The growth of the cross-border eCommerce market represents unrivalled opportunity for businesses to expand into new markets, with no major investment or risk. Once a company has made the decision to dip their toe in the international market, there are certain factors that need to be considered to ensure eCommerce success.
One essential element that businesses need to advertise is the availability of an express shipping option for their products. But why should a business give their customers this choice? Consumers now expect more choice in their delivery options and demand speedy delivery.
One might assume that the majority of consumers would not be willing to pay extra for express shipping but in fact, in today’s culture of instant gratification, a significant 68% of millennials would choose a retailer based on the available delivery options alone.
Emphasising how important the delivery options are for the consumer, research has shown that 45% of customers will abandon an online shopping cart solely due to unsatisfactory delivery options, while 39% of shoppers will take the same action if the delivery times are too long. By offering an express option a retailer incurs no additional cost, has nothing to lose and much to potentially gain.
If meeting customer expectations doesn’t quite persuade a business to go international, there can be no denying the immediate business impact of offering consumers the choice of express shipping. It has been shown that customers that choose an express delivery option have a basket value of 70% higher than those choosing standard delivery.
Thus, companies that offer international express shipping are growing 1.6 times faster than companies that don’t offer this service. Considering that businesses are recording a 20% increase in returning customers after they use the express delivery option, retailers can easily enhance customer loyalty by simply offering express delivery.
With the cross-border eCommerce market set to triple its value to €900 billion by 2020, and the prediction that there will be 1.6 billion shoppers online by 2018, retailers can’t afford to miss out on this opportunity for remarkable growth. In order to build a loyal customer base, retailers and logistics companies need to be working together to develop the most comprehensive and customer-centric processes to continue to exceed customer expectations.