Retailers are facing a multitude of challenges as they weather the disruption of COVID-19. From store closures, customer demand fluctuations and new generations of customers beginning to rely on online shopping, retail needs to work harder than ever to increase e-commerce conversion rates and ensure packages make it to their final destination.
Even before the pandemic hit, abandonment was a thorn in e-commerce’s side, with a 68.3% cart abandonment rate costing brands up to $4.6 trillion globally every year. (Baymard Institute 2019). In addition, with the rise in same-day delivery demands from consumers, the extra millions lost each year in failed deliveries due to inaccurate address data will also continue to rise.
The barrier? A lengthy and complex customer onboarding process fuelled by tedious checkout forms that increase the risk of entering a wrong or misspelled address.
However, the more we streamline an online purchase by automating the address entry process with correct address data, the more user-friendly we make it and the faster you can have those goods delivered to the right location, the more likely your customer satisfaction is to increase along with your return on investment.
Conversely, the more complex the process, the more likely the customer is to input incorrect information, such as an incorrect address, leading to failed deliveries and increased business costs.
It’s time to unpack how business leaders can drive an increase in efficiency and sales; what a single customer view would mean to your business and teams, along with decoding the key to delivering e-commerce excellence.
How can we reduce the number of steps required in the checkout process to drastically increase conversion rates and increase package deliverability? We also consider how enhanced discreet validation steps help cut business costs incurred by failed deliveries and the true cost of correcting poor contact information. Afterall, the value of what your business transacts depends on the data you harvest.
Join GBG and a select group of retailers to discuss how to streamline the order process from start to finish and make sure parcels reach the right destination on the first delivery attempt