Since retail conglomerates like Amazon and Walmart permit this to be their competitive mark, customers continue to expect free shipping and free returns as eCommerce shopping continue to grow. In order to provide customers with what they want, independent retailers believe that they must compete and share the costs, which is making it difficult for them to afford this given their limited budgets.
If you don’t believe me, there are a lot of different ways to please customers without overspending on expenses. The first step is to stop offering free shipping on returns that are made online and sent back to your store. The secret is simplicity. According to a study conducted by Invesp, only 79 percent of consumers desire free return shipping, while 92% of consumers will purchase a product again if the return procedure is simple. This indicates that indie retailers need to concentrate on making the return procedure simple.
Offer Free Returns In Store
In addition to saving your business money on return shipping, offering free in-store returns gives you a chance to interact with customers and potentially convert those returns into exchanges or additional sales. By engaging with them upon return, introducing alternative products to them, and developing a relationship with them that is more meaningful, you can turn them into a customer for life. Howard Meitiner, Managing Director at Carl Marks Advisors, stated, “That engagement can turn a nightmare into a legitimate customer retention strategy.”
Refund the Customer and Let Them Keep the Product
Obviously, this option isn’t for every retailer, and it should depend on the product and the reason for the return. However, some brands have had success using this strategy. The cost of a return to a business may end up being greater than the product’s value due to factors such as the cost of restocking, refurbishment, or destruction, the labor required to inspect a return upon receipt and return shipping costs. Refunding the customer and directing them to keep or donate the item can sometimes be the most cost-effective option. Dotcom Distribution co-founder and CEO Maria Haggerty stated, “The benefits of this strategy include increasing brand image and trust in the mind of the customer, as well as the environmental benefit of creating less waste when a customer donates an item versus discarding it.”
Use Best in Class Tools for Shipping
According to Krish Iyer, Head of Industry Relations and Partnerships at ShipStation, “the most immediate way e-commerce sellers can save money on shipping is by leveraging software tools that are optimized specifically for e-commerce challenges.” There are a number of ways these tools can help cut costs. First, by allowing sellers to ship more orders at a faster and more efficient rate overall. Second, by providing sellers with adequate visibility into actual shipping costs, including surcharges, as well as transit times, they are able to make the appropriate choice in light of the urgency of getting the product to the customer at the appropriate cost. Lastly, through the use of tools that enable customers to initiate returns and track their own orders, reducing the number of calls from customers asking, “Where is my order?”
Source Made in USA Products
In addition to the product’s actual cost, sourcing new products involve many other factors. Since the item’s initial cost is low, retailers frequently believe it is better to source it overseas. However, once you factor in all of the costs associated with shipping and duty, however, the amount begins to add up. For a number of decades, people have been traveling to other countries in an effort to find the lowest price. However, doing so is difficult and causes longer lead times, higher risks, and higher shipping costs. They sometimes add import taxes on top of everything else. Meisner stated, “Retailers are now looking into sourcing within the country because there may be a higher price for the product but shorter lead times, which can help improve replenishment options in the event that you discover a best-seller.”
Know Your Packaging Options
“Investing in additional packaging options can enable e-commerce sellers to take advantage of even lower-cost shipping options such as USPS First Class Package Service or USPS Parcel Select. However, flat rate options can provide e-commerce sellers with a cost-effective and simple way to save on shipping. Media mail, first-class mail, poly mailers, and regional rate boxes are just a few of the packaging options available to shippers looking to lower their shipping costs. They should also be aware of which ones are the most cost-effective for various types of shipments, according to Iyer.
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