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Ecommerce works on the principle of fast delivery, low costs and doorstep delivery. More than one in three (38%) online shoppers will empty their filled-up virtual cart if the seller cannot deliver the product in less than a week. Even if the delivery can be made in six to seven days, 16% of prospective buyers will not place the order. Furthermore, 15% of shoppers will not click on "buy" even if it would take just four to five days for the product to reach their doorstep.
The data offers a critical insight - shoppers these days want instant gratification -- some even lose interest in the product entirely if the gap between demand and delivery is big. The online orders abandoned at the last stage result from faster delivery times offered by other Ecommerce sellers.
In a world where people are quick to discard items from their online shopping carts for the smallest reasons, research shows that Ecommerce sellers that adopt Omnichannel fulfilment strategies retain around 89% of their customers. The figure for companies without these stands at a dismal 33% - just one of their three customers return to them. Research also shows that a US-based Ecommerce shopping chain experienced its best quarter in Q2 2020, with a 24.3% increase in total sales and a 195% increase in online sales, after it implemented Omnichannel strategies.
Without a shred of doubt, Omnichannel fulfillment is one of the key options for any e-commerce business to offer its customers a top-notch shopping experience from start to finish. So, let’s delve deeper into Omnichannel fulfillment and why it is the need of the hour.
Makes way for Quick Deliveries
Since Omnichannel fulfillment takes place across various channels, all the resources available to the retailer are strategically deployed to deliver the product to the buyer Anywhere & anytime as per there need. For instance, once an order is accepted, the product can be shipped from a fulfillment center to a brick-and-mortar store, where it can be picked up by the customer the same evening. Therefore, Omnichannel fulfillment is all about choosing a shipping option that ensures fulfilment as per customer requirement , ensuring that there’s no wastage of time.
Accurate Reporting
Omnichannel fulfillment usually uses 3PL to fulfill orders. And 3PLs always maintain notes of every activity that takes place across sales channels. In other words, businesses receive reports that could help them identify their most important channels and improve those falling behind, thus improving the fulfillment process.
Customer satisfaction
Customers would certainly appreciate knowing that they can buy their favorite products from a channel of their convenience or preference & receive deliveries in their preferred way. The customer should have the ability to access a store, browse through products, and purchase the products. They have options like buy online & pick up in store or order online & deliver from store etc . Hence, opting for Omnichannel fulfillment gives businesses the opportunity to ensure their customers come back for more.
Builds Brand Image
Businesses that adopt Omnichannel fulfillment are generally viewed as those who pay attention to their customers’ needs and preferences, differentiating them with a multi-channel distribution setup.
In conclusion, Omnichannel fulfillment offers Ecommerce businesses a way to expand their sales channels. With customers looking for various shopping options, it’s important to tap into the market before the competition does. Omnichannel fulfillment is the new norm.
By Sunny Nandwani, Founder & CEO, Acuver Consulting