Shoppers are spoilt for choice when it comes to the range of goods that can now be found online, and thanks to the convenience that the online shopping experience offers, consumers can purchase an item in just a few clicks from the comfort of the sofa.
Sounds ideal, doesn’t it? But it isn’t always as perfect as it sounds, and one key area where online retailers often let themselves down is delivery.
Research from Loqate - Fixing Failed Deliveries - found that 1 in 20 online orders is not delivered on the first attempt, which can lead to high costs for the retailer. In fact, the average cost of a failed delivery is $17.78, and, over the course of the year, the average annual cost is a shockingly high $200,000 - a cost that no retailer can afford.
And, of course, it isn’t only costly in the financial sense. The impact on negative brand reputation can be devastating.
So, where are retailers going so wrong? Well, data quality plays a huge part in whether a delivery is successful or not. If an address is not entered correctly on an online form, this can result in several things - the item is not delivered to the correct address, the customer becomes frustrated as the item is either late or, even worse, lost, the retailer has to pay for costly redeliveries and brand reputation is at risk. In fact, one in five failed deliveries is due to poor customer data.
And it isn’t just that. User experience is a determining factor for many customers when it comes to shopping online. If your UX is poor, chances are shoppers won’t stay on your site, let alone make it through to completing a purchase. So, it’s essential that you cater for users by making it as quick and simple as possible.
So, what’s the answer? Implementing a simple data entry tool is a great opportunity for retailers to make a huge difference to their delivery success - and the way customers view them. By implementing type-ahead address verification in the checkout, consumers will no longer need to manually enter an address or worry about post verification methods. Instead, in the click of a button, type-ahead address verification allows them to enter an accurate address so they can be more confident that the address they have entered has been collected correctly and their parcel will arrive without issues.
With simple data entry, money can be saved, UX optimised and operational efficiency improved.
To make it easier for retailers to figure out what they could be saving with accurate data, Loqate has created the ROI Calculator. This tool will allow you to calculate the monthly and annual savings you can make with quality data, by taking into account the number of online orders you ship per month and where you deliver to.
To find out how much money you could be saving, try the free ROI Calculator now.