Ryder Releases E-commerce Study, Reveals Key Inflation-Fueled Factors Impacting Online Purchasing Decisions
- Consumers prioritize savings with free shipping and returns, comparison shopping, and faster shipping.
- Returns management and promotional offers contribute to customer retention.
- Appeal to social and environmental consciousness is important.
- Shipping costs and unanticipated fees lead to customer attrition.
Data reveals where online shoppers will and will not compromise amid economic uncertainty
“When this annual study was first initiated in 2015, the goal was to gather and monitor consumer insights surrounding the e-commerce experience and publish those findings to serve as an industry benchmark,” says Jeff Wolpov, senior vice president of e-commerce solutions for Ryder. “This year’s data shows consumers are more cost conscious, consistently prioritizing savings with free shipping, free returns, and comparison shopping. For savvy merchants, this presents an opportunity to provide customers with options to save in one area while creating opportunities to shift spending to another, such as increasing order value with free shipping thresholds or converting returns into new orders with smart returns management.”
The study of 1,077
What’s Trending
Non-essential online shopping is on a decline. Just more than half of the study participants (
Desire for faster shipping resumes. In early 2022, amid lingering supply chain disruptions,
What’s Driving Purchases
Consumers remain cost-conscious, consistently prioritizing savings. This is observed most prominently with free shipping. Seventy-one percent of respondents added more items to their online shopping carts to qualify for free shipping, and
What’s Yielding Retention
Returns management and promotional offers hold customer retention potential. Sixty-five percent of respondents confirmed “returnless refunds” (a policy allowing full refunds without requiring customers to return unwanted items) motivate them to shop with a brand again (+
What’s Earning Brand Affinity
Data reveals evident opportunity in appealing to consumers’ ever-growing social and environmental consciousness. Seventy-one percent of 2023 respondents would wait longer for an online order to arrive in the interest of reducing environmental impact;
What’s Pushing Consumers Away
Shipping costs lead to customer attrition. Eighty percent of consumers in 2023 reported they will not move forward with an online order if shipping fees cost more than their purchase. Likewise, on the topic of consumer tolerance, or lack thereof,
“While consumer behaviors, preferences, and expectations will continue to shift, one thing remains constant – the consumer experience is king. That means, for brands to remain relevant, they must stay current on the patterns and trends that will help them shape the ideal customer experience,” adds Wolpov.
Download the full study, “Adapting to Inflation: Consumer Outlook on E-Commerce” here. If you are a member of the media and prefer to receive a copy of the study via email, please send your request to lgroeger@3epr.com.
For more information about Ryder e-commerce and omnichannel fulfillment solutions, visit www.ryder.com.
About Ryder System, Inc.
Ryder System, Inc. (NYSE: R) is a leading logistics and transportation company. It provides supply chain, dedicated transportation, and fleet management solutions, including warehousing and distribution, e-commerce fulfillment, last-mile delivery, managed transportation, professional drivers, freight brokerage, full-service leasing, maintenance, commercial truck rental, and used vehicle sales to some of the world’s most-recognized brands. Ryder provides services throughout
Note Regarding Forward-Looking Statements: Certain statements and information included in this news release are "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. These forward-looking statements, including our expectations with respect to market trends, e-commerce, consumer preferences, and inflation, are based on our current plans and expectations and are subject to risks, uncertainties and assumptions. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties that could cause actual results and events to differ materially from those in the forward-looking statements including those risks set forth in our periodic filings with the Securities and Exchange Commission. New risks emerge from time to time. It is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
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Lee Groeger | 3E Public Relations | 609.472.1448 | lgroeger@3epr.com
Source: Ryder System, Inc.