The 2020 State of Ecommerce Report released by BigCommerce has shown that speed of delivery, free returns and multiple payment options are the top drivers for online shoppers.
The report, which surveyed 3,450 shoppers, found that 43% of online shoppers will pay up to $20 for their preferred delivery option and same day delivery is the most appealing delivery option (19%) for those willing to pay. Nearly half (48%) of online shoppers are only seeking a delivery period of between two and seven business days.
When it comes to returns, almost two-thirds (62%) of online shoppers indicated they would switch online retailers in order to access free returns with the option appealing to the 55 to 65 year age group (67%) more than the 25 to 34 year age group (56%).
BigCommerce research also suggests that providing access to at least six payment options is a competitive necessity for online retailers, and can help accelerate growth. PayPal now accounts for 40% of online shopping purchases, followed by credit cards (27%) and debit cards (19%). Further, Buy Now Pay Later (BNPL) now accounts for 14% of all online transactions.
BigCommerce vice president and general manager for Asia Pacific, Shannon Ingrey said in 2020, online retailers are competing on so much more than cost.
“Instead, they are required to both anticipate the needs of their consumers and exceed their expectations. Product delivery, therefore, becomes a key differentiator in the current retail landscape and impatient consumers have indicated they are more than willing to look around for the fastest deliveries.
“It’s clear that in 2020, simply having an online presence is just not enough. Consumers are engaging with retailers on more channels than ever before – and they expect a cohesive, personalised and seamless shopping experience at every stage of the journey. It’s up to brands to tune into what their customers want — and deliver this through the platforms they use — otherwise they run the risk of losing those customers”