Ultra fast fulfilment and the statistics that prove why it’s important
In a world where time is money, the need for ultra fast fulfilment makes a lot of sense. Customers want ultra fast fulfilment, whereas businesses are in a constant race against time to provide this to them against all odds.
If you weren’t aware of this piece of information, you have come to the right place! The statistics provided below will help you get a better grasp on how you must execute your order fulfilment processes, as well the requirement for ultra fast fulfilment.
So, what are you waiting for? Keep scrolling and have a look at some super interesting fulfilment related stats.
Contents
- Ultra Fast Fulfilment Statistics: Consumer Expectations
- Ultra Fast Fulfilment Statistics: eCommerce Statistics
- Ultra Fast Fulfilment Statistics: General Order Fulfilment
- Ultra Fast Fulfilment Statistics: Shipping Statistics
- Ultra Fast Fulfilment Statistics: Logistics Statistics
- The Final Takeaway
Ultra Fast Fulfilment Statistics: Consumer Expectations
- According to 53% of consumers, brands fail to provide an experience that meets their expectations. (Acquia)
- 2/3 customers don’t remember the last time a brand experience exceeded their standards/expectations. (Acquia)
- Companies with $1 billion revenue per year accredit at least $700 million gain in 3 years after investing in the improvement of customer experience. (Acquia)
- 74% of customers expect a well-integrated purchase journey. (Salesforce)
- 67% of customers will pay more for a good customer experience. (Salesforce)
- 78.5% consumers agree that excellent customer experience provides companies with a competitive advantage. (Lxahub)
- 43% of consumers believe that the biggest obstacle to providing amazing customer experience is lack of necessary tech solutions. (Lxahub)
- 23% brands report confusion on where to start with customer experience technology. (Lxahub)
- 80% of consumers would do business with a competitor after multiple bad experiences with a brand. (Zendesk)
- 51% of customers consider sustainability and ecofriendliness as key factors when making purchase decisions. (PwC)
- Price and fulfilment convenience are first priorities for customers. (PwC)
- 52% of online shoppers resonate with brands that share their values. (Accenture)
Takeaway:
As it can be seen, consumers of the 21st century have pretty high expectations. Not only do they want fast fulfilment, but they also want it to be convenient and aligned with their values as shoppers. In addition, increasingly, it is an ESG in becoming a crucial requirement for customers, and hence, they want it to be a part of the fulfilment experience they are getting.
These statistics are great in terms of painting a snapshot of what the consumers actually want, especially when it comes to their interactions with a brand. They want an enhanced customer experience! And believe it or not, but ultra fast fulfilment is a part of a good customer experience.
But what does this mean for brands? It means that all organisations have the pressure to provide an enhanced customer experience that includes fast fulfilment and speedy deliveries. This is definitely easier said than done, but with the help of the right solutions, it can be achieved.
Various tools and technology can be integrated into your fulfilment processes in order for a smooth and seamless experience. For example, ERP, CRM, and WMS will all become a part of your strategy in the most effective way and make sure that the customer experience you offer as a brand resonates with your target audience.
So, if you are a business that is bent on providing a stellar, unique purchase journey that targets all the points these stats discuss you will 1) prioritise the customer experience by 2) making use of customer experience tools and technology. The starting point in this regard would be to really understand your customers and see what they want. And you know what? You have already achieved that! The stats provided are a pretty good authority on what the customer wants in terms of the brand experience.
Now, the next part: making use of customer experience tools and technology. Again, this depends on what it is that you need to work on as a business, but if you are working towards achieving fast fulfilment mechanisms, then something like a warehouse management system or an order management system should definitely become a part of your business.
Ultra Fast Fulfilment Statistics: eCommerce Statistics
- It is predicted that 218.6 million US customers will shop online in the upcoming year, i.e. 2023. (Oberlo)
- Worldwide online retails sales will go up to and even surpass the $7 trillion mark by 2025. (Insider Intelligence)
- In 2023, 20.8% retail sales worldwide will be eCommerce sales. (Oberlo)
- 30.1% of people shop online because of the easy return process. (Oberlo)
- 53% of eCommerce websites are equipped with omnichannel capabilities (Google)
- 58.4% of internet users buy something online every week. (Data Reportal)
- Shopify is the eCommerce company with the highest market cap (Statista)
Takeaway:
It doesn’t take a rocket scientist to know that eCommerce is a highly competitive environment and if anything, these stats make it even easier to understand that. eCommerce is increasingly becoming the norm, with more and more customers finding new things to enjoy about their eCommerce journey and hence, preferring it over brick-and-mortar shopping experiences.
However, a surge in customers means a surge in expectations as well. The more people interact with online retailers and engage in eCommerce activity, the more their standards are bound to rise. Which means that on your end, you have to make sure that your operations are evolving as the eCommerce industry does. This is the only way you can stay at par with the industry standards, as well as the growing needs of your customers.
Again, ultra-fast fulfilment is a huge part of this. In fact, many people shop online due to the convenience and the speed factor, so compromising on that will never be a good look for your eCommerce activity. If you want to make sure that you fit in the dynamic arena created by eCommerce in today’s world, you have to prioritise fast and efficient fulfilment and deliveries.
Unfortunately, if you are a business that still depends on manual systems, this will be impossible to achieve. It is only with the right tools, technology, and software solutions that you can actually achieve the right eCommerce warehouse strategy that focuses on fast fulfilment of orders.
Ultra Fast Fulfilment Statistics: General Order Fulfilment
- 38% of customers will abandon their orders if the estimated delivery time exceeds a week. (Econsultancy)
- 69% of customers will not shop with a retailer in the future if they don’t deliver within two days of the promised date. (Website Magazine)
- Unexpected shipping costs will lead to at least 25% online shoppers abandoning their carts. (Hubspot via Conveyco)
- The average cost to fulfil an order is 70% of the average order value. (eFulfilment Service)
- B2C sales are projected to hit over $6.3 trillion by 2024. (Statista)
- More than half of online customers state that delivery times decide who they shop with. (PR Newswire)
- 8% people will abandon the order if expected delivery is 3 days or less (Econsultancy)
Takeaway:
Order fulfilment is the key for the successful establishment of any business. In fact, cut that: seamless order fulfilment is the key for the successful establishment of any business. From these stats, it becomes clear that customers have pretty high expectations when it comes to order fulfilment. They don’t only value ties, but they also value the cost aspect and hence, everything must be skewed in their favour if you expect them to even turn into customers!
However, this is not as straightforward as it seems. Fulfilment is a very intricate process and to ensure fast, seamless fulfilment, businesses need to put in a lot of effort. It requires a good chunk of your resources, and there is no way you can get away with just winging it in this regard because it is the fulfilment experience you provide that actually defines whether your customers are interested in shopping with you or not.
So, as a business, it would be better for you to do your best in terms of building a fulfilment experience that is convenient for the customer. Whether it means hiring more staff or getting your hands on the right technology, you need to set your priorities because this is the one aspect that can truly make or break your business.
However, there is no need to be overwhelmed! Our advice would be to just focus on speeding up your fulfilment processes and providing the fastest fulfilment experience that you possibly can and you will be able to conquer this game.
Ultra Fast Fulfilment Statistics: Shipping Statistics
- Lack of free shipping can prevent shoppers from purchasing altogether. (Digital Commerce)
- 20% will not place an order if the shipping date is unclear (Digital Commerce)
- 53% of shoppers will not purchase from a retailer without knowing when their package would be shipped. (Acquire Convert)
- 49% of customers confess that same day delivery is likely to make them want to shop online in the future. (Invesp)
- 44% of customers won’t place an order if it is expected to not arrive on time. (Digital Commerce 360)
- 80% of shoppers expect regular order communication when it comes to the shipment of their orders. (PR Newswire)
- Majority of consumers expect a liberal return policy, whereas at least 79% of them expect free return shipping. (Invesp)
Takeaway:
One of the most crucial tenets of fulfilment is the actual shipment of products. This is the one area that can often lead to many unnecessary delays, and as seen in the stats provided, this can severely dent your efficiency and subsequently, rapport as a brand.
Customers value fast deliveries a lot. If you provide your customers with fast deliveries, chances are they will shop with you again in the future as well. This is how you actually build your brand, retain customers, and improve your revenue. Essentially, what this means is that fast shipping is an important element of your success strategy.
However, we know that achieving fast shipping is not always easy. In fact, it is one of the most challenging aspects for a business because even if you offer lightning-fast fulfilment processes, shipping can delay things due to unseen factors.
But that doesn’t mean you are completely helpless! Firstly, always remember to keep the customer in loop in regards to their orders. Inform them of any delays, and keep them updated through the fulfilment process so they know exactly what to expect. This way, even if things take a turn for the worst, your impression on the customer may still remain positive.
Other than that, there are other things you can do to attain delivery speed. For example, make sure your delivery routes are properly optimised and that you plan ahead before you make the actual deliveries. You should be working with carriers that enable real-time route modification, so in case unforeseen hurdles come your way, you can deal with them appropriately. Another way you can achieve faster shipping is by combining forward and reverse logistics, which makes both of these a lot less hassle-free and chaotic.
The point is, fast shipping is important for ultra fast fulfilment, which is important for the perfect customer experience – so you have to pay your attention to this area for optimal results!
Ultra Fast Fulfilment Statistics: Logistics Statistics
- The 3PL market is expected to expand at a CAGR of 8.6% from 2022 to 2030. (Procurement Tactics)
- 70% of consumers will pay more to support greener logistics operations. (Procurement Tactics)
- The second biggest challenge for logistics providers is to make on time deliveries. (Statista)
- According to T&L executives, one of the biggest challenges with last mile logistics is delivery efficiency. (PwC)
Takeaway:
The state of your logistics is essentially what feeds your fulfilment experience. The logistics industry is a vast place with many options available. Of course, there are many businesses that rely on their own resources for logistics, whereas a growing majority chooses to outsource them to 3PLs and other fulfilment services providers.
Either way, the state of your logistics can make a tangible impact on how you process your orders. The wrong logistical setup can cause delays, which will cause you to lose clients. Not only that, but as the logistics industry grows and more advancements are introduced to this area, you really have to put in the work to provide customers with an experience they deem adequate.
As the statistics show, becoming efficient is one of the most difficult goals to achieve when it comes to logistics, as well as making on-time deliveries. Conversely, these aspects are also the most important. So ultimately, what we have in this regard is a conundrum: perfect logistics consist of fast and efficient fulfilment, but fast and efficient fulfilment is also the hardest thing to achieve when it comes to perfect logistics.
What’s the solution? Technology! The right technology is your answer to every problem in this area. The right technology will help you optimise your logistical experiences in line with industry standards, which will allow you to attain fast fulfilment and hence, impress your customers.
If you are a business struggling with achieving the perfect logistics, you need to start taking a look at your software systems. You need to analyse if they are efficient enough to interact with the needs of the modern-day eCommerce world. This is important because the right software systems make ultra fast fulfilment and perfect logistics a breeze to achieve.
The Final Takeaway
The statistics above as well as the takeaways that elaborate the stats will help you understand the indubitable importance of ultra fast fulfilment in today’s world. It goes without saying that we understand how hard it is to keep up with the fast-paced eCommerce world, but you don’t need to feel helpless.
There are a plethora of things you can actually do to achieve ultra fast fulfilment, and with the help of the right technology, doing all of them can be quite easy for you.
One of the best ways to ensure ultra fast fulfilment is to invest in a robust warehouse management system. This is where Canary7 comes into play. Designed keeping in mind the needs of today’s eCommerce environment, Canary7 equips you with the right solutions to navigate the challenges associated with attaining fast fulfilment.
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