Data reveals where online shoppers will and
will not compromise amid economic uncertainty
Ryder System, Inc. (NYSE: R), a leader in supply chain,
dedicated transportation, and fleet management solutions, releases
its ninth annual e-commerce consumer study – a steadfast benchmark
of U.S. online shopping behaviors, preferences, and expectations.
The 2023 study “Adapting to Inflation: Consumer Outlook on
E-commerce,” which Ryder assumed after acquiring Dotcom
Distribution, reveals key factors impacting purchasing decisions as
consumers shop less amid inflation.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230919921889/en/
“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 U.S. online shoppers explores sentiment and
behavior surrounding purchasing decisions, omnichannel fulfillment,
packaging, shipping, returns, and sustainability, while also taking
a deeper look at beauty and apparel shoppers. The 2023 findings
identify patterns and trends that brands and retailers can address
to shape the ideal customer experience as inflation persists.
What’s Trending
Non-essential online shopping is on a decline. Just more than
half of the study participants (51%) reported making fewer
purchases, and 49% reported doing more comparison shopping,
specifically due to recent inflation.
Desire for faster shipping resumes. In early 2022, amid
lingering supply chain disruptions, 64% of consumers had adapted to
receiving shipments within three to four days, signifying greater
tolerance for longer shipping times than in 2021 (50%) and 2020
(53%). However, 2023 data thus far shows the number of consumers
expecting shipments to arrive in one to two days is steadily rising
(+10% from 2021 to 2023).
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 64% agree free
shipping plays the biggest role in deciding where they make online
purchases.
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 (+14% YOY). Additionally, 44% reported coupons,
discounts, or credit toward a future purchase as the factor most
likely to pique their desire to shop with the same brand again in
the future (+9% YOY).
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; 36% say
whether a company treats its workers fairly is the biggest factor
in deciding who they purchase from; and 45% report a desire to
donate unwanted items retained through returnless refunds.
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, 81%
(+2% YOY) of consumers reported abandoning carts upon seeing
unanticipated shipping costs – also a potential byproduct of
inflation.
“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 the
United States, Mexico, and Canada. In addition, Ryder manages
nearly 260,000 commercial vehicles and operates approximately 300
warehouses encompassing more than 95 million square feet. Ryder is
regularly recognized for its industry-leading practices in
third-party logistics, technology-driven innovations, commercial
vehicle maintenance, environmental stewardship, corporate social
responsibility, world-class safety and security programs, military
veteran recruitment initiatives, and the hiring of a diverse
workforce. www.ryder.com
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.
ryder-scs
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230919921889/en/
Lee Groeger | 3E Public Relations | 609.472.1448 |
lgroeger@3epr.com
Ryder System (NYSE:R)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Ryder System (NYSE:R)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024