Here’s what goes into the shipping price of any product: To decide how much to charge your customers for shipping, you need to first understand what shipping will cost you. Now that I have your attention, let’s dig deeper and take it step by step. In short, you need to offer competitive shipping prices and make sure that whoever is delivering your products does their job well. How then can you offer customers a product that they’ll be willing to purchase without losing out on profit? No matter how good your products are, customers simply won’t buy them if you overcharge shipping, or even charge it at all. In fact, 80% of consumers expect free shipping when ordering a certain amount of products, and 66% expect free shipping for all online orders. Industry leaders like Amazon have conditioned shoppers to expect free, same-day delivery. In the sea of online shopping opportunities, competition is as high as ever. Meaning, the cost of shipping is one of the leading causes of cart abandonment. In 2022, the average cart abandonment rate reached about 70%, and 48% of that was due to extra costs like shipping and taxes. So shipping is a key part of your brand’s success, and shipping pricing-even more so. Take one of the four essentials out of the equation, and it just won’t work. To start an ecommerce business, you need four things: products to sell, a storefront to sell on, a payment gateway, and a means of delivery.
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