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While some sellers add a credit card fee on card sales, most businesses accept credit card processing as a cost of doing business. Those transaction fees of 2 percent to 3 percent of each sale are unavoidable to online businesses. Check out more The Journey content at https://bit.ly/GDTheJourney.
The easiest way to add free shipping without losing a dime of profit is to build shipping into your product cost.
That is exactly what every other business that offers free shipping does. For example, if you sell a $50 product and the average shipping cost is $7, you can just charge $57 for the product and offer free shipping.
✅Read about it on our blog ➜ http://bit.ly/3fArBoqGoDaddy
0:13 How to offer free shipping without hurting your bottom line
1:53 Set up A/B tests
2:40 Using free shipping in your business
Should You Offer Free Shipping?
It’s hard to argue the significance that shipping discounts can have on e-commerce sales.
A study found that almost 70% of shopping baskets are abandoned online due to ‘unexpected costs’. In many cases, these unexpected costs include shipping fees.
Set Up A/B Tests
Before even worrying about whether you can make free shipping profitable, you need to test how much making the offer will lift your conversion rate in the first place. If offering free shipping won’t raise conversion, why go through all the trouble?
Assuming you’ve done your homework, and your hypothesis is proven correct, you will have the data you need to make the best decision regarding free shipping.
Let's get into few of the different ways you can incorporate free shipping into your business model;
Adding it to your base price
Even though the price is the same, the psychology of seeing the phrase ‘free shipping’ makes the buyer feel like they have got something extra and are more likely to go ahead with a transaction.
Use a third-party shipping service
There are two popular ways to sell with a third party, traditional drop-shipping service or third-party platform.
Give your customers shipping options
Like the other options, you’ll want to price in the cost of basic shipping to maintain margins. But you can then give customers faster access to products when they want or need them.
Evaluate your shipping vendors
While you are in the process of pricing out a plan to offer free shipping, make sure to check with all shipping vendors to find ways to save money.
You might get the best deal with the United States Postal Service (USPS), but you don’t know if FedEx or UPS may be cheaper for your products until you do your research.
Minimum order for free shipping
Setting a minimum order price for free shipping helps you manage risk in a free shipping program, as low-value products won’t qualify for free shipping on their own. This is how many large retailers handle shipping policies.
Modern business owners and managers are wise to take time to do the math and fully understand your costs, choose the right price and sales strategy, and protect your bottom line while giving customers the free shipping they want.
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