Commerce Businesses rely on shipping to get their products to customers on time and in good condition. The demand for urgency and in-time delivery requires different shipping methods that cater to different customer needs.
If you are a retailer, then you must understand that the type of shipping options you provide to your customers will have a profound effect on their overall shopping experience. And many customers these days are willing to pay a bit more for better shipping options.
Let’s look at the two most popular shipping options – Economy and Standard shipping – to help you make a better decision for your business.
What is Economy Shipping?
Economy shipping is the most basic and affordable type of shipping available. This type of shipping is often used for items that are not time-sensitive and do not need to be delivered quickly. Economy shipping can be an excellent option for those who are budget-conscious and are not in a hurry to receive their purchases.
Here’s how it works: rather than sending each order individually, economy shipping consolidates multiple orders into one larger shipment. This allows the shipping company to take advantage of economies of scale, resulting in lower overall shipping costs. The trade-off, of course, is that it takes longer for your goods to arrive. However, most economy shipping services guarantee delivery within 15 days, making it a great option for those looking to save money on shipping without sacrificing speed.
What is Standard Shipping?
Standard shipping is a step up from economy shipping and is typically used for time-sensitive items that need to be delivered within a certain time frame. The shipping method allows buyers and customers to benefit from instantaneous real-time updates, which is critical for time-sensitive items.
With standard shipping, the cargo that you are sending will not be consolidated with other shipments. This means your items will be delivered faster, but it also comes at a higher cost than economical shipping options. Additionally, the cost for standard shipping is based on the parcel’s weight and dimensions, so it is important to factor in these costs when choosing this type of shipping for your business.
What is the Difference Between Economy Shipping and Standard Shipping?
The three main differences between economy and standard shipping are cost, delivery time, and reliability.
Many customers will abandon their shopping carts if they find that the shipping costs are too high. For expedited and standard shipping, the customer pays a higher price tag because the cargo leaves the business premises faster. The transit time is usually one or two days but can be longer depending on the destination. On the other hand, economy shipping is a more affordable option for the customer since they are willing to wait a few extra days for their items to arrive.
The only thing standing between a customer and economy delivery is the urgent need for their goods. Where time is not of the essence, economy shipping can be a great option that saves you money. Standard shipping is when you need to get goods to your customer in a specific time frame. This is often used when shipping items that are time-sensitive or perishable.
Shipment tracking and reliability
Both types of shipping come with tracking information. Standard shipping, however, offers real-time updates on the whereabouts of your shipment so that you can be confident that it will arrive on time. Furthermore, standard shipping is often more reliable since your items are not being consolidated with other orders and are thus less likely to get lost in transit.
How to Decide Between Economy and Standard Shipping For Your Business?
There is a direct correlation between shipping costs and customer satisfaction. If you are an eCommerce vendor, it is important to offer your customers various shipping options so that they can choose the one that best suits their needs. The delivery timeline is the main deciding factor between economy and standard shipping, and longer waiting times may outweigh the cost benefits for some customers.
When it comes to shipping, one size does not fit all. The best way to decide between economy and standard shipping is to understand the needs of your business and your customers. Do you need to get items delivered fast? Or are you shipping items that are not time-sensitive? If you can answer these questions, you will be able to choose the shipping option that is right for you. We recommend you find a reliable shipping partner that offers both economy and standard shipping so that you can offer your customers the best of both worlds. i-Way transport is a trusted and reliable logistics company that provides a breadth of shipping services for businesses of all sizes. Visit our website today to learn more about our services and how we can help you grow your business.