As an ecommerce business owner, you rely on shipping to get your products to customers in a timely and efficient manner. Unfortunately, package loss, delay and damage can occur, which can negatively impact your bottom line. Understanding the financial impact of these risks is critical to ensuring your business remains successful in the long term.
Package loss is a common risk for ecommerce businesses, and it can occur for a variety of reasons. Packages can be lost in transit due to theft, misdelivery, or even a simple mistake by a delivery driver. Regardless of the cause, the financial impact of package loss can be significant. In addition to losing the value of the product, you also lose any shipping costs associated with that order. If you’re shipping high-value items, the cost of replacing lost packages can quickly add up.
Delay* is another common risk that can negatively impact your business. When a package is delayed, it can result in a dissatisfied customer who may request a refund or leave a negative review. Additionally, delayed packages can cause a backlog in your shipping process, potentially resulting in increased costs for expedited shipping or additional staff to handle the workload.
Finally, package damage is a risk that can also impact your bottom line. If a product arrives damaged, you may need to replace it or offer a refund to the customer. In addition to the cost of the product, you may also need to cover shipping costs associated with returning the damaged item. This can result in a double loss for your business.
Fortunately, there are steps you can take to protect your business from the financial impact of these risks. One solution is to partner with Anansi and take advantage of their automated goods-in-transit insurance. With Anansi’s shipping insurance, you can recover up to the full retail value of lost or damaged packages, as well as any associated shipping costs. Plus, with fast claims processing and agreement within 72 hours, you can quickly get back to focusing on your business.
In summary, package loss, delay and damage can have a significant financial impact on ecommerce businesses. By understanding these risks and taking steps to protect your business, you can ensure that your bottom line remains secure. And with EKM’s partnership with Anansi, protecting your business has never been easier.
You can learn more about Anansi by booking a demo call, or by installing Anansi from the EKM Apps store.
Parcel insurance provided by Anansi is subject to terms and conditions.
*The Insurance Policy only covers delayed parcels that are shipped domestically, to and from a UK destination.
