Shipped goods are lost, stolen, and damaged at an alarming rate, and this phenomenon isn’t cheap for businesses. In 2022, companies reported $2.4 billion lost on stolen packages alone. Add to this figure the cost of replacing damaged products, and you’re looking at quite the bill.
What is package protection?
Package protection- also referred to as package insurance, shipping insurance, etc.- insures the packages you ship against the possibility of loss, damage, or theft. Different companies offer different levels of coverage and protection for merchants and their customers.
It’s a simple offering, but the value of its effects on your bottom line and on your customers’ loyalty cannot be underestimated.
Why offer package protection?
Think of a time when a package of yours was lost, stolen, or damaged. Relive, for a moment, the frustration and disappointment you felt. These things happen; they happen even to large, established, professional, well-intentioned businesses.
While you can’t completely eliminate the risks your packages face once they’ve left your warehouse, you can mitigate them with package protection. When you acquire LABL PROTECT, your customers will have the option to opt into the protection at checkout. In the event that their package is lost, damaged, or stolen, we will repurchase and replace the customer’s product.
Benefits for the customer
There are few situations more frustrating for an eCommerce shopper than a package that either A) is stolen, B) is damaged, or C), doesn’t arrive at all. The anger and disappointment that arises from these circumstances can severely deteriorate a customer’s relationship with your company, and you may be looking at the loss of a client.
Offering package protection is a simple solution to this issue that is often so devastating to sellers. A replaced package rescues not only the sale but the customer’s loyalty.
Benefits for the company
By offering package protection to your customers, your company not only improves customer satisfaction and loyalty but also benefits financially. With LABL PROTECT, for example, our 70% attachment rates have been proven to recover significantly more revenue than our leading competitors. This is because our protection service adds value to the purchase and reassures customers that they can trust your company to take care of them if something goes wrong.
In addition, offering package protection can also improve your company’s reputation and increase customer referrals. When customers have a positive experience with your company and feel well taken care of, they are more likely to recommend your business to others.
Start saving today
Your customer has added your product to their cart. They’re going to check out, and they’re excited about the value your product will provide them. On the checkout page, when they enter their payment information, there’s a checkbox to opt into LABL PROTECT.
you’ll be covered for accidental damage, theft, and even loss of your product. LABL PROTECT gives you peace of mind knowing that if something happens to your purchase, you’ll be able to replace it without any hassle.
