New buyers should be an opportunity for a business; and not a burden. The eCommerce industry has seen great progress in the past few years, especially post the pandemic. As the customers’ increasing dependency on online stores has contributed significantly to the sector’s growth, the brands also need to keep up with the ever-changing needs of the customers to stay competitive in the market. Buyers nowadays are highly demanding, especially when it comes to their shopping experience. They expect a fast checkout experience and quick and free delivery.
About 80% of shoppers abandon their carts, of which about 20% is due to the checkout inconvenience. Nowadays, more customers prefer checking out as a guest on a new eCommerce store to avoid having to go through the long form-filling process or to remember more account credentials. However, upon visiting the checkout page, customers are redirected to the lengthy signup process, following which they decide to abandon the cart. Here, cart abandonment not only leads to poor customer experience but also causes brands to lose out on business.
What’s the Solution to Cart Abandonment?
Did you know that Amazon literally owned the patent on one-click checkouts for several years? With one-click checkout functionality, the motive was to ease customers’ shopping experience and focus on improving the branding. Post the expiration of this exclusive use of the patent in 2017, more merchants have come up with the functionality.
Thankfully, brands can now adopt a solution to transform their customers’ checkout experience. The one-click checkout software gives your customers the fastest checkout experience directly from the product page. The reason behind more merchants adopting the one-click checkout is the convenience driving up conversion rates. The easier a customer’s checkout experience is, the more conversions a brand is likely to have.
How Does One-Click Checkout Functionality Work?
One-click checkout is advanced functionality that uses the default personal and payment information saved by a customer once on a particular checkout network. As most customers use the same payment information to pay across different eCommerce stores, the fast checkout saves time and hassle during the checkout process. Earlier, multi-page checkouts were quite common. Back then, customers would be redirected to different pages to review their orders, fill in the shipping address, enter the billing address, and finally confirm the order.
The slow checkout would become even slower with a poor network connection. Plus, if the customer accidentally hits the “back” button – he/she may have to fill in the entire information from the beginning. The error-prone checkout process would thus lead customers to abandon their carts and never come back.
Key Benefits of One-Click Checkout
- Great shopping convenience
- Improved conversions
- Multiple payment methods are supported
- Low RTO percentage
- Higher prepaid conversions
- Checkout from multiple sales channels
While it’s not a given that every eCommerce business needs a one-click checkout, choosing the functionality benefits greatly in terms of repeat business and providing instant gratification to customers. And, successful retention of customers enables great benefit potential for any business.