In ecommerce, one-click checkout solutions are aimed at reducing friction and shortening the path to purchase by minimizing the number of form fields and clicks required to place an order. Savvy online shoppers expect easy, intuitive experiences, with an increasingly lower tolerance for too many steps in the process, or lack of preferred delivery and payment options. Despite ongoing investment in improving the end to end online shopping experience, overall cart abandonment rates continue to sit around 70%, according to Baymard Institute. A major contributor? Checkout abandonment. According to The Checkout Benchmark, almost half of all shoppers who proceed from cart into checkout, don’t complete their purchase. That’s a staggering volume of lost sales potential from shoppers that demonstrate strong intent to purchase but drop off during checkout. “While there will always be a certain amount of checkout abandonment — because some shoppers will start a checkout as part of their consideration process or simply to see if discounts are available — brands should strive to minimize friction in the checkout. Any extra friction in the checkout will increase checkout abandonment,” says Anatolii lakimets, Senior Product Marketing Manager at Bold Commerce. One-click checkout shortens the path to purchase in an effort to minimize friction by moving shoppers through checkout with fewer clicks. For a basic one time, one item purchase on a website, the concept of a shortcut through checkout with one-click is pretty straightforward. But with the shift in shopper interest to purchase in different channels like social or blogs, on a mix of devices, or without clicking at all (in the case of voice assistants), the requirements of a one-click checkout increase. Reducing friction isn’t about getting to one click at all costs, when some clicks are valuable ‘conversion boosters’. Shoppers expect BOPIS and other delivery options, payment options, the ability to collect loyalty points, or apply discounts during checkout. “Checkout used to be about taking payment, but in today’s world, checkout has become the orchestration point of all of these elements in a shopping experience. Exceptional customer journeys continue right through checkout,” says Deanna Traa, Chief Marketing Officer at Bold Commerce. “Brands need to think about the data and checkout logic they require through their checkout experience, especially when they are selecting a one-click solution. When you think about it, checkout is a critical moment of truth in a shopping journey to reinforce your brand experience.” 5 ways to tell your brand needs a customized one-click checkout Not all one-click checkout solutions are created equal. Many options, including digital wallets, require brands to make sacrifices to the shopping experience and the checkout logic in order to implement a one-click solution. This can mean serving up payment methods, delivery options, subscription offers, or the ability to collect or redeem loyalty points. For brands with simple business models and one item baskets, these sacrifices are smaller. For others, the effectiveness of a one-click checkout experience relies on the ability to customize it based the business model while also delivering brand consistency across every channel. Here are five indicators your brand would benefit from a customized one-click checkout solution:
A recent McKinsey report found that more than three-quarters of U.S. shoppers used some form of digital payment during the pandemic. Plus, the share of consumers using two or more digital payments methods is on the rise — jumping to 58% from 45% year over year. According to The Checkout Report, 38.7% of buyers chose PayPal as a payment option when offered. If your brand has a large number of users opting for alternative payment methods to credit cards, it could be a sign they are looking for a simpler, streamlined checkout experience. Digita...