One-Click Checkout; The Shopping Solution to Boost Your Conversion Rates
Every day, online shoppers seek better ways to shop with almost zero stress. It’s the duty of eCommerce stores to foster convenient shopping or risk losing their customers to rival eCommerce stores. Every second counts when shopping online, especially since the attention span of modern buyers keeps dropping by the day. So, you’re doing something wrong if buyers are required to sign up or log in and fill multiple form fields every time they shop on your online store before they can check out. Not only will it increase your abandoned carts rate, but it will also reduce your conversion rates. Like many other eCommerce stores, you can also implement the one-click checkout system to improve the shopping experience on your online store.
What is One-Click Checkout?
Let’s start from the beginning.
Amazon is one of the most successful eCommerce companies in the world today because of its numerous effective strategies, such as fast shipping. In 1995, when Amazon was still only an online bookstore, it started the one-click checkout system. It allowed buyers to shop multiple times on the platform without entering their billing and shipping details every time. One-click checkout was an ingenious idea then, and Amazon patented it before other eCommerce companies could start implementing it. In fact, Amazon sued Barns & Noble for implementing the one-click checkout system. Apple had a leasing agreement with Amazon in 2000 to use the one-click button on iTunes. The patent was valued at $2.4 billion per year even. The good news is that the patent expired in 2017, and any company can implement one-click checkout without attracting a lawsuit.
One-click checkout is a system that allows online buyers to go from their shopping carts to the checkout page to complete their orders with a single click. The function of one-click checkout is to make shopping on eCommerce stores for new and old customers easy and quick without entering their information more than once. One-click checkout supports guest checkout, eliminating the need to sign up or log in.
Now, the one-click checkout industry is becoming more popular and changing online shopping for the better.
Benefits of Using One-Click Checkout
Fast Transition from Browsing to Buying
According to Statista, 24% of shoppers abandoned their orders because the website wanted them to sign up in 2022, and 17% got frustrated with long checkout processes. One-click checkout eliminates unnecessary steps in the purchase journey, making it quicker to start and finish shopping online, whether the buyer logs in or not. Additionally, since the one-click checkout system stores the buyer’s payment preference, it reduces situations where buyers can’t find their preferred payment option. The gap from browsing to buying on an online store is smaller with one-click checkout.
It Encourages Impulse Buying
Many times, buyers visit an online store on a whim. What happens next depends on a few factors; does the buyer have enough money to buy on impulse, and does the website help or frustrate them? One-click checkout is the perfect system to ensure your impulse buyers complete their orders before they realize what’s the point. Eh, maybe another time, maybe I don’t need this, and other tales. Since the purchase journey is so fast, it leaves no room for second guesses, allowing buyers to finish their orders with the same high energy as they started shopping.
Is One-Click Checkout Right For Your Business?
Though many eCommerce businesses use one-click checkout to speed up their purchase journeys, not all products will sell better with one click-click checkout. How can you know if one-click checkout is right for your business?
Small VS Big Ticket Items
How much do buyers typically spend on one product in your store? If an average item in your eCommerce store is under $100, say $15, buyers will be more comfortable making quick purchases without overthinking it. eCommerce retail products fall in this category because they are low-ticket items. But for big-ticket items such as furniture, gadgets, home appliances, etc., buyers tend to take their time to make the right purchase decision. Hence, one-click checkout will seem too fast for them, as if the seller is trying to take advantage of them.
The Rate of Repeat Purchases
How often do buyers need the products you sell? Are you selling consumables and essential products buyers must buy regularly, such as groceries? Or products that can last long after purchase, such as kitchen utensils like non-stick pans? For example, eCommerce stores selling home cleaning products will always enjoy a high rate of return purchases because customers run out of cleaning products in no time. Since one-click checkout stores buyer’s information, return buyers can make quick purchases whenever they come back without filling in the same form fields to complete their order.
Factors to Consider When Choosing a One-Click Checkout Provider
Security: one-click checkout providers store delicate customer details, such as card and shipping information, which makes it a ticking time bomb if you choose a provider that is not PCI DSS compliant. Other security concerns you should consider are chargeback fraud detection, data encryption, payment verification, and antifraud monitoring.
Payout Structure: one-click checkout providers have different payment structures. Some pay immediately after the buyer completes their purchase, while others take more time. Research the payment structures of the providers you’re considering to discover the payment structure you’re comfortable with or how much compromise you can make in that aspect.
Compatibility With Your Existing Platforms: this is a no-brainer. Your one-click checkout should support your existing eCommerce platforms, tools, APIs, etc. You don’t want to start looking for a new payment processor or Buy Now Pay Later (BNPL) provider because your one-click checkout system is incompatible with the one you use. Ask the providers you’re considering to give you a list of eCommerce platforms compatible with their product or ask about their existing platforms.
User-friendliness: every one-click checkout provider says their product is user-friendly, but you can’t be sure. Test different one-click checkout providers to see for yourself. Some providers will not include full purchase details on the checkout page. Buyers are already making quick purchases, so it’s only right they see what they are getting themselves into just as quickly. So, ensure that your one-click checkout provider includes purchase details, such as the item’s price, total price, product details, shipping information, and tax.
Your one-click checkout should also be easy to use for you and customizable to reflect your brand.
Backend Reliability: nothing is more frustrating than poor response time from a product/service provider when customers need technical support. Research the one-click checkout providers you’re considering to learn about their customer support and other customers’ experiences using them. But more importantly, how reliable their backend is during order processing. Some one-click checkout providers have better backend reliability than others, and you want to give your eCommerce a competitive advantage.