Online Business

The online checkout page is broken. These 3 companies are fixing it – Fast Company

Summary

There’s no way around it: The holiday shopping season is going to be a mess.

From inflation driving up the price of goods to massive disruption in the supply chain causing shortages and delays, the grim forecast that analysts have been warning consumers and retailers about for months is, indeed, nigh.

While there’s little that can be done immediately about a total meltdown in logistics and an economy still reeling from the pandemic, there’s another pain point in the online s…….

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There’s no way around it: The holiday shopping season is going to be a mess.

From inflation driving up the price of goods to massive disruption in the supply chain causing shortages and delays, the grim forecast that analysts have been warning consumers and retailers about for months is, indeed, nigh.

While there’s little that can be done immediately about a total meltdown in logistics and an economy still reeling from the pandemic, there’s another pain point in the online shopping experience that’s less complicated to fix.

You may have noticed how cluttered your online checkout process has become over the past few years: having to create an account to complete your purchase, a dizzying array of payment options, pop-ups for warranties and insurance that cost more than the item you’re buying. Sure, some checkout add-ons may be beneficial to consumers, but only if properly executed. Otherwise, they exacerbate the longstanding issue of cart abandonment, i.e. customers adding items to their digital cart but not completing the transaction.

A recent study from Stripe found that 19% of customers would abandon a purchase if it took more than a minute to check out—and 56% of customers said it takes three minutes on average to complete a purchase. Research from the Baymard Institute calculated the overall cart abandonment rate at nearly 70%, and that between the U.S. and European Union’s combined e-commerce volume, $260 billion worth of lost purchases could’ve been recovered through better checkout flow and design.

“If there’s additional things that keep saying, ‘also try buying this’ or ‘add this to your cart,’ those are pieces that will just interrupt users from that flow,” says Richard Lam, UX auditor at Baymard Institute. “It’ll force them to consider other product options, consider other price considerations—all of those can become barriers.”

That point of friction has ushered in an emerging class of companies rethinking express checkout.

Bolt, Fast, and Skipify have been overhauling the checkout process with features including one-click checkout, shopping from a product page, and even making purchases directly from email.

“Amazon’s advantage had been the simplicity of the purchase process and the checkout process,” says Maureen Burns, senior partner at management consultancy Bain & Company. “And so there’s been a lot of innovation to try to match that.”

Bolt: Powering payments

Founded in 2014, Bolt has been an early pioneer in streamlining checkout and has amassed more than 10 million shoppers in its network and $608 million in funding.

Bob Buch [Photo: courtesy of Bolt]

“When you’re going through a checkout flow, there’s all these different buttons. We call it the Nascar effect, because it’s like a Nascar uniform that’s just plastered with logos all over it,” says Bob Buch, Bolt‘s chief business officer. “The more logos, the more indecision. It’s like, do I …….

Source: https://www.fastcompany.com/90697919/online-checkout-broken-bolt-fast-skipify-fixing-ecommerce-cart