May 17, 2017 | By WGSN Insider
Big data meets consumer insights. Experience WGSN.
A major stumbling block for retailers looking to create a better customer service online is around the checkout procedure.
According to Amazon Europe around 70% of customers abandon their baskets and 86% of online shoppers dislike having to re-register their details on websites they’ve already visited. While that first stat might be related to customers using shopping baskets as browsing tools, the second hints at frustration with the checkout process.
Cue a real focus among ecommerce directors on and heads of product innovation on reducing friction at the online checkout.
This focus was much in evidence at the recent Retail Week Technology and Ecommerce Summit in London where Miyon Im of Lyst outlined the online fashion marketplace’s ICON (Integrated Checkout Network) development – a single cart technology that keeps customers on its site and offers them a place to transact with multiple retail partners in one go.
“Speed plays a big role in conversion,” said All Saints global digital director Richard Ascott as he offered some (very early) results on the integration of Amazon’s Login and Pay technology to its ecommerce platform.
The technology allows shoppers with Amazon accounts to pay on the All Saints website without having to re-input their details, reducing the process by around a third.
Within a week of launch the Login and Pay technology has taken a 24% of basket share among payment options on the site, and has become the number one payment option for its US customers.
Average transaction values are also up 15% and conversion through the checkout is up 34%, creating some truly compelling reasons for retailers to prioritise their solutions around this painful part of a customer’s purchase journey.
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