For online shoppers, there’s no bigger shopping spree mood killer than an extensive checkout process. When shoppers are frustrated with a lengthy payment process they will often abandon the checkout completely; which is part of the reason why the average cart abandonment rate is so high at 69%.
Shopify Pay is a new development that will look to benefit both the business and the customer. Shopify Pay has completely simplified the checkout process by allowing customers to check out in seconds by using a 6-digit code that is sent to their phone. Instead of filling out pages of payment and shipping details, customers will be able to skip this whole process with the unique code that will activate their saved details whenever they shop with Shopify stores.
How does it work?
Signing up for Shopify Pay is really simple. When the customer fills out their payment and shipping details as normal, they will be given the option to opt-in to Shopify Pay. The next time they use any Shopify store, Shopify Pay will come up as a payment option to which they can select, fill in their unique 6-digit code- sent to them via text- and checkout. The option will be available to all customers of Shopify stores however is entirely optional for the customer. Customers will continue to have the option of filling out details as they go at each transaction.
This new option is secure and reduces what is usually a complex procedure. Shopify Pay will store the customer's information but can only be activated with the 6-digit code which is sent to their phone and serves as a security step in authorising identity.
Any results so far?
The results of Shopify Pay are proving to be successful with the implementation having already begun across thousands of shopify stores. These stores have seen a much more accelerated checkout speed, up to 40% faster, and an increase in conversion rates by up to 18%.
With the average cart abandonment rate being as high as it is, many of these abandonments can be attributed to difficult payment processes. If steps can be reduced in this process and time can be saved, the hassle of paying online will be reduced significantly.
When can we use it?
Shopify Pay is set to be available to every store using Shopify Payments over the next few weeks, for no additional costs. It can be used on any device or browser, making it a fast and simplistic payment solution. Further information from Shopify can be found here.