According to Shopify, around 25% of all shoppers, who originally had some intent to purchase, abandoned carts because of the complicated checkout process. For those relying on every single sale to put food on the table, this is a significant portion of sales lost just because of something so simple. As a result of this continued high statistic, Shopify decided to launch ‘Shopify Pay’ to improve the checkout process and, ultimately, to improve sales. With nearly a year in the bank, is Shopify Pay worth it?
What Is It? - First and foremost, we should explain that Shopify Pay allows all customers to save all personal information as well as their payment details. Once they’ve been saved, the details can be accessed on hundreds of thousands of stores (as long as they’re powered by Shopify). Even if they happen to be visiting for the first time, they can click one button and have all their information entered using the Shopify Pay system.
Is It Working? - What better way to assess whether something is working than to look at the numbers for Black Friday/Cyber Monday (BFCM)? Thanks to figures released by Shopify, we can see that around $30 million was spent by 400,000 people over the course of the weekend; what’s more, it was all THREE TIMES faster thanks to Shopify Pay.
Success Story #1 - Victoria Emerson, owner of an e-commerce store like so many others, noted that cart abandonment was becoming a real issue so she decided to test Shopify Pay. Typically, Victoria would see 30% of visitors add products to the cart only for half of them to just click away. With Shopify Pay, she says the customers can be guided through each stage of the process easily and this allows for more conversions from basket to purchase.
Considering much shopping is now done online, it seems that people’s time is competed for more aggressively than ever. Therefore, pushing the customer through the purchasing process in a quicker time means that the sale goes through before they’re lost to a new notification.
According to Emerson, conversion rate increased FOUR TIMES over on BFCM and it all resulted from Shopify Pay and the faster checkout process. With less friction and the system helping customers rather than hindering, Victoria is grateful to the system and this story really shows how Shopify Pay can help.
Success Story #2 - To follow Victoria Emerson and her astronomical increase in conversion rates, we have Alan Cassineli and the marketing team named ‘Peel’. When asked about the new introduction from Shopify, he explained that, in this day and age, with all the advancements we’ve seen, it makes no sense for customers to endlessly enter their personal details every single time they want to purchase something online.
Compared to 2016, mobile sales increased by 10% and this pushed them past desktop sales for the whole weekend. In total, 64% of orders during BFCM came from a mobile device and this shows the type of advancements we’re experiencing. For Cassineli, he says the speed of the checkout process is ‘critical’. Rather than seeing customers enjoy a product enough to add it to the basket only to then give up, he wants to see people enjoy his products and services. Over the BFCM weekend, Peel enjoyed conversion rates DOUBLE the normal amount.
Summary - All things considered, these two success stories show how Shopify Pay is being received. Much like Cassineli said when asked how he would summarize the system, it’s like entering your favorite coffee shop only for them to know your name and order in advance. Rather than being a random entity online, the shopping experience becomes personalized as well as convenient for all parties involved.
If you want to speed up the checkout process for your consumers, while also making them feel valued by your service, you should definitely consider Shopify Pay. Above all else, it makes sense to streamline the purchasing process. If you think of yourself as a customer, wouldn't you want to have your personal information available at the click of one button rather than manually typing it in every time?