How valuable do you think one second is? What about one-tenth of a second?
The simple answer is…really valuable!
In 2017, the U.S. shopping cart abandonment rate was right around 70%. Think about it, only 30% of people completed a purchase after initially setting out to do so! And if these same people were marketed to, a lot of money was just wasted. The key to making the cash register ring (figuratively and literally) is to increase the efficiency of the digital check-out process.
How annoying is it to have to type in your credit card number each and every time you want to make a purchase? Just this morning, when I bought a new cast-iron skillet from my favorite kitchen-wares brand, I had to get up from my computer, walk downstairs, grab my wallet, walk upstairs, sit down again, refresh the page, and manually type in my card and location information.
I keep shopping experiences like this morning’s limited to few and far between. Not that I don’t buy what I want online, just that I don’t waste my time brand-direct. Why should we expect to waste our time and effort when Amazon has made digital commerce so easy? They’re the pinnacle of ecommerce efficiency, and aside from great deals on Prime, there’s really only one reason I buy the bulk of my home goods and goodies from them… one-click checkout.
Honestly, if Amazon weren’t so convenient I’d spend more of my hard-earned money brand-direct. But with the usual check-out process there’s only so much I can stand! if I can buy the same thing on Amazon as the brand site, Amazon will be my first impulse. No regrets.
It’s sad that some of my favorite brands still have a clunky purchase process, but hopefully that’s about to end, because Amazon’s U.S. patent on the one-click checkout is running out this year. This means that brands are about to get a major leg up on Amazon! You’ll be able to combine the quality and personality of your brand with the efficiency of the one-click check-out process.
When U.S. brands can start playing on the same efficiency field as Amazon many people are going to be very happy. A recent study by Business Insider showed that the one-click purchasing was one of the key reasons that Amazon has an advantage in the online retail space. So, when that advantage is erased you’ll be able to join in on the fun and profit tremendously. Just imagine going to your favorite brand’s website and being able to buy what you want simply, easily and seamlessly.
Plus, that 70% cart abandonment rate we brought up earlier may just disappear! Earning revenue from only 30% shopping interest is weak. Giving your loyal customers the ability to purchase your products or services with a single click or tap (literally two seconds) is going to drive much higher sales revenue for your brand than your digital store ever did before. The future of digital commerce is great and we’re optimistic that direct brand’s that implement one-click purchasing are going to be very pleased with resulting sales rev.