75% shopping cart abandonment on average! This is a number that haunts many online retailers. From deep concerns about security and sharing sensitive credit card information, too short attention spans, to the more mundane laziness in filling out a profile, the reasons consumers drop out of the checkout process vary widely. These factors are sometimes outside of your control, however there are tools available that can increase account creation and reduce shopping cart abandonment. Amazon Payments is a great option to accomplish this and put more revenue in retailer’s pockets.
Launched in 2007, Amazon Payments allows shoppers to easily create accounts on retailer sites with “Amazon Login” and make purchases with Amazon “Pay” using information already stored in their Amazon accounts. By allowing consumers to login with their Amazon accounts, they are more likely to follow through with purchases, even the impulse buys they may have otherwise abandoned. When customers login with their Amazon account retailers receive critical personal and demographic information which can be used to create an account, personalize their checkout experience, and offer rewards and discounts.
According to Amazon, Amazon Payments results in more registered customers, increases conversion rates, and returns higher average order values.
Amazon is one of the biggest names in the ecommerce world, and with recognition comes confidence. Consumers are more likely to share sensitive information like an address and credit card number with a company and brand they recognize and trust. Amazon Payments gives you the opportunity to benefit from the brand trust Amazon has spent years developing. Since 17% of all abandoned shopping carts are due to concerns around payment security and lack of trust in the brand, this endorsement from Amazon is invaluable for retailers. Furthermore you, as an online retailer are protected by Amazon’s sophisticated fraud detection technology.
The studies surrounding shopper attention span speak for themselves. It may seem ridiculous to abandon the purchase of a great book, a new sweater or whatever your customers are looking for because filling in a shipping address seems unsurmountable. But, according to Statista 21% of consumers drop out of the checkout process when it takes too long to complete it. Amazon Payments speeds up this process with just one click by allowing your consumers to use a profile they already created.
So how do you integrate Amazon’s Login and Payment technology into your eCommerce website? If you are a Demandware customer, Annex Cloud is the exclusive partner to call.
Shopping cart abandonment will continue to haunt online retailers, but now even the smallest companies have the opportunity to leverage Amazon’s brand trust to increase their conversions.