Reaching One-Click Checkout Nirvana
How Fast is democratizing one-click shopping
For many businesses, the checkout experience is never complete. It is estimated that the rate of cart abandonment is somewhere between 80 to 85%. And with buyers at this stage of the funnel, a purchase will happen, but will it happen on your site?
The reason cart abandonment is so high is because the checkout process is often over-complicated, requires too many clicks, asks the customer to provide too much information, the list goes on. There is so much friction involved that customers with intent to buy never reach the point of conversion. But what if that process could become seamless?
Domm Holland, the CEO of Fast, believes he’s achieved that frictionless experience thanks to a democratized one-click checkout solution that works across the internet. According to Holland, finding the solution to the issue wasn’t about figuring out how to make payments easier. Rather, Holland says what needed to be solved was an identity problem that permeates every industry, but is especially prevalent in online shopping.
“Fundamentally what Fast is solving for is actually an identity problem, and payments is just one component of that,” Holland says. “Passwords aren’t a problem, they’re a symptom. The problem is that each business requires us to re-identify ourselves, which means we have to create a new account, create a new password, login with this password created for one store, fill in all these fields and forms from scratch, give them payment information from scratch. And from a subscription standpoint, if you lose your credit card, suddenly subscriptions don’t work. Everything is cut off because everyone has these siloed pools of data for us. So that’s fundamentally what we solve for, is just you not having to continually tell everyone who you are.”
With Fast, when a consumer creates an account, they input their data one time and that carries across every website that is connected to the Fast network. The customer will never again need to log into a store’s specific website, create and remember various passwords, enter and reenter your credit card and billing information or deal with any of the other headaches that you experience in a typical checkout online.
Fast has enabled the one-click buying experience on the product page, which means more convenience for the consumer and more sales for the merchants who in the past were hesitant to put other one-click type applications on their pages.
“Merchants typically just say no to having PayPal, Apple Pay, Google Pay, pick your payment button,” Holland says. “They just say no to having it on the product page. And it’s because the fear is, and an absolutely warranted fear, is that it will reduce average order values. It will reduce the average items per order. It will increase delivery costs. It will increase shipping costs. And they don’t want to do that. Merchants don’t want to reduce the amount of money that they’re making.”
How Fast solves this problem is through natively integrating batching orders from the same shops.
“As a consumer, when you click Fast checkout, you instantly buy whatever you’re looking to buy,” Holland explains. “The mascara, it’s yours. Now you can keep browsing and then a couple of minutes later, you decide that you want to buy eyeliner, and you click Fast checkout on the eyeliner, and now you’ve got one order with two products on it. Not two orders of one product. So for the merchant, the average order value is now increased. The average items per order is now increased. They only have to fulfill one order, they only have one box going to go out to the consumer, so it’s only going to be one delivery cost to them. And they’re only going to be charged one transaction fee. So the consumer only has one charge on their credit card. The merchant only has one charge from Fast.”
According to Holland, by making shopping not just possible, but easy on the product page, you open the door to more revenue for businesses everywhere. And you also give more power to the consumer to shop how, where and when they want.
“Seventy-five to 80% of every single checkout on Fast is from the product page,” Holland says. “So it is absolutely overwhelming the impact that it has to businesses….we are making it easy for people to buy things. People are buying things. People are buying more things. So businesses make far more money, can increase their order values, can increase the average items per order, can decrease their shipping cost, can decrease their payment cost, and yet still be increasing conversion rate much higher than they are now and decreasing abandonment.”
There is more to come on the journey to truly frictionless online shopping, and Fast is on the cutting edge of all the innovation. To hear more, be sure to tune into Up Next in Commerce, here.