The checkout process is more than an endpoint to the consumer journey. We digest the data and techniques that reveal how the checkout can be used to drive growth, customer trust and loyalty
Report summary
The retail landscape is entering a new phase where the checkout experience has become as critical as any other part of the consumer journey. Against this backdrop, checkout-as-a-service (CaaS) is emerging as a significant opportunity rather than just a technical solution.
Based on original research, the RetailX Checkout as the Universal Touchpoint Analyst Data Workbench Report gives retailers and brands the insights they need to refine checkout experiences. Along with interviews and case studies that demonstrate how leading companies are performing in this area, the report offers a tactical roadmap on steps businesses can take to improve conversion.
Key takeaways:
- Rather than relying on outdated plug-ins or limited platform features, CaaS replaces the entire checkout experience in one step, without code, external agencies or ongoing development work.
- Retailers should make good use of dynamic, in-checkout personalisation to meet rising consumer expectations for immediate value-adds (personalised recommendations, early access) and post-purchase support (returns management, order tracking).
- Only a tiny minority of customers consider themselves immune to trust issues. It follows that brands need to reassure customers at checkout via, for example, offering real-time customer support and familiar payment options.
- Pricing transparency is crucial. This must be embedded throughout the customer journey so that consumers are not surprised by additional costs at the end of the purchase process.
- It’s crucial for retailers to balance conversion optimisation, which involves using third parties and potentially reduces direct customer data collection opportunities, against the imperative towards first-party data acquisition for long-term relationship building.
Key statistics:
- 50% of shoppers will give up buying a product online if the checkout process is not quick and clear
- 19% would abandon a purchase if account registration was required
- 40% would prefer using a trusted third-party payment method like Google Pay, Apple Pay or PayPal when buying from a retailer for the first time
- 74% of shoppers expect tailored product suggestions.
