Saturday, January 22, 2022

Shopify to Speed up Online Checkouts with New POS Solution

Shopify to Speed up Online Checkouts with New POS Solution

Shopify is launching a new product designed to make online purchasing quicker for consumers. The new solution, dubbed Shopify Pay, does this by pre-filling shipping information so the process doesn’t have to be repeated with every purchase on their platform.

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Shopify Pay Streamlines Online Purchases

Shopify announced Shopify Pay during their developer conference on April 20, 2017. Through this new product, they are hoping to reduce friction at the point-of-sale during online orders and simplify the checkout process across the platform for business customers.

It is not an incredibly disruptive change as similar payment solutions already exist, such as PayPal’s Express Checkout. With both of these services, your shipping information is stored to be quickly accessed at a later date in time for consumer convenience.

However, the payment solution can work across the entire Shopify network, connecting people to an interconnected web of retailers that leverage the platform. In this way, it will have an advantage over similar services such as PayPal Express checkout because, unlike Shopify Pay, it won’t be automatically integrated into the POS systems of these businesses.

Additionally, it reduces the number of fields a customer has to fill out during checkout from 16 fields down to just two. Thus, it significantly reduces the time it takes for people to finalize their purchases — offering time utility to potential buyers and increasing the chances that people will complete their transactions.

In fact, it has been reported that Shopify already speeds up the checkout process by 40 percent and that conversions occur around 18 percent more among returning customers.

Offering Security with Convenience

According to the company, Shopify Pay isn’t just beneficial for the convenience it provides, but also because of the secure way it implements the solution.

Firstly, it provides an option to opt-in so that you have a choice in participating in the service. If you accept Shopify Pay while checking out the first time, then the next time you shop at stores within the Shopify network it will recognize your email and send you a 6-digit code to your phone.

Subsequently, you type this verification code into the relevant field to complete the transaction and after this, you’re finished.

This automatically fills out your stored payment and shipping address information, which then lets users finish the process with just one tap or click to confirm the order. It works across platforms where Shopify is available, too, letting you use it on desktop and mobile browsers and via apps.

It will work in tandem with other contactless payment options such as Apple Pay and Android, both of which are already payment options on the Shopify platform. And when those options are not available, then the additional payment method can act as a substitute for them.

What do you think of Shopify Pay? Is it any different from other instant payment solutions? Let’s hear your thoughts.

Images Via Shopify and Business News Daily

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