Fresh news about the Shopify Checkout: The Best-Converting Checkout in the World.
Checkout is the foundation of commerce, and we can now definitively say that Shopify is the best in the game. A new external study by a leading global management consulting company analyzed the conversion performance of major commerce platforms and custom builds, and it showed that Shopify's overall conversion rate outpaces the competition by up to 36% and an average of 15%.
The study also showed the power of Shop Pay, Shopify's accelerated checkout offering. Shop Pay can lift conversion by as much as 50% compared to guest checkout, outpacing other accelerated checkouts by at least 10%. According to the study, the mere presence of Shop Pay can increase lower funnel conversion by 5%.
This data is a powerful tool to use with prospective clients, reinforcing Shopify's four unique checkout advantages:
Massive identity network: The future of commerce is identity-driven, and digital wallets are its main driving element. More brands are realizing the conversion benefits of removing friction and reducing the overall steps required at checkout. And no other wallet does this better than Shop Pay, largely due to its massive identity network. With Shop Pay, over 100 million high-intent, high-value buyers are pre-opted into one-click checkout. It’s the single most popular and trusted digital wallet on Shopify.
Unmatched scale: For Shopify, scale is an asset used to improve checkout and something we can handle easily. It's what allows us to power millions of brands and build with the largest enterprises in the world. Shopify currently powers approximately 10% of U.S. ecommerce, has processed over half a trillion dollars of GMV, and supported 561 million unique online shoppers in 2022. They leverage this unmatched volume of data to improve checkout at an amazing pace. This includes smaller changes, like optimizations in button display and field order, and bigger changes, like our recent introduction of one-page checkout.
Consumer trust: Hundreds of millions use a Shopify Checkout annually. Their checkout's look, feel, and flow have become highly recognizable and trusted. But Shopify Checkout isn’t just a familiar experience but a delightful one. It’s seamless, fast, fuss-free—and built to deliver what your clients need to meet customer expectations, like delivery promises, BOPIS, tax and duty calculation, post-purchase expectations, discounts, and more.
The velocity of innovation: At Shopify, large teams are working on innovating checkout, which is more than other platforms have on their entire commerce solution. Building on our platform ensures your clients are always on the cutting edge of checkout technology. But checkout isn’t a walled garden—what makes it so innovative is that it enables you to innovate. Shopify provides all the essential components, allowing businesses to innovate and customize components to fit their needs. The toolkit of options is endless, depending on what’s most important to your clients. You can mix and match bespoke code written in custom apps with no-code, easily configurable apps for your Shopify store to lower the total cost of ownership, increase speed to market, and pivot to shifting buyer demands quickly. This is the power of checkout extensibility.
If you're looking for a checkout solution that will help you increase conversions and improve the customer experience, Shopify is the obvious choice. With their massive identity network, unmatched scale, consumer trust, and velocity of innovation, they can help you build a checkout that will surely give you a competitive edge.
In conclusion: What does this mean for the Shopify partners?
Shopify has been improving its checkout features and experience for nearly two decades.
The result of this research and the best way to leverage its benefits in prospect conversations is now live and available in the partner dashboard.
Shopify's new and updated toolkit includes specific conversion benchmarks across platforms, accelerated checkouts, and more details on the methodology used.
Contact us today to learn how Shopify Checkout can help you increase conversions and improve the customer experience.