By the numbers, checkout abandonment is the largest problem ecommerce businesses face.
7 out of 10 customers, even after they’ve added a product to their cart, don’t complete the checkout experience. This is mostly due to a clunky and long process. $10s of trillions are lost in abandoned checkouts globally. With limited engineering resources and tight budgets, ecommerce businesses have struggled for decades to improve this.
An optimized checkout experience, out of the box
Amazon has long recognized the importance of an optimized checkout experience. For the past ten years, their patent of “1-click checkout” prevented other online retailers from providing an instant buying experience. This expired several months ago. Slow and cumbersome checkout forms meant most other online retailers had to forgo higher conversion rates on their sites. Amazon had an unfair advantage — until today.
Bolt’s single-click checkout experience provides the same sophistication and streamlined feel for everyone. Designed by industry veterans out of Facebook, Twitter, Pinterest, and Airbnb, Bolt’s checkout drives improvements upwards of 50% in completion rates for new users and returning customers.
Now, BigCommerce and Bolt’s partnership gives BigCommerce retailers a best-in-class checkout experience out of the box.
[1. Compiled benchmarks from the Baymard Institute, Barilliance, and Formisimo. 2. Checkout completion rates across Bolt partners from Aug 6 – Sep 4, 2018]
“Despite being one of the most valuable aspects of a merchant’s online store, creating a checkout experience that is quick, easy and mutually beneficial for both merchants and their customers remains a constant challenge for online sellers,” said Jimmy Duvall, Chief Product Officer at BigCommerce. “Using the checkout experience Bolt built with BigCommerce’s Checkout JS SDK, merchants benefit from a bespoke checkout experience that’s optimized for Bolt’s fast payments and built-in fraud management.”
Optimized for mobile
With Bolt Checkout, BigCommerce retailers have access to the leading checkout experience for web and mobile. Over the month of August, retailers in the Bolt Network averaged over 37% checkout conversion rates, 25%-75% above the average ecommerce checkout. These rates were even higher on mobile, where checkout conversion is often improved by over 100% with Bolt Checkout.
Increases in returning customers and customer lifetime value
Moreover, Bolt’s single-click checkout for returning customers yields over 60% checkout conversion. Bolt enables BigCommerce retailers to increase customer lifetime value by providing a seamless checkout experience for repeat buyers.
How Watches.com and Kettlebell Kings are using Bolt and BigCommerce
Watches.com has been using Bolt for nearly three years to power payments and guarantee zero fraud. With BigCommerce and Bolt’s partnership, Watches.com has solved fraud for their business and is converting a record number of customers.
“Bolt has been incredible for our business,” says Daniel Hunsacker, Vice President at Watches.com. “We went from reviewing orders constantly to never dealing with fraud again. Bolt found us millions in extra revenue that we were previously rejecting. The new checkout experience with Bolt and BigCommerce is going to be a similar game-changer.”
By switching to Bolt, Watches.com increased revenues all-in by 22%.
Kettlebell Kings, an Austin-based fitness brand, is also using Bolt to power sales and eliminate fraud on their BigCommerce site.
Jay Perkins, Co-founder and Managing Partner at Kettlebell Kings, says:
“Every dollar and minute counts when it comes to putting time and money back into the business for marketing and inventory needs. So, Bolt being able to prevent the waste of a piece of inventory, refunding money, and the time and energy to solve the problem contributes to our overall business efficiency and growth.”
Bolt and BigCommerce’s partnership allows Kettlebell Kings to provide Bolt’s seamless checkout experience to customers, while guaranteeing zero fraudulent chargebacks.
“Our customers expect a top-tier experience when working with our team at Kettlebell Kings — we’ve become known for it, and it’s how we’ve grown our business. So, we wanted this level of quality to translate to who we use for fraud and checkout,” says Jay.
Zero fraud and full-stack payments, built-in
As the world’s first end-to-end payments solution, Bolt uses data from checkout behavior and payments to deliver industry-leading order approval rates, while guaranteeing 100% fraud coverage.
Online brands are often liable for fraudulent orders placed on their sites. In 2017, the Global Fraud Index estimated the value of potential fraud at $57.8 billion across eight industries studied by the Index.
However, the true cost of fraud is even greater. In addition to the value of lost merchandise, online retailers incur costs from allocating hours to manually reviewing orders, losing potential revenue from good customers wrongly rejected, and implementing fraud-fighting best practices.
Known by many as one of the world’s experts in fraud management, Pete Kledaras served as Chief Risk Officer at CashStar for eight years and designed the fraud systems now relied on by major retailers including Best Buy, Dell, Gap, Office Depot, Staples, Starbucks, and The Home Depot. Pete now heads risk, data, and fraud detection at Bolt, pioneering the full-stack approach to reduce false positives and eliminate fraud.
“By having all of the payment processing and checkout data, Bolt has an unfair advantage in analyzing fraud better than any standalone vendor,” says Pete. “Blocking good customers from purchasing is the largest revenue loss for online merchants. Bolt isn’t just zeroing out fraud, it’s aiming to zero out false positives. Merchants have the highest order approval rates in the world when they partner with Bolt. The partnership with BigCommerce, and their network of merchants, is extremely exciting.”
Factoring in the above costs, online retailers spend 3%-5% of their overall revenue combating fraud operationally [BigCommerce]. And, in turn, nearly 2.5x the amount lost to fraud is spent fighting fraud every year [LexisNexis].
By integrating checkout, payment processing, and fraud detection in a single platform, Bolt leverages data from across the stack to detect fraud and prevent false positives. Behavioral information from checkout, such as typing speed and mouse movement, contributes to 200+ variables Bolt collects on every order.
The result is zero fraud and industry-leading order approval. By switching to Bolt, Watches.com increased order approval rates by over 10%.
The future of ecommerce starts now
By combining BigCommerce’s full suite of ecommerce functionality and Bolt’s best-in-class payments and checkout flow, independent retailers have an opportunity to be formidable against ecommerce giants like Amazon. Join our movement to make commerce instant, consistent, and trusted.