On the verge of the first ecommerce-led holiday season, as thousands of retailers hang on for dear life due to the COVID-19 pandemic, Bolt is at bat to save retailers and future-proof their businesses.
How? We just signed what could be the beginning of one of the greatest equalizers in ecommerce. Really.
Starting today, Bolt will power Authentic Brands Group (ABG) through a digital transformation. As the second-largest brand management company in the world, ABG’s 50+ retailers and 50 million customers who shop with them will benefit from best-in-class checkout technology. Now, they’ll have the convenience of Amazon without sacrificing their carefully-built brand experience. We deliver speed – no passwords to remember, with payment information saved across brands – and do it safely, with top-of-the-line fraud mitigation.
ABG’s brands generate more than $14B in annual retail sales, across 50+ brands, including long-standing, reputable brands like Forever 21, Aeropostale, Brooks Brothers, Juicy Couture, Lucky Jeans, Nautica, and Volcom. Bolt and ABG will also introduce a new, subscription-based program that unlocks exclusive user access to brands, products, perks, and rewards early next year.
ABG understands that Bolt is not simply a nice-to-have. About 70 percent of shoppers fall off at checkout. The cart abandonment rate spikes even higher on mobile, to 85 percent. It adds up — to nearly $1T in abandoned checkouts in the US alone every year, and upwards of $10T globally.
ABG chose Bolt because our features are indispensable to combat ecommerce giants like Amazon.
The implications of Bolt powering ABG’s brands stretch far beyond the current moment. This partnership sets a precedent for how traditional brick-and-mortar stores can not only survive, but pivot and adopt technology to flourish.
It also means that if Bolt can enable one click checkout across 50+ brands, we can do it for the entire internet.
Bolt is creating cross-brand experiences for ABG, all while maintaining the individual tech stacks for each merchant. Unlike other payment providers and shopping carts, we’re completely agnostic — meaning we can integrate with any ecommerce platform and work with any retailer’s existing technology to take them to the next level. Our flexibility ensures that retailers don’t have to invest heavily in internal tech experts or abandon tools or systems that are already working for them.
And, the payoff is proven — hundreds of retailers that have already implemented Bolt, are seeing increased average order value, improved conversion rates, a huge lift in order approval rates, and immediate benefits from the network effect of shoppers with Bolt Accounts.
If you’re interested in the best checkout experience on the market, and leveling the ecommerce playing field, let’s get in touch.