Ecommerce operators know the value of understanding how shoppers interact with their site, particularly the checkout page. But going from “data” to “insights” can often be difficult or costly, and it gets put at the end of the to-do list.
Through its merchant analytics dashboard, Bolt continues to evolve its suite of data-offering tools for partners who use the one-click solution. Tools that would otherwise have to be implemented via analytics hacks or third-party software services are available at the click of a button.
These products also change constantly as we refine and improve them based on data, customer experiences, and our partners’ needs.
Delivering more insights to you
Recent updates to the Bolt merchant dashboard include:
- Analysis of your customers’ preferred payment method
- Are your customers checking out via credit card, alternative payment method (APM) or a buy now pay later option (BNPL)?
- Gross merchandise value (GMV) and average order value (AOV) by customer type.
- Is your store’s AOV changing based on the type of account being used to checkout?
- Percentage of GMV by payment method
- How many guest shoppers are creating Bolt accounts
- What percentage of orders are coming from Bolt network accounts
- Order approval rate
- Where shoppers are dropping off when going through the checkout process
- Are they abandoning when asked to input their address? Are they leaving when shipping costs are displayed?
Why are all of these tools critical?
Because each of these tools helps you improve that final and critical step in the purchase experience: checkout. According to the Baymard Institute, “the average large-sized e-commerce site can gain a 35.26% increase in conversion rate through a better checkout experience.” More insight you have into your customer—not just how they shop, but how they finish shopping—the better you’re able to turn first time shoppers into return purchasers and optimize your site for future visitors.
Bolt gathers this information and presents it via the Bolt dashboard, so merchants don’t have to add third-party services that track cart abandonment or hack a solution through an analytics provider. And because the data passes through the Bolt ecosystem, the Bolt team is constantly working to optimize the checkout experience and maximize conversion rates.
Consider the alternative: if a merchant added five APMs to their site, in addition to traditional credit card checkout, that merchant would be looking at more than 2 million variations of layout, tagline, button type, color, page location, and more that they could implement at the mini-cart and cart level. Those variations would give a merchant tons of data—but few insights.
With our products, merchants have data they can actually use to make real-time decisions, and they can be secure in knowing that their site is part of a larger checkout operating system that prioritizes the sale and not the payment method.