2020 was a monumental year for Bolt. On our mission to democratize ecommerce, we’ve built trust with the top ecommerce platforms and a thriving merchant community and we’re revolutionizing the checkout experience for millions of shoppers. Here are just a few of the key stats:
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This exponential acceleration of shoppers on the Bolt Network gives every merchant using Bolt an instant relationship with the shopper, millions of shoppers. From the first moment retailers go live with Bolt, they can offer their shoppers a one-click checkout experience with a 63% higher conversion rate than guest checkout.
Then, in one check of a box, shoppers can create a Bolt Account by saving their information from their very first checkout. Now with their Bolt Account, shoppers get an Amazon-like checkout and personalized experience across every site on the Bolt Network regardless of whether they are a first time or returning customer. No passwords, no forms, no entering payment information—just a secure, lightning-fast single-click checkout.
With a growing number of retailers on the network, we’re creating a one-click checkout for the rest of the internet. This report presents detailed statistics on the economic impact merchants have gained on Bolt’s Network, why offering shoppers an effortless, one-click checkout with Bolt Accounts enables retailers of all sizes to convert more shoppers, sell more products, accelerate their growth and be prepared to compete in the ever growing marketplace.
Ecommerce growth in 2020 was hyperbolic, 2021 promises to surpass it. Capitalizing on this unprecedented growth will not be easy, but with the right technologies in place, retailers can position themselves for success.
The rising popularity of ecommerce marketplaces
In recent years, online marketplaces have seen massive growth. Brick and mortars are undergoing a digital transformation and either migrating or expanding to the web. Giants like Amazon, eBay, and Alibaba have capitalized on this growing trend by making it easier than ever to connect buyers and sellers across the globe. In 2019, marketplaces accounted for 57% of global online retail sales.
However, the rise of global marketplaces is not without its own challenges
In a quest to also capitalize on demand from its own growing shopper base, Amazon’s increased investment in private-label brands puts it at risk of competing with the very retailers that built its marketplace. As Amazon continues to launch more and more of its own private-label brands, third party sellers are becoming increasingly concerned about competition from Amazon and more likely to seek out other ecommerce channels to stay competitive.
- 80% of Amazon sellers sell on other platforms outside of Amazon
- 89% of consumers will head to Amazon and search for the same product even after finding what they need on a retail site
This statistic paints a grim reality of what it takes to remain competitive in the new economy, but underpins an even darker reality.
If consumers, especially those who are Amazon Prime members, can find the product they are looking for on Amazon, they are much more likely to make a purchase there than with other online retailers.
Where is the value for merchants when they are competing with counterfeit products, private label brands and ceding control of their direct-to-consumer relationships? How can merchants compete against the convenience of Amazon without sacrificing their carefully-built brand experience?
Solving checkout levels the playing field between independent retailers and online marketplaces while also patching a very leaky bucket at checkout.
It’s estimated that 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.
This massive opportunity to capture lost sales has given rise to a host of new technologies: the checkout plugins. But in their quest to solve the checkout problem, checkout plugins have introduced more problems than they solve – one more button to add to your store, one more confusing option for shoppers, as well as increased customer support and fraud-related costs.
Bolt is flipping this dynamic. Instead of the “one-trick” checkout plugin, we’re creating a one-click checkout experience for the rest of the internet and offering it at the most critical point of the shopping journey, right when your customers are ready to buy.
“Solving an issue like checkout and payment is first on our list, in terms of our digital transformation,” Adam Kronengold, Authentic Brands Group’s chief digital officer, “It’s a massive opportunity for us to increase convenience for the customer and drive affinity and conversion across our portfolio of brands.” source: Glossy
Merchants need an alternative or additional channel to rebuild their precious direct-to-consumer relationships. The Bolt Network spans ecommerce platforms, payment processors, and shopper payment methods to build a seamless experience across the internet. So even if a merchant’s site is powered by BigCommerce, and the shopper has only completed orders on a Magento, WooCommerce, or Salesforce Commerce Cloud powered site, the shopper still receives a seamless single-click checkout.
Ongoing value for shoppers: fast, simplified shopping experiences
Bolt Accounts provide the foundation for the Bolt Network. Instead of being restricted to the confined user experience of online marketplaces, shoppers can now experience merchant brands the way they were meant to be experienced – without sacrificing the frictionless checkout experience that has habituated their shopping behavior.
With Bolt One Click, shoppers create their Bolt Account and now have a portable and personalized checkout experience across every merchant site in our network. The first time a shopper makes a purchase on any merchant’s site within the network, they can save login, payment and shipping information as they complete the transaction.
Sign in once, check out anywhere
Once a shopper has saved their information, they’re in the network. The next time they buy, there are no passwords, no forms, no entering payment information – just a one-click checkout even if they have never shopped there before.
Shoppers can also opt for a guest checkout, but 54% opt to save their information to ensure a faster purchase experience the next time they buy. Existing shoppers also have the option to create an account.
Now, when they visit any merchant site in the Bolt Network, regardless of whether they are a first time shopper or frequent shopper, they receive an Amazon-like checkout that’s lightning-fast, personalized and one click.
Ongoing value for merchants: reclaim the direct-to-consumer relationship
Bolt Accounts are also the pinnacle first step for merchants to reclaim and retain their direct-to-consumer relationships. By solving the checkout experience problem for shoppers, merchants can tap into an abundant pool of primed and checkout ready shoppers that is growing exponentially.
Shoppers who use Bolt Accounts convert higher than shoppers who use guest checkout:
Top three industries driving the highest number of Bolt Account creations:
Nearly ⅕ of all Bolt transactions are network driven…and growing. The verticals with the highest volume of network-driven transactions are:
The clothing vertical saw the biggest jump <2% in January to over 20% in November.
Beyond reclaiming their direct-to-consumer relationships, merchants on the Bolt network are also tapping into a profitable new source of shoppers with Bolt Accounts. These “checkout ready” shoppers are proving to be a valuable source of new and recurring revenue. And the one-click checkout experience offered by Bolt merchants is proving to be a competitive advantage.
Spotlight 1: A leading specialty printing supplies merchant
Joined Bolt: February 2019
New Bolt Accounts created: 17,345
Spotlight 2: A service merchant in the pet industry
Joined Bolt: January 2020
New Bolt Accounts created: 11,589
Spotlight 3: A manufacturer and provider of outdoor furniture
Joined Bolt: August 2018
New Bolt Accounts created: 42,516
Spotlight 4: A major sports recovery provider brand
Joined Bolt: July 2019
New Bolt Accounts created: 74,309
Spotlight 5. Supplier for heat transfer vinyl, materials, and custom prints
Joined Bolt Network: October 2019
Notable Stats: 26,311
With new technologies and players constantly entering the space, we can expect the ecommerce industry to continue to evolve over time. What has remained prevalent throughout this evolution is the value of experiences. Online retailers everywhere are recognizing just how important the checkout experience is in shaping the shopper’s perception of their business.
Much in the same way a standout product or a beautifully designed website can elevate sentiment, a clunky checkout experience can do the opposite, negatively dragging perception, losing trust, and causing shoppers to abandon their purchase.
We’ve built the fastest checkout and created Bolt’s one-click shopper network with this in mind to enable independent retailers to compete with industry goliaths like Amazon.
The growth of Bolt’s retail network continues to drive the creation of more Bolt Accounts and the creation of more Bolt Accounts is driving the growth of our network.
Bolt Accounts is the first step towards experience-driven commerce and a gateway for merchants to strengthen their direct-to-consumer relationships. Bringing more engaged consumers that convert at 67% means that merchants have a greater opportunity to reclaim DTC relationships–unlocking possibilities for loyalty rewards, targeted merchandising, better order history, personalized shopping experiences, and so much more.
Bolt Accounts gives shoppers an easy and secure checkout across a wide network of Bolt’s retailer partners. They get what they’ve come to expect: a fast and a frictionless, single-click checkout experience. But they also experience richer and deeper shopping experiences directly on a merchant’s site, and across the Bolt Network.