• Elena Bazhenova, Business and Sales Operations Manager at exactly.


• 08.05.2024 01:45 pm
#payments #evolution #ecommerce

Customers don’t appreciate convenience and good service anymore. The profile of the average buyer has changed beyond recognition. 

Once upon a time, someone could walk into a shop, receive quick, attentive service - and they would tell all their friends all about it. That doesn’t happen anywhere near as often these days. 

Why? Because the shopping experience is different now. Customers don’t appreciate speed and efficiency - because they expect it.

Ecommerce has revolutionised sales dynamics by helping to breed a new form of customer - and the benefits posed by new payment systems empower companies to meet these new instant expectations. 

One-click payments are the perfect case in point. Having this capability built into your payments system empowers you to meet the higher demands of the new form of modern customer: Ensuring they can buy without having to wait. Some of the biggest brands of the modern world - Amazon, Uber and Deliveroo - all utilise one-click payments. 

Here’s how one-click payments work and why they will continue to be an essential cog in any successful ecommerce strategy in 2024 and beyond. 

The origin of one-click payments 

The birth of ecommerce opened the whole world up for business - meaning people could order products from anywhere on the planet with relative ease. 

But just like with any new innovation, there were teething problems to address. The biggest obstacle for sellers - which remains the case in many instances where payment systems are not integrated correctly - is the abandoned cart issue. 

The customer journey has experienced the same roadblock time and time again. They find something they like online, add the product to their online shopping basket, navigate to the “buy” page - and then change their mind because they have too many forms to complete or pages to click through. 

The beauty of one-click payments lies in their power to significantly reduce abandoned carts. Buyers see an item they like, pop it in their basket, click a button, it’s theirs. No need to think twice. 

How do one-click payments work? 

One-click payments have ushered in a new era of convenience. 

Transactions are triggered by pressing a “buy” button and executed without recurring authentication - so consumers can complete their purchases in a matter of seconds without the need to enter repetitive payment and shipping information. 

Some of the best examples include booking a taxi with Uber, picking up a Lime e-scooter from a charging bay, or ordering food online with Deliveroo. The reason these services are so easy to use - and so is popular - is because they are utilising one-click payments. 

The buyer’s card details are saved on file to use for an even shorter checkout process in the future. 

By eliminating unnecessary steps in the checkout process, businesses can create a frictionless experience that translates into higher conversion rates and increased sales.

What benefits do one-click payments offer?

Aside from increased convenience that gives rise to a faster/higher sales rate, one-click payment systems also offer additional benefits in terms of security, user experience, and brand recognition. 

One of the main points of concern around one-click payments is their potential for exploitation - as the very nature of these transactions (accelerating the process of authentication and checks) raises questions around how safe they might be. 

Faster online transactions can indeed come with cybersecurity issues - but that goes for any type of payment system you might be utilising. There’s a simple fix here: Choose a leading payment service provider who has security high on its agenda. 

High-quality payment service providers employ robust encryption protocols and authentication mechanisms to safeguard sensitive financial information. This reassures both merchants and consumers, fostering trust and confidence in the payment ecosystem.

Customers expect security - and they expect it regardless of the route they have taken to navigate to the purchase point. For example, an increasing number of customers are choosing to make purchases now via mobile. 

One-click payments are particularly well-suited for the mobile environment, where speed and convenience are paramount. By enabling seamless transactions on smaller screens, businesses can easily tap into the burgeoning mobile market.

Good, trusted, quick customer service also means consumers keep coming back.  

In today's competitive marketplace, customer loyalty is more valuable than ever - and one-click payments simplify the purchasing process and foster a sense of loyalty. By offering a frictionless payment experience, businesses can cultivate long-term relationships with their customers, leading to repeat purchases and brand advocacy.

What does the future hold for one-click payments?

One-click payments don’t just help a business to sell - they can actually teach you more about what your customers want. 

From a merchant's perspective, one-click payments offer invaluable insights into consumer behaviour and preferences. Businesses can gain a deeper understanding of their customers by analysing transaction data, enabling them to tailor their offerings and marketing strategies accordingly. This data-driven approach empowers merchants to optimise their sales channels and maximise revenue potential. 

There’s a real opportunity for businesses to harness the power of one-click payments - which have been developed specifically to meet the demands of the modern buyer - and I predict these systems will continue to shape the future of ecommerce for years to come. 

By embracing the convenience, security, and efficiency of one-click payments, businesses can position themselves at the forefront of innovation, unlocking new avenues for growth and success.

Speed is what the modern customer wants. It’s what they expect. And a one-click payment system is a brilliant way to give it to them.