Jeff Bezos is the richest person who has ever lived, according to some sources. While that claim should be taken with a pinch of salt – Bill Gates was richer in real terms before he gave a big chunk of his wealth away – Bezos is certainly the richest person in the world today. That wealth is due to the enormous success of Amazon, and a big chunk of Amazon’s success is due to the stranglehold the company had over one-click purchases.
It would be silly to claim that one-click purchases were the most important factor in Amazon’s success, but we shouldn’t underestimate the difference in conversions and revenue between sites with one-click purchases and those that are required to make shoppers jump through hoops to buy. Experian have estimated that a single additional field on a check out form can cost an eCommerce company millions.
Once customers had become accustomed to one-click purchases, it was only a short hop to enhanced shopping experiences like Amazon’s Alexa, which can be used to make purchases by voice.
Last September, Amazon’s patent on one-click purchases expired. Any eCommerce store is free to implement one-click purchases, and Magento was fast off the blocks with the introduction of Instant Purchases.
Instant Purchases bring radically simplified checkouts to one of the most popular eCommerce platforms in the world, allowing tens of thousands of merchants to benefit from a user experience that was once the domain of a handful of eCommerce giants.
Magento Instant Purchases work like this: a shopper taps the “Instant Purchase” button on a store’s product page, confirms the order, and they’re done. A confirmation message appears and the shopper is free to carry on browsing.
To be able to use Instant Purchases, a shopper must be logged-in to their account, have selected a default billing and shipping method, and have a stored payment method.
A side benefit of Instant Purchases is that they encourage shoppers to create an account with all the necessary information, providing retailers with valuable data and increased opportunities for engagement.
Instant Purchases will also decrease cart abandonment rates. Carts are often abandoned before shoppers have completed the checkout process. With Instant Purchases, the decision is made on the spot. Shoppers are, of course, free to cancel any orders they make, but there’s a big difference between actively canceling an order that has already been made and deciding not to make the order in the first place.
Instant Purchases are worth exploration by any business that sells online. Shoppers have never enjoyed entering large amounts of information or plodding through multiple confirmation dialogues. Most want to be able to make a purchase within the context they made the decision to buy.