Stories

The online checkout experience has come a long way since the birth of e-commerce in 1982. While customers now enjoy flexibility and choice at checkout, the experience still results in about 70% of purchases being abandoned at checkout, according to a recent Baymard study. The reasons cited include the cumbersome task of having to create an account, along with other factors that make the checkout process long and complicated.  However, cutting-edge technology fueled by artificial intelligence means that retailers can now offer their customers – and their bottom line - an elevated, more successful experience.

_{Hani Batla, CIO and CTO of Adorama, the largest specialty
retailer of professional audio, video, and photography gear}

“I think simplifying the checkout process is one of the biggest areas of opportunity right now,” said Hani Batla, CIO and CTO of Adorama, the largest specialty retailer of professional audio, video, and photography gear. Hani said 95% of their business is from online sales. “It’s important because we know the greatest point of losing someone in the whole sales funnel is the checkout. So, as much friction as you can take away at that final step, the better it is.”

PayPal has been piloting its new guest user experience, Fastlane by PayPal, with select merchants through both PayPal’s Braintree platform and merchants on BigCommerce, a leading open software-as-a-service (SaaS) e-commerce platform and long-time PayPal partner. 

Fastlane reduces checkout time by almost 40% and offers the possibility of one-click checkout to help avoid filling in addresses, credit card info, etc.
 

Faster checkout leads to higher conversion and growth opportunities

Early results show Fastlane can recognize 70% of guests¹ and accelerated checkout speeds of nearly 40% compared to a traditional guest checkout process.²

_{Dustin Dupus, COO and CFO of Black Forest Décor}

“Fastlane by PayPal, in my mind, could become one of the fastest, most seamless, magical ways of just getting what you need and getting out,” Hani said. 

Black Forest Décor has also been part of the pilot program with BigCommerce, said Dustin Dupus, COO and CFO, adding that he is pleased with the results so far.

“We implemented Fastlane by PayPal and so far, are seeing customers speed through checkout with up to an 82.9% completion rate,” he said.

While increasing conversions and, in turn, customer satisfaction is of paramount importance for Black Forest Décor, he said Fastlane frees him of worrying about checkout and allows him to focus on other ways to grow the business.

“We can focus on adding a wider product selection to our inventory, we can focus on improving the categorization of our products, all of which also help improve customer satisfaction,” he said. “This all helps with conversion.”
 

‘Spectacular’ beta results

_{Some images of the Fastlane checkout process.}

In his experience running a commerce platform for businesses, Brent Bellm, CEO of BigCommerce, explained merchants tend to want two things: higher checkout conversion and lower costs,

“A typical checkout conversion rate in e-commerce is 40% to 45%,” he said. “Beta customers using PayPal’s accelerated checkout are seeing averages of about 70%. The early results are nothing short of spectacular.”

PayPal is set to roll out Fastlane and other exciting features for businesses this year. For details on what you can expect in the coming months, check out our First Look.