This week, we're talking about Shopify's checkout, shoplifting, Amazon's new BNPL service, and more retail and e-commerce news buzz. Here are some of this week’s top stories that caught our eye (and ears!).
Amazon Pay has included the Affirm buy-now-pay-later service.
Manufacturers' e-commerce sites are the preferred choice for B2B buyers.
CEOs are concerned about the increasing cost of retail shoplifting and feel helpless in finding a solution to tackle it, which is resulting in billions of dollars in losses.
Shopify's checkout conversion rate is up to 36% higher than its competitors, with an average of 15%.
The Amazon Corner
Shop Now, Pay Later:Amazon Pay Now Offers Buy-Now-Pay-Later Service with Affirm
Another BNPL story...and this time, it’s Amazon Pay! The online payment service has decided to launch Affirm, a buy-now-pay-later service. This move is an attempt by Amazon Pay to capture the growing BNPL market, which has seen immense growth in recent years with Venmo, Afterpay, Klarna, and more.
Under a new agreement, Amazon Pay will now offer Affirm Holdings Inc.'s buy now, pay later product to eligible U.S. retailers. This service is known as Adaptive Checkout and allows for biweekly and monthly payment options for purchases over $50, with annual percentage rates starting at zero.
Shoutout to Manufacturers: B2B Buyers Love E-Commerce Sites
Photo Credit: KAZUHIRO NOGI/AFP via Getty Images) / Getty Images
Not just for retailers! It looks like B2B buyers are increasingly preferring to shop via manufacturers' e-commerce sites rather than through wholesalers or resellers. A survey conducted by Forrester Consulting found that more than half of respondents said they prefer shopping on the manufacturer's website. Meanwhile, a recent joint research project by DC360 and Forrester Research found that 70% of B2B buyers intend to increase their online spending this year.
Swiper, No Swiping!:Shoplifting Taking a Toll on Retailers Worldwide
Photo Credit: Sam's Club
Retailers are feeling the heat from shoplifting, and it’s costing them a pretty penny. Retail executives are expressing concerns about in-store shoplifting, which is causing significant financial loss. Although they are committed to taking action, they are worried that it may be difficult to completely eliminate the issue.
Target Corp. has reported that it will face a loss of $500 million in profitability this year due to lost or stolen inventory, leading to staggering levels of shoplifting losses. Additionally, the National Retail Federation has estimated that retailers lost almost $94.5 billion in inventory in 2021, marking a rise from $90.8 billion in the previous year.
The rise in retail theft is being driven by the relative ease of selling stolen items on online marketplaces, adding to concerns about a possible recession and declining consumer sentiment.
The Best of the Best?: Research Says Shopify Has the Best Checkout
Photo Credit: Shopify News
Shopify is leading the pack when it comes to checkout conversion rate. A recent study by a top global management consulting company compared the conversion rates of various e-commerce platforms, including Shopify and custom-built ones. The results indicated that Shopify's overall conversion rate is 15% higher than the average and up to 36% better than competing platforms.
The study highlighted the effectiveness of Shop Pay, a faster checkout option offered by Shopify. It can boost conversion rates up to 50% compared to guest checkout, surpassing the performance of other similar checkouts by 10% or more. The study also found that even the mere availability of Shop Pay can increase lower funnel conversion by 5%.
Try this.Block out time to study competitive websites, social media channels, and sales funnels in order to gain insight into their strategies and potentially adopt them for your own website.
FUN FACT
Approximately 50% of people are inclined to make a purchase from a website's chatbot.
LISTEN UP
Competing as a CPG brand in the digital retail space of today can be an uphill battle. But with today's guest, Edouard Freda or Talia di Napoli, launching a frozen pizza company amidst the pandemic is a success story like no other.
On this 89th episode of The E-Comm Show, Edouard will be sharing how he started Talia di Napoli and the strategies he used to stand out in the market and win against bigger players. Tune in as Andrew and Edouard break down the secrets to building a successful consumer packaged goods brand in today's digital retail world.
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