Shoppers are looking for secure checkouts without compromising on speed or convenience. With online sales at an all-time high, we’ll take a look at why this matters more than ever, and what retailers can do to solve for shoppers’ needs.
Online shopping is here to stay.
The out-of-home engagement has decreased significantly since the pandemic hit, as shoppers look online for more purchases. With physical stores closing, the online shopper base is 30% higher than before COVID. Now, both retailers and payment providers are adapting to an already existing trend, accelerated by the pandemic. In 2020, US shoppers spent 44% more online than the year before, and by 2024, 19.2% of all US retail spending will be online. These changes provide the opportunity for retailers to ensure better shopping experiences, capturing a higher share of e-commerce growth.
Shoppers are looking for payment security, but not at the expense of convenience.
The convenience of shopping from home doesn’t come without challenges. Customers are hesitant about personal privacy, payment security, lack of trust, and fraud risks. For too long, customers have had to choose between one or the other, with 82% of online shoppers in the US saying they are unhappy with the balance between security and convenience. Traditionally, a secure checkout would be a long process, filling out lengthy forms and redirecting to new pages. And even with lengthy checkouts, shoppers don’t necessarily feel safe handing over their card information at a new retailer’s site. Ultimately a process leading to fewer completed purchases. With cart abandonment rates at 74%, retailers have a chance to combat this by making the checkout process secure without unnecessary friction.
If only we had a button for that.
In the fall of 2020, Klarna launched the Express button, a quick-pay button that’s added on the cart page, designed to offer both speed and security. When reaching the cart page, customers click on the button and log in to their Klarna account. The checkout is made secure by sending the shopper a one-time code to their phone or email. Once logged in, shoppers don’t have to spend time filling out forms, as their personal information is pre-filled by Klarna in the retailer’s checkout. Shoppers are given payment flexibility by choosing how to pay while resting assured their information is safe. In addition, Klarna helps by remembering their card information, keeping it safe. Customers checkout securely and 5x faster than before. We have over 16 million Klarna users in our network, growing with over 1 million a month. This means a whole new user base to tap into for all retailers as this fast and secure checkout experience is available to all customers using Klarna, even if it’s their first time visiting a retailer’s site. Express button helps retailers lower the abandoned carts rate and increase completed purchases.
It’s time to save your shoppers time. See it in action.
Browsing takes hours, but checkouts should take seconds. In a side-by-side comparison of the Express button vs. a standard checkout, this video shows you how Klarna gives shoppers the VIP treatment, saving time while offering a secure and speedy checkout experience.