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Automation
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Online Store
International E-commerce
Multi-channel commerce
Vertical commerce
Marketing campaigns and instant discounts
Retail and Point of Sale
E-commerce for businesses to businesses
Automation
Shipping
Payments
ShopifyQL Notebook
Integration with systems
Vertical commerce
Partners
Migration
Shopify Plus Platform
Merchant Success
Upgrade to Shopify Plus
Contact Sales
By Mani Fazeli
Everyone claims their product is the best, so when we say “Shopify has the best payment system in the world,” why should you believe us?
That’s why we collaborated with one of the big three global management consulting firms, provided them with all our data, and asked them to study the payment systems of all the major e-commerce platforms around the world, and we promised to publish the results of the report regardless of the findings.
After months of independent study, this leading global management consulting firm discovered that Shopify’s overall conversion rate outperforms the competition by up to 36% with an average of 15%.
The study also showed the strength of Shop Pay, Shopify’s accelerated payment service. When used, it can increase conversion rates by up to 50% compared to guest checkout, outperforming other accelerated payment services by at least 10%. Even just having Shop Pay according to the study can increase conversion rates in the lower funnel by 5%.
How did we build the best payment system in the world? It comes down to four advantages: Shopify’s massive identity network, unique scale, consumer trust, and speed of innovation.
When using similar samples, Shopify outperforms the competition by up to 36% with an average of 15.2%. Here are some competing companies illustrated here.
The future of commerce relies on identity, and digital wallets are the way to go.
More and more brands are realizing the benefits of conversion by removing friction and reducing the overall steps required in the checkout process, and no wallet does this better than Shop Pay, thanks to its massive identity network.
Over 100 million high-intent, high-value buyers are pre-registered for one-click payment using Shop Pay. It is the most well-known and trusted digital wallet on Shopify.
When a potential customer with a Shop Pay account arrives at a store, Shopify can recognize them with one click. During checkout, it can even recognize the majority of customers with no user intervention if they have used Shop Pay recently. Shop Pay can thus auto-fill customer information for a seamless one-click checkout, resulting in checkout times that are four times faster than guest checkout.
When a potential customer with a Shop Pay account arrives at a store, Shopify can recognize them with one click.
“Brands that provide personalized experiences for their customers, including a supported and recognized checkout process, are able to remove some friction in the purchasing journey to ensure higher conversion rates. Shop Pay is the perfect solution for these merchants and a proven way to increase conversion rates.” – Travis Hess, Executive Vice President of Direct Commerce at The Stable, part of Accenture Song
The massive identity network, ease of use, and scalability of Shop Pay translate to increased conversion rates for buyers by up to 50% when they use it as guest checkout.
We see great power in recognition, which this data supports. If you’re a Shop Pay customer, you’ve experienced it. It’s the magic of being known in a way that is extremely beneficial to you; a handshake of information where the benefits far outweigh the costs for consumers.
The future of commerce is bright, where identity integration and value exchange are fundamentally connected. Shop Pay installments, Shop Cash, and other financial services and innovative loyalty programs all work right within our identity wallet. All thanks to Shopify’s payment scale.
Know
on the essential elements of a payment system that works excellently based on lessons learned from Shopify – the best payment conversion platform in the world. Download the Scale worksheet
For Shopify, Scale is a resource we use to optimize the payment system and something we can easily work with. It allows us to run millions of brands and build with the largest companies in the world.
Currently, Shopify powers around 10% of e-commerce in the United States and has processed over half a trillion dollars in gross merchandise value, supporting 561 million unique online buyers in 2022 alone. We leverage this massive volume of data to optimize the payment system at an astonishing pace. This includes small changes, such as button presentation improvements and field arrangement, as well as major changes like our recent announcement of a one-page checkout system.
The Shopify Checkout payment system also handles crucial annual sales events that lead to disruptions on most dedicated commerce platforms, but it operates flawlessly on Shopify. For example, our peak sales event in 2022 reached total sales of $7.5 billion, with Shopify Checkout processing $3.5 million in sales per minute. We even saw a brand with over 40,000 buyers checking out simultaneously for a few continuous minutes, without any issue. If it works well for the world’s largest flash sellers, it works well for all sellers.
In the big moments that matter, and every moment in between, Shopify Checkout is a trusted platform by businesses.
Hundreds of millions of people use the Shopify Checkout payment system every year. Our checkout appearance, feel, and flow have become so recognizable that they are instantly trusted.
But the Shopify Checkout payment system isn’t just a familiar experience; it’s an enjoyable one. It’s seamless, fast, and simple – not to mention packed with options that consumers expect, like discounts, gift cards, local delivery and pick-up promises, tax and fee calculations, post-purchase offers, and more. Making something appear this simple is actually an extremely complex task. The seamless experience of the Shopify Checkout payment system is the result of complex work that functions perfectly, uniquely supporting the needs and logic of every business.
Consumers know, trust, and love Shopify. It’s no wonder its conversion rate exceeds the competition by up to 36%.
“Our customers’ experience is the most important thing for us. They must trust our payment system as much as they trust our products – and know the purchasing path is easier than recognizing our brand.” – Kayla Robinson, Vice President of Digital Product at Spanx
At Shopify, we have more engineers working solely on making the payment system high converting and high performing than some other companies that work on entire commerce solutions. Building on our platform ensures you are always utilizing the latest technology in payment systems.
“At Shopify, we have more engineers working solely on making the payment system high converting and high performing than some other companies that work on entire commerce solutions.”
But the payment system isn’t a walled garden – what makes it innovative is that it allows you to innovate.
Shopify provides all the essential components of a payment system while allowing brands to customize them to fit their needs. You can mix and match solutions like custom code written in bespoke applications and no-code configurable applications for your Shopify store to lower overall ownership costs, speed up time to market, and adapt to rapidly changing buyer demands. This is the power of payment scalability.
But
It doesn’t stop there. The scalability of payments is fully compatible with Shop Pay, making it the only fully customizable one-click payment solution. You can customize the look and feel of Shop Pay and add functionality either through click-and-configure apps or by building custom apps for your customizations.
We have been working on our payment system for nearly two decades and have learned a lot. When 10% of all e-commerce orders in the U.S. are processed through the platform, there are accumulated benefits and improved efficiencies that everyone on the platform can take advantage of.
If you haven’t used the best conversion payment system in the world, contact sales.
Guest Checkout: Definition, Benefits, and Best Practices
One-Page Checkout: Definition, Benefits, and Enhancements
12 Tips for Optimizing Your Checkout Process to Increase E-Commerce Revenue
11 Best Practices for E-Commerce Checkout: Enhance the Checkout Experience and Increase Conversions
What One-Click Checkout Can Do for Your Small Business
How to Optimize Your Mobile Payment Flow
Online Store
International E-Commerce
Multichannel Commerce
Vertical Commerce
Marketing Campaigns and Instant Discounts
Retail and Point of Sale
B2B E-Commerce
Automation
Shipping
Payments
ShopifyQL Notebook
Integration with Systems
Vertical Commerce
Partners
Migration
Shopify Plus Platform
Merchant Success
Upgrade to Shopify Plus
Contact Sales
Online Store
International E-Commerce
Multichannel Commerce
Vertical Commerce
Marketing Campaigns and Instant Discounts
Retail and Point of Sale
B2B E-Commerce
Automation
Shipping
Payments
ShopifyQL Notebook
Integration with Systems
Vertical Commerce
Partners
Migration
Shopify Plus Platform
Merchant Success
Upgrade to Shopify Plus
Contact Sales
By Mani Fazeli
Everyone claims their product is the best, so when we say “Shopify has the best payment system in the world,” why should you believe us?
That’s why we partnered with one of the top three global management consulting firms, provided them with all our data, and asked them to study payment systems across all major commerce platforms in the world, committing to publishing the report’s results regardless of the findings.
After months of independent study, this leading global management consulting firm found that Shopify’s overall conversion rate outperforms the competition by up to 36% with an average of 15%.
The study also demonstrated the power of Shop Pay, Shopify’s accelerated payment service. When used, it can increase the conversion rate by up to 50% compared to guest checkout and outperforms other accelerated payment services by at least 10%. Even the presence of Shop Pay, according to the study, can increase the conversion rate.
Source: https://www.shopify.com/uk/enterprise/shopify-checkout
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