Your online store
International e-commerce
Omnichannel commerce
Vertical commerce
Instant campaigns and promotions
Retail and point of sale
Business e-commerce
Managing complexity
Automation
Shipping
Payments
ShopifyQL notes
Integration
Integrated systems
Automation
Vertical commerce
Partners
Migrations
Shopify Plus platform
Customer stories
Merchant success
Pricing
Upgrading to Shopify Plus
Shopify Plus platform
Customer stories
Merchant success
Shopify Plus Academy
Pricing
Platform explainer video
Upgrading to Shopify Plus
Your online store
International e-commerce
Omnichannel commerce
Vertical commerce
Instant campaigns and promotions
Retail and point of sale
Business e-commerce
Managing complexity
Automation
Shipping
Payments
ShopifyQL notes
Integration
Integrated systems
Automation
Vertical commerce
Partners
Migrations
Shopify Plus platform
Customer stories
Merchant success
Pricing
Upgrading to Shopify Plus
Shopify Plus platform
Customer stories
Merchant success
Shopify Plus Academy
Pricing
Platform explainer video
Upgrading to Shopify Plus
By Mani Fazeli
Everyone says their product is the best, so when we say “Shopify has the best conversion payment system,” why should you believe us?
That’s why we collaborated with one of the Big Three global consulting firms, provided them with all our data, and asked them to study the payment systems of all the major e-commerce platforms worldwide, and we committed to publishing the results of the report regardless of the outcome.
After months of independent research, this leading global management consulting firm found that Shopify’s overall conversion rate outperforms the competition by as much as 36% with an average of 15%.
The study also showed the strength of Shop Pay, Shopify’s accelerated payment system. When used, it can increase the conversion rate by up to 50% compared to guest checkout, outperforming other accelerated payment systems by at least 10%. The presence of Shop Pay, according to the study, can also increase the conversion rate at the bottom funnel by 5%.
How did we build the best payment system in the world? It boils 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 as much as 36% with an average of 15.2%. Here are some peers illustrated here.
Identity Network
The future of commerce relies on identity, and digital wallets are the way.
More and more brands are realizing the benefits of converting by removing friction and reducing the overall number of steps required in the checkout process, and no other wallet does it better than Shop Pay thanks to its vast identity network.
Over 100 million highly intent and high-value buyers are already registered for one-click payment using Shop Pay. It is the most recognized and trusted digital wallet on Shopify.
When a potential customer with a Shop Pay account arrives at the store, Shopify can recognize them with a single click. During the checkout process, it can even recognize the majority of customers without any user input if they have used Shop Pay recently. This allows Shop Pay to pre-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 the store, Shopify can recognize them with a single click.
“Brands that provide personalized experiences for their customers, including a reliable and familiar 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 Retail at The Stable, part of Accenture Song
The massive identity network, ease of use, and scalability of Shop Pay translate into an increase in conversion rates of up to 50% compared to guest checkout.
We see tremendous power in recognition, as evidenced by this data. If you’re a Shop Pay customer, you’ve experienced it. It’s magical to be known in a way that is incredibly helpful to you; a handshake of information where the benefits outweigh the costs for consumers by a significant margin.
The future of commerce is bright, where the fusion of identity and value exchange is intrinsically connected. Shop Pay Installments and Shop Cash, along with other innovative financial services and loyalty programs, work together right within our identity wallet. All thanks to Shopify’s payment scale.
Know
on the essential elements of a payment system that achieves the highest performance based on lessons learned from Shopify – the best conversion payment platform in the world. Download the essential criteria paper to check for scale.
For Shopify, scale is a resource we use to optimize payments and something we can easily handle. It allows us to run millions of brands and build with the largest companies in the world.
Currently, Shopify powers about 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 unique scale of data to optimize payments at a remarkable pace. This includes small changes, such as button display improvements and field arrangement, as well as large changes like our recent announcement of a single payment.
Shopify Checkout also handles major annual sales events that take most platforms for e-commerce and dedicated builds, but it shines in Shopify. For example, the holiday peak sales event in 2022 achieved total sales of $7.5 billion, with Shopify Checkout processing sales of $3.5 million per minute. We even saw a brand with over 40,000 buyers checking out at the same time for a few minutes without any issue. If it can handle the largest flash sellers in the world, it can handle all vendors.
For the big times that matter, and every moment in between, merchants can rely on the battle-tested Shopify Checkout platform.
Consumer Trust
Hundreds of millions of people use the Shopify payment system every year. The look, feel, and flow of our checkout process have become incredibly well-known, allowing for immediate trust.
But the Shopify payment system is not just a familiar experience; it is an enjoyable one. It is seamless, fast, and simple – not to mention packed with options that consumers expect, such as discounts, gift cards, delivery and local pickup promises, tax and fee calculations, post-purchase offers, and more. Making something look this simple is actually a very complex task. The seamless Shopify Checkout experience is the result of many advanced features working together in perfect harmony, uniquely supporting the needs and logic of every business.
Consumers know, trust, and love Shopify. It’s no surprise that its conversion rate outperforms the competition by up to 36%.
“Our customers’ experience is the most important thing to us. They need to trust our checkout as much as they trust our products – and know the shopping path as easily as they know our brand.” – Kayla Robinson, Vice President, Digital Product, Spanx
Innovation
At Shopify, we have more engineers working solely on making the checkout process highly converting and superior to some other companies working on full commerce solutions.
Built on our platform ensures you are always at the forefront of payment technology.
“At Shopify, we have more engineers working solely on making the checkout process highly converting and superior to some other companies working on full commerce solutions.”
But payments aren’t a closed garden – what makes it innovative is that it allows you to innovate.
Shopify provides all the essential payment components while allowing brands to customize them to fit their needs. You can mix and match solutions such as custom code written in custom apps and no-code configurable apps for your Shopify store to reduce total ownership costs, increase speed to market, and adapt to rapidly changing buyer requirements. This is the power of payment scalability.
But
It doesn’t stop there. The scalability of payment is fully compatible with Shop Pay, making it the only fully customizable one-click payment option. 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 we’ve learned a lot. When you have 10% of all e-commerce orders in the U.S. passing through the platform, there are cumulative benefits and improved efficiencies that everyone on the platform will benefit from.
This study confirms what we already know – both we and the companies that have switched to Shopify – that Shopify Checkout is the best payment system in the world.
Why aren’t you using the best payment system for conversion number 1 in the world? Contact sales
Read more
Guest checkout: definition, benefits, and best practices
One-click payment: definition, benefits, and enhancements
12 tips for optimizing the checkout process to increase e-commerce revenue
11 best practices for e-commerce checkout: optimizing the payment experience and increasing conversions
What one-click payment can do for your small business
How to optimize your mobile payment flow
About the author
Mani Fazili is a product manager at Shopify. He currently leads the payments and e-commerce teams, driving innovation and growth in the retail and digital commerce sectors. Before Shopify, Mani was the Senior Vice President of Product at Wave and a former entrepreneur, co-founding Betterez and ContextLogic.
Source: https://www.shopify.com/ng/enterprise/shopify-checkout
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