Bottom Line: By helping independent online retailers standardize on their One Click Checkout process, Bolt creates a network effect across online retailers, leading to 250,000 new online customers joining every month.
What Independent Online Retailers Want
Given a choice, many online retailers want to stay independent of online marketplaces, including Amazon and retain their customer relationships. Even with e-commerce flourishing today, reaching online shopping levels not anticipated until 2022, according to eMarketer and retail e-commerce sales growing 27.6% in 2020, generating total revenue of $4.280 trillion according to eMarketer’s Global Ecommerce Update 2021, many online retailers want to stay independent of Amazon and other marketplaces.
Independent online retailers are saying the following six factors are their highest priorities today:
- Greater control and continued ownership of customer relationships
- The opportunity to improve user experiences based on direct customer feedback
- Broader and less restricted access to customer data
- Protect and grow their brand’s equity
- Improve product discovery by broadening their online identity
- Know if technology investments in e-commerce are driving revenue or not
Given the many different – and confusing – plug-ins for checkout, online retailers struggle to provide a One-Click checkout as Amazon has. Bolt’s latest research, The Bolt Network Effect, finds that independent retailers who get checkout right successfully level the playing field with online marketplaces. Bolt finds that 70% of shoppers fall off after checkout and cart abandonment rates spike higher on mobile devices, up to 85%.
Abandoned carts lost $1 trillion in the US alone and $10 trillion globally.
Bolt’s Bold Plan To Create A Network Effect Across Retailers
Getting the checkout process right reduces the number of abandoned carts, helping independent retailers drive revenue through direct channels. Bolt sees an opportunity to help online retailers stay independent by providing a One Click checkout that provides online customers a comparable Amazon experience while giving them the freedom to build and strengthen their online brands.
Source: Forbes
