Stripe, the renowned financial infrastructure platform for businesses, has just unveiled a remarkable set of enhancements to its optimised checkout suite, marking a significant leap forward in online payments. These upgrades promise to empower businesses to supercharge their revenue by streamlining the checkout process, making it more seamless and efficient for customers. In this article, we’ll delve into the groundbreaking features that Stripe has introduced, reshaping the e-commerce landscape.
The Optimised Checkout Suite: Redefining User Experience
Stripe’s optimised checkout suite is the culmination of years of meticulous research and development to simplify the payment process for businesses and customers. This suite encompasses an array of pre-built user interfaces, accelerated checkout options, an extensive range of payment methods, and controls that enable enterprises to fine-tune the checkout experience to meet their specific needs.
With the latest upgrades, this suite offers access to over 100 payment methods, including newcomers like RevolutPay, Mobile Pay, US bank transfers, and Swish. What sets this apart is the dynamic presentation of payment methods driven by algorithms trained on vast amounts of data. For instance, customers in Paris buying from Japan may see Cartes Bancaires as a suggested payment method, while Tokyoites shopping locally may be recommended Konbini.
A/B Testing for Payment Methods: A Game Changer
One of the standout features of Stripe’s upgraded suite is its A/B testing tool, a groundbreaking addition to the world of online payments. This tool enables businesses to rigorously evaluate the performance of different payment methods within their checkout process. Companies can fine-tune their payment offerings over time by conducting data-driven experiments to enhance conversion rates.
A compelling success story in this regard is Thinkific. This creator platform used Stripe’s A/B testing tool to discover that offering “buy now, pay later” options increased their average order value by 36%. Stripe is the only payment platform currently offering a no-code A/B testing tool for payment methods, solidifying its position as an industry leader in innovation.
The introduction of the Express Checkout Element further streamlines the checkout experience. This component allows users to display multiple one-click payment buttons, such as Apple Pay, Google Pay, or Link, all within a single interface. What makes it truly remarkable is its dynamic presentation of payment methods in the most relevant order for each customer, considering the device and browser used. Research has shown that businesses implementing this feature experience a noticeable boost in conversion rates.
Real-world Success with Stripe’s Optimised Checkout
One shining example of the transformative impact of Stripe’s optimised checkout suite is the multi-channel fashion retailer River Island. With a fragmented payments system, River Island embraced the suite to modernise its approach. Shortly after implementation, the company observed a notable 4% improvement in credit card authorisation rates and anticipated substantial revenue gains soon. Emily Haddrell, digital product lead at River Island, shared that their partnership with Stripe is expected to capture millions more in sales over the first 12 months.
The Battle Against Checkout Errors
Stripe’s research has highlighted a pervasive issue in the e-commerce landscape: subpar checkout experiences. An astonishing 99% of leading e-commerce sites were found to commit five or more basic errors during the checkout process, hindering customers from completing their purchases. In an era where time is of the essence, 60% of online shoppers admit they would abandon a checkout process taking more than two minutes. Moreover, 85% of consumers would do the same if their preferred payment method was unavailable.
For businesses that transitioned from an older Stripe integration (the Card Element) to the optimised checkout suite, a remarkable 10.5% increase in revenue was observed, further validating the suite’s effectiveness.
Looking Ahead: Global Availability and Ongoing Innovation
Stripe’s optimised checkout suite is now available globally, and the company has plans to continue expanding it with more products and features over time. Businesses seeking to enhance their payment conversion rates and boost revenue can explore this innovative suite, propelling them into the future of online payments.
The Impact of Checkout Experience
Research from PYMNTS Intelligence underscores the significance of a positive checkout experience. It revealed that 76% of loyal customers, 64% of persuadable customers, and 63% of deal-chasers are influenced by their checkout experience when deciding whether to make repeat purchases. A satisfying checkout process is the key to retaining customers and encouraging future transactions.
Stripe President of Product and Business, Will Gaybrick, emphasised the importance of intelligently ordering payment methods to optimise conversions. In an interview with PYMNTS, he highlighted the need to make the payment process as smooth as possible to prevent customers from walking away before completing their transactions.
In conclusion, Stripe’s latest enhancements to its optimised checkout suite represent a pivotal moment in the evolution of online payments. By providing businesses with powerful tools and features, Stripe empowers them to offer customers a seamless and efficient checkout experience, leading to increased revenue and customer loyalty. As the suite continues to evolve and expand, it promises to redefine the standards of online commerce.
