Buy Buttons Soar in 2020
The click-to-purchase or buy button has reduced checkout times by as much as 50% and was used primarily by leading retailers since its inception. But this past year ushered in the near universal use of the buy button by 76% of all retailers in Q4 2020 according to a recent study by PYMTS.com.
Why Buy Buttons Matter
Buy buttons are an innovative payment solution that has given retailers a rare opportunity to satisfy unmet consumer demand for a streamlined checkout experience. And merchants have discovered that this method is a tangible way to boost their revenues during the pandemic. Many merchants’ decisions to offer buy buttons have not been driven by last-ditch efforts to improve their sales. Instead, data has been the key factor as research has shown that consumers who do not use buy buttons face an average checkout time of two minutes and 56 seconds, while those who do use buy buttons see average checkout times of one minute and 39 seconds.
Research Discoveries on Buy Button Use by Retailers
The PYMNTS.com study examined 811 leading American eCommerce sites’ recent and previous checkout process data to assess the evolution of buy button adoption rates. The analysis considered several key factors — including average annual revenues and ticket prices of sites that offered buy buttons — to provide a comprehensive overview of the solutions’ roles in the eCommerce ecosystem and how they are poised to change in the future.
Here are some of the key data findings in relation to the buy button’s impact on payments:
- 76% of merchants offered buy buttons in 2020
- 73% of those merchants offered the PayPal buy button
- Amazon, Apple, and Google lag far behind PayPal’s ongoing dominance at checkout in 2020
- 70% of merchants offer one or two buy buttons to avoid cluttered checkouts that may distract consumers
- Requiring a profile to use a buy button has decreased in popularity among retailers in 2020
- Amazon Pay delivered the greatest reduction in checkout time in 2020
- Merchants’ success in reducing checkout time varied by retail segment:
- Jewelry (48% checkout time reduction)
- Hardware and home improvement (46%)
- Apparel (45%)
- Automotive (45%)
- Health and beauty (45%)
Learn More About i3 Merchant Solutions’ Payment Solutions:
Contact us online or call 1-800-621-8931.
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