The popularity of mobile shopping is huge. You can shop anywhere your phone has signal. On the bus while commuting to work, waiting in line for coffee, or during that boring family gathering. According to research, we spend an average of three hours each day staring at the screen of a smartphone or tablet.
The increase in attention we give to our phones has businesses scrambling for new and better ways to increase returns. One of these methods is one-click payments, which allows users to complete a purchase in, of course, one click.
This is because payment information and purchase preferences are saved in the app, leaving shopper confirmation as the only link missing. One-click payments is truly akin to having any item at your fingertips.
The ease of this mobile payment method is its strength. One-click payments reduce the amount of friction shoppers experience by limiting the amount of time a customer spends plugging in passwords or waiting on SMS verification codes. The less frustration a user experiences, the more likely they are to complete a purchase.
Makes sense, right? If you’re ready to throw your phone at a wall because a verification method isn’t working, you might forget about those shoes you wanted to buy. One-click payments also eliminate the need for a shopping cart, a popular place for shoppers to back out of a purchase.
The beauty of one-click payments is they take advantage of an important shopping behavior that results in increased conversions—impulse buys. This is when a customer buys something without considering whether they need it.
Impulse buying can make up an estimated 1% of a business’ profit. If a business is extremely profitable, this number can be huge. One-click payments make impulse buying easier for customers. They only need to click on an item once and it’s theirs, without needing to go to a shopping cart or re-enter payment information.
One-click technology is becoming increasingly popular. Some of the biggest companies out there have jumped on the one-click bandwagon. The numbers show these companies are reaping the benefits with increased transaction numbers and revenue.
Here is a list of some top companies that use one-click mobile payments:
Amazon.com pioneered the one-click purchase technology in the 90s. After creating an Amazon account with payment and shipping information, Amazon automatically gives you the option to click “buy now” in the Amazon Shopping app and complete orders instantly. It makes shopping through this popular marketplace easy.
In 2000, Apple was given rights to use Amazon.com’s patented one-click purchase option in their products. One app that uses this is the Apple Store. It allows users to order Apple products quickly using Apple Pay. Apple Pay also gives you the ability to pay on any mobile app using Touch ID, which authenticates your fingerprint.
Uber is a widely popular ride-sharing service. The popularity of Uber has a lot to do with how easy it is for customers to go from finding a ride to paying for it. Once a user has requested a ride, one click sends payment. No need to mess with cash or calculating tips. For Uber, its simplicity is one of its greatest strengths.
Cover is a cool new app that allows users to pay for their restaurant meal from a mobile device. Simply check in at a restaurant and your ticket will be paid, allowing you to leave without having to wait on a check. You are able to pay with Apple Pay or a credit card. Cover is currently available for use at restaurants in San Francisco, Los Angeles, and New York City.
With the Starbucks mobile app, you can order your favorite drink anywhere. This app is extremely popular, resulting in over 5 million transactions a week. What’s cool is you can use a gift card balance stored in the app for instant payment.
Pinterest is a tool that allows users to discover new ideas or items. Users can then “pin” what they like and view everything in he same place. The pinterest app offers “buyable pins” that only require one click to purchase. You can easily move from admiring something to owning it.
Spring is a shopping app that allows users to add their favorite brands and discover new brands. The app uses an idea similar to that of one-click payments. If an item interests you, all you have to do is swipe your phone and the order is complete.
As the world continues to move more and more toward mobile domination, businesses that don’t already have convenient mobile-pay options will need to develop them in order to keep up.
Here we have shown there are many convenient, one-click options mobile shoppers can use to pay. Convenience doesn’t necessarily mean skimping on security, either. It’s important to balance one-click payment options with frictionless methods of security like bio metrics.
Remember, making it easy to shop from any location on a mobile device will result in bigger returns for companies.