Cloud commerce innovation company, Magento, has announced the availability of ‘Instant Purchase’ in its newest release of its commerce platform. Magento would be one of the first commerce platforms to deliver the functionality since the Amazon 1-Click patent expired in September 2017.
The new capability would enable merchants to drive higher conversion rates and repeat purchases for returning customers with a streamlined checkout process.
“The majority of shoppers abandon purchases simply because the checkout process takes too long,” said Leslie Hand, vice president of IDC Retail Insights. “The numbers show that even requiring customers to enter their credit card information or a shipping address deters from following through with their purchases, especially if they’re shopping on a mobile device. Magento released the Instant Purchase feature as a component of the Magento Commerce cloud solution as soon as Amazon’s patent expired a few months ago, showing the platform’s ability to innovate rapidly.”
The Instant Purchase feature was developed in conjunction with Enterprise Solution Partner, Creatuity, and is now available with the latest version of Magento Commerce and Open Source.
According to the Baymard Institute, the average global cart abandonment rate in 2016 was 70 percent, and it was even higher among shoppers on mobile devices. Magento Commerce would now improve conversion by streamlining payment and shipping process during checkout.
Key features of Instant Purchase include
- Customizable button
- Fast, mobile-optimized checkout that would reduce time-to-purchase significantly
- Automatic shipping to the customer’s default address
- Support for multiple payment methods
“Magento is widely recognized as the No. 1 platform for equipping businesses with the innovative solutions they need to prosper in today’s rapidly evolving digital landscape,” said Jason Woosley, senior vice president, product, and technology at Magento Commerce. “This milestone is yet another proof point of the combined power of our platform and global ecosystem in providing cutting-edge technologies customers need to react to changing market dynamics.”