Retailers Combat Shopping Cart Abandonment with Visa Checkout (Jan. 13, 2016)
Many retailers selling products online continue to combat shopping cart abandonment and lost sales during the checkout process. Java giant Starbucks and big box chain Walmart are the latest retailers fighting back to convert consumers from browsers into buyers by making checkout easier for them. Helping these retailers, among others, is Visa Checkout.
Other new retailers adopting Visa Checkout include Walgreens, NFL Shop, HSN and Match. In addition to Walmart’s plan to implement Visa Checkout, the retailer announced last week it will be accepting MasterCard’s MasterPass this year.
After consumers have added payment and billing information to Visa Checkout, they log in and click a button to complete their purchases without having to re-enter the payment and billing information, according to the company, which launched the service in 2014.
More than 85 percent of consumers who signed up for Visa Checkout completed transactions from their online shopping carts, according to comScore 2015 Visa Checkout Study, commissioned by Visa. Another comScore study indicated that transaction size for Visa Checkout orders were 7 percent higher, compared with non-Visa Checkout orders at many retail and travel sites. As of December 2015, Visa Checkout has more than 10 million consumer accounts and is available in 16 countries. More than 250,000 merchants and 600 financial institutions offer Visa Checkout, according to Visa.
Visa Checkout isn’t the only service developed to combat shopping cart abandonment. Other services include MasterPass, Amex Checkout, PayPal One Touch and Pay with Amazon. A 2015 Jumio report estimates that shopping cart abandonment costs retailers $24.5 billion in revenue.