Frictionless checkout is a collection of technologies and processes used to make online and retail shopping faster and easier for consumers.
Frictionless checkouts ease and speed the buying process in an effort to make shopping transactions faster, simpler, less stressful and more enjoyable to consumers. Retail and online stores stand to increase the number of sales and the average buys by way of frictionless checkout.
According to the behavioral marketing company SaleCycle, consumers abandoned about 75% of online shopping carts in 2018. Retail customers often remove items from their cart reviewing their orders before completing checkout. While some percentage of online carts can be assumed to be fantasy shopping, individuals making impulse buys can be deterred when there is time to reconsider a purchase due to snags and delays in buying processes, also known as friction. Removal of all friction points for consumers can help not only maximize the sales but increase customer satisfaction and help drive referrals.
Some examples of frictionless checkout technologies include tap to pay, mobile and digital wallets, in-app payments and one-click payments. Tokenization and real-time fraud detections work to protect the security and privacy of the consumer and the store.