This concludes our six-part series examining the latest updates in Shopify’s Summer 2023 release.
Our latest article delves into the enhancements made to Shopify’s checkout and financial management tools, providing merchants with added value and improved capital deployment strategies.
These updates, particularly the checkout improvements, are timely given the persistent issue of cart abandonment rates in the e-commerce sector, which have remained at around 70% for over a decade. The redesigned checkout process significantly enhances conversion and order value for retailers.
Discover more about these features and how to maximize their potential for your Shopify store’s success.
Shopify recently collaborated with a top-tier global management consultancy to assess and benchmark their checkout performance. The analysis revealed that Shopify’s conversion rates surpass those of other e-commerce platforms by up to 36%. Additionally, the implementation of Shop Pay, Shopify’s expedited checkout solution, can boost conversion rates by 50% compared to guest checkout.
Enhance Shopify’s standard features with customizations of your own, utilizing Shopify’s APIs or developing your own applications.
Source: Shopify
Shop Pay, Shopify’s streamlined one-tap checkout solution, is already widely utilized by customers on the Shop app.
Its primary advantage lies in reducing friction points throughout the checkout process. Shop Pay identifies potential customers with a single click and can pre-fill customer information, enabling a checkout process up to 4x faster than guest checkout.
Furthermore, Shop Pay empowers you to offer more enticing payment terms to your customers. In partnership with Affirm, Shop Pay enables interest-free payments for up to 12 months or interest payments for up to 24 months, significantly reducing purchase drop-offs while increasing sales, order value, and customer lifetime value for your brand.
Shopify’s Shop Pay checkout is a highly secure solution with additional benefits, including the potential to decarbonize the atmosphere at no extra cost. Moreover, Shopify has made Shop Pay available to enterprise clients outside the platform to capitalize on what may be the world’s best-performing, scalable checkout solution.
Add Shop Pay to your store by activating the Shop Channel in your Shopify admin.
Integrating pre-purchase upsell offers into your store presents customers with tailored product recommendations just before checkout, offering the opportunity to increase average order value while enhancing customer convenience. Pre-purchase product offers can be implemented using updates to Shopify’s Checkout UI extensions.
Utilize Shopify Functions to create volume-based discounts for customers, providing them with a percentage off when purchasing above a specified minimum order quantity of a product.
Customize payment options for your prospects at Shopify checkout based on their cart value, allowing you to hide, rename, or reorder payment options, all achievable through Shopify Functions.
Adjust delivery options for different customers based on their location, shipping destination, and cart contents. Additionally, use location rules to prioritize specific locations for faster delivery, potentially outpacing competitors in those areas.
Delivery and shipping options significantly influence the checkout process, with as many as 93% of shoppers being influenced by them. Concerns over shipping can lead up to 56% of customers to abandon their carts.
With Shopify’s new checkout customizations for order shipping, deliver the differentiated experiences your customers desire, increasing satisfaction and repeat purchases.
Group certain products together to sell as a single unit to optimize logistics costs, and customize delivery strategies using fulfillment constraints. Both of these customizations can be implemented at checkout using Shopify Functions.
Shopify Functions also enable cart and checkout validations to ensure purchases meet certain store criteria before completion. Shopify’s Cart Transform API, which allows you to expand or merge cart line items, is now fully released.
Update shipping addresses using Shopify’s Checkout API without prompts, allowing for adjustments during transit and offering a convenient delivery redirect option post-purchase.
Shopify empowers developers with extensive freedom to customize the checkout experience and other store aspects with 17 new APIs and app updates. These updates allow you to leverage third-party apps from the Shopify app store or build your own to add new functionality.
Extend checkout functionality and implement new features by developing your own apps that leverage existing Shopify APIs, such as Checkout UI extensions, GraphQL Admin API, Shopify Function APIs, and post-purchase checkout extensions.
Source: Shopify
Optimize Your Financial Management with Shopify
Cash flow and capital management are critical for growing businesses. Recognizing this need, Shopify has introduced a suite of financial services features to provide merchants with more options for managing their finances and capital.
This free business financial account is seamlessly integrated into your Shopify store, offering a comprehensive view of your business’s financial health through detailed dashboards, reports, and filters. Access this information on the go with the Shopify Balance app. Easily transfer funds, integrate tax software, and earn cashback with zero fees.
Bill Pay is a comprehensive business payments solution that allows you to manage all expenses from a single platform. It offers exceptional flexibility for a solution not originally part of the platform’s core functionality.
For example, you can use various payment methods, including credit cards, checks, ACH transfers, and more. You can also choose how vendors receive payments, regardless of the payment method used, all without additional signups or third-party apps. Sync all this with QuickBooks® Online for streamlined account management.
Access business funding directly on the platform where you sell your products. Apply for funds on Shopify with just a few clicks, customize your offer amounts, and benefit from minimal paperwork. Receive your funds in as little as two days, with automatic payments made as a percentage of your daily sales without compound interest.
Shopify’s new credit facility offers a no-fee, no-interest credit card for business purchases, providing up to 56 days to pay for purchases. Best of all, you can earn up to 3% cashback rewards on your spending. Shopify doesn’t require credit checks and offers free credit cards for your entire team.
Limited to the United States, this feature allows you to accurately collect sales tax with insights built into the platform. Understand your liability and apply the correct taxes based on the buyer’s address. Shopify Tax integrates seamlessly with other e-commerce tax apps for end-to-end compliance.
E-commerce companies are expected to lose approximately $48 billion to fraud in 2023. Protect your finances with Shopify Fraud’s suite of powerful tools, including 3D secure payments, custom order blocking and review rules, and robust card testing services to prevent credit card fraud at checkout.
Coalition Technologies is an award-winning e-commerce agency with proven experience in helping businesses launch and elevate high-performing online stores. We’ve generated over half a billion dollars in revenue for over 1,000 clients worldwide. Explore our portfolio and reviews, or contact us for a personalized consultation. Stay updated with our blog for more insights on optimizing checkout on your Shopify store.
