How Single Click Checkout is underpinning Authentic Brands' Revamped Retail Strategy

 https://www.glossy.co/fashion/how-single-click-checkout-is-underpinning-authentic-brands-revamped-retail-strategy/?utm_medium=email&utm_campaign=glossydis&utm_source=daily&utm_content=201119

Authentic Brands' struggling group of retail companies Forever 21, Brooks Brothers, and Lucky Brand are looking to partner with FinTech startup Bolt to implement an Amazon-like one-click payment functionality. The cart abandonment rate is approximately 70% for digital retailers, resulting in an estimated $18 billion in lost revenue. Amazon's patent for one-click purchase expired recently, opening up an opportunity for other retailers to try this technology.

In the midst of a continuing pandemic, enhanced digital functionality is of utmost importance to retailers. With online as the most critical channel currently, any functionality to improve the customer checkout experience is worth the investment. While I personally try to avoid one click checkout because I like to have the extra time to consider my purchase when online shopping, I'm sure many with appreciate the convenience. Having this functionality also allows customers to better compete with Amazon - the ultimate disrupter in the e-Commerce space. Lastly, the one-click payment supports customer loyalty - to enable the function, customers must save their billing and shipping information, allowing retailers to have their customers' data.