Checkout is Changing
The Rise of Alternative Payment Methods
Digital wallets like Apple Pay, PayPal and Amazon Pay are taking over the e-commerce landscape and don’t seem to be slowing down. By eliminating the need for inputting credit cards, shipping addresses, and other user information, brands are able to provide a quick and streamlined buying experience to their customers.
Based on Branding Brand’s analytics from over 1 million monthly active users, we found that the use of regular checkout decreased 12%, while Amazon Pay has increased by 24%, PayPal by 33%, and Apple Pay 47% (YoY).
Our data also shows that the types of users who leverage alternative payment methods have been shown to spend more per transaction when compared to users who use regular checkout. Apple Pay users have proven to be the biggest spenders with a 28% higher average order value (AOV) than regular checkout. In addition, revenue coming from Apple Pay increased 62%, while revenue coming from regular checkout only increased 32% (YoY).
“Apple Pay users have proven to be the biggest spenders with a 28% higher average order value than regular checkout.”
As brands strive to improve conversion, customers continue to expect the seamless shopping experiences that these alternative payment methods can offer. Interested in learning more? Visit brandingbrand.com to get started.
