Loyalty programs have proven their value in driving conversion, ticket size, frequency and new customer acquisition while allowing businesses to collect data that can be used for personalization purposes. Over the past year, retailers have been proactive and modernized their programs, which has attracted the very important youngest consumer. For example, Macy’s
Brands now have tools to tackle this problem with a solution that ecommerce tech company Bolt just launched called Bolt SSO Commerce. SSO in the name is short for ‘single sign-on’ and the one-click checkout solution turns anonymous guest customers into connected brand account holders, allowing brands to gather the information they need to personalize their business. shopping experience. For buyers, Bolt is a fast and secure checkout experience they’re used to getting from Amazon.
There’s no shortage of fresh data to show why it’s crucial for brands to invest in loyalty. Members of the recently launched Insider program by Coach shop 25% more frequently than non-members. Nordstrom
Bolt’s solution helps brands exploit these opportunities while freeing buyers from a tedious registration process every time they’re ready to buy. Reducing friction during checks is essential, according to the Baymard Institute, as the average cart abandonment rate is just under 70%. Many sites and payment methods allow buyers to save their information for use when ordering on a network of retailers, but Bolt’s is the only one that allows buyers to simultaneously create an account on the retailer’s site. Once they do, they can track their orders and purchase history – and earn loyalty points – every time they buy from Bolt’s retail network, which includes platforms. such as BigCommerce, WooCommerce, Magento, and Salesforce Commerce Cloud.
This “network effect” means that each brand that offers Bolt can welcome new buyers who come from another brand in the Bolt network, as if they were coming back.
“Every brand and independent retailer craves ownership of their customer relationships,” said Ryan Breslow, Founder and CEO of Bolt and Co-Founder of Eco. “Through these direct relationships, retailers are able to provide their members with personalized experiences and turn them into loyal buyers. Retailers shared their challenges, we listened to them. This is exactly why Bolt decided to solve the Connection Layer. With Bolt SSO Commerce, not only do we provide shoppers with one-click checkout ease, but we also speed up store account registrations so retailers can resume relationships with shoppers. “
According to the company, brands using Bolt SSO Commerce saw an average 25% increase in store account registrations. Technology is taking e-commerce one step closer to eliminating customer payment altogether. This is good news for brands and customers.