The most important part of any retail experience, online or offline, is the checkout. $200 billion in sales are lost every year because of friction at checkout. That’s more than the entire GDP of New Zealand in 2018 (note: the author is a New Zealander). Over a quarter of the shoppers who abandoned their cart did so because of a long or complicated checkout process. And that’s just online. While the abandonment rate in retail stores is lower, a poor experience will still stop customers coming back.
The average time at checkout online is just over two and a half minutes. If you're a fan of waiting and The Kinks, you can use that time to listen to their classic: ‘Tired of Waiting for You’. But customers aren’t the only ones tired of waiting at checkout. Retailers are looking to reduce friction too. For customers, a smooth experience will keep them coming back. For retailers a smooth experience saves time. Neither should have to scan QR codes, turn on Bluetooth, beacons, or remember a loyalty card.
Imagine instead a checkout experience like Perkbox. The UK-based employee benefits platform have completely revolutionised the way to get rewarded. We spoke to Laura Camfield, a Product Manager at Perkbox about the employee checkout experience. Previously, employees would need to use voucher codes or referral links to claim perks. Perkbox noticed that some employees were dropping off during that journey. There were too many steps. Employees had to log into their Perkbox accounts, select an offer and then follow a link to an affiliate website or save a voucher to their phone. This meant engagement dropped. As a solution, Perkbox switched to card-linking. Now all an employee needs to do to benefit from the Perks platform is link their payment card once and when they shop online or in store, rewards or perks are automatically allocated.
Read more about how Fidel is helping Perkbox’s half a million employees experience a better checkout here.