The click-to-purchase or buy button has reduced checkout times by as much as 50 percent and was used primarily by leading retailers since its inception. But this past year ushered in the near universal use of the buy button by 76 percent of all retailers in Q4 2020 according to a recent study by PYMTS.com.
Why Buy Buttons Matter
Buy buttons are an innovative payment solution that has given retailers a rare opportunity to satisfy unmet consumer demand for a streamlined checkout experience. And merchants have discovered that this method is a tangible way to boost their revenues during the pandemic. Many merchants’ decisions to offer buy buttons have not been driven by last-ditch efforts to improve their sales. Instead, data has been the key factor as research has shown that consumers who do not use buy buttons face an average checkout time of two minutes and 56 seconds, while those who do use buy buttons see average checkout times of one minute and 39 seconds.
Research Discoveries on Buy Button Use by Retailers
The PYMNTS.com study examined 811 leading American eCommerce sites’ recent and previous checkout process data to assess the evolution of buy button adoption rates. The analysis considered several key factors — including average annual revenues and ticket prices of sites that offered buy buttons — to provide a comprehensive overview of the solutions’ roles in the eCommerce ecosystem and how they are poised to change in the future.
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