The “Amazon experience” one-click checkout – is what every merchant aspires to deliver. Klarna’s North America CEO Brian Billingsley and Provenir MD Paul Thomas tell MPD CEO Karen Webster that starts with authenticating the consumer behind the scenes and integrating credit into the whole checkout experience – from the moment that consumer lands on the page.
Merchants spend a fortune getting consumers to their sites, then fail to convert them to buyers when they go to checkout. And especially when that happens on a mobile device, from which 50 percent or more merchant traffic originates.
Familiar story, right?
But one that Billingsley says can be solved by making sure that the necessary friction that comes from processing payments and authenticating consumers is not forced on the consumer as they are going through the buying process.
Klarna is doing that by authenticating a consumer as soon as they reach the checkout page — verifying their identity, the device they are associated to and the payment credentials associated with the purchase.
Billingsley explains that if a consumer shops at one site, and has entered her information and shipping address on that site, and then goes to another site that is a Klarna partner, their engine is able to make a lot of authentication judgements even before a consumer ever really interacts with the merchant. That, says Billingsley, literally turns the Web, “into an Amazon-like one-click experience.”
“Before someone even types something in we already have algorithms rolling that confirm the user’s identity and can pre-fill all of their data,” Billingsley stated.
That capability is powered by Provenir, a real-time decision making and fraud analytics platform. Provenir’s Thomas explained that their platform is engineered in a such a way for merchants to deliver “outstanding customer experiences” while also managing their fraud and credit risks.
Billingsley says that their merchants see a more than 20 percent increase in their conversions.
“That just shows what a great user experience and taking friction out does for conversion,” he added.
Billingsley and Thomas will dig into this topic in more detail on Tuesday, February 16, at 1:00 PM (EST) when MPD CEO Karen Webster will host a digital discussion on how streamlining credit and payment into the consumer buying experience improves conversions.
Use this link to register.