Magento Commerce, the cloud digital commerce company, announced Thursday (Dec. 14) the availability of Instant Purchase, which it said makes it the first commerce platform to deliver the functionality since the Amazon 1-Click patent expired in September of this year.
“The majority of shoppers abandon purchases simply because the checkout process takes too long. The numbers show that even requiring customers to enter their credit card information or a shipping address deters [them] from following through with their purchases, especially if they’re shopping on a mobile device,” said Leslie Hand, vice president of IDC Retail Insights. “Magento released the Instant Purchase feature as a component of the Magento Commerce cloud solution as soon as Amazon’s patent expired a few months ago, showing the platform’s ability to innovate rapidly.”
According to Magento, the key features of Instant Purchase include a customizable button, faster checkout, automatic shipping to a customer’s default address and support for multiple payment methods. Citing Baymard Institute, Magento said that the average cart abandonment rate last year was 70 percent, and was even higher when accounting for mobile shoppers. The one-click functionality is expected to improve the conversion rates for merchants.
“Magento is widely recognized as the No. 1 platform for equipping businesses with the innovative solutions they need to prosper in today’s rapidly evolving digital landscape,” said Jason Woosley, senior vice president of product and technology at Magento Commerce. “This milestone is yet another proof point of the combined power of our platform and global ecosystem in providing cutting-edge technologies customers need to react to changing market dynamics.”