Bold Commerce has announced the launch of its dynamic payment feature for Bold Checkout. The new technology enables brands to expand the payment options they offer, manage the complexity of handling multiple payment options and introduce as many different payment experiences as they need to cater to individual shoppers.
Bold Checkout’s Payment Booster enables brands to deliver personalised payment experiences. Those experiences could be based on shoppers’ profiles, the device and channel they’re using and past purchase behaviour. The new feature is aimed to increase conversions and reduce back-end costs. Bold Commerce is a headless checkout company for omnichannel retailers and DTC brands.
Shoppers’ eCommerce payment methods have expanded beyond credit and debit cards. They now include options like digital wallets, Buy Now Pay Later (BNPL) and account-to-account payments. These alternative methods are growing in popularity, with more than half of shoppers (55%) having used BNPL during checkout. Furthermore, 29% of shoppers regularly use digital wallets. With such an array of options, every shopper is particular about their preferred method of paying. 17% of shoppers will leave the checkout if it’s not available.
Bold Checkout’s Payment Booster helps brands to find the middle ground between payment flexibility and an excess of options. Brands can build, test and iterate an unlimited number of payment flows, or dynamic payment routing. This is needed to match the unique needs of shoppers.
Payment methods flexibility
Brands can tailor what payment options are displayed at checkout for each individual shopper based on who the customer is. In addition to what device they are using, the channel they are coming from and their past payment methods. For example, a shopper making a purchase on social media may be more inclined to buy with a digital wallet. This is compared to a shopper that’s checking out via an eCommerce site on their desktop. These tailored payment flows also drive efficiencies on brands’ backend, with different payment gateways for different products. (e.g. restricted goods vs. non-restricted goods).
According to Peter Karpas, CEO, Bold Commerce, “Brands and retailers must offer shoppers flexibility in payment methods. They have to carefully curate and personalise options to them based on who they are, how they shop and where they’re shopping from.”
“The ability to personalise payments for individual shoppers rounds out a fully tailored checkout experience powered by Bold. From when shoppers enter the checkout to payment to even post-purchase. This not only increases conversion for brands but increases average order value and customer lifetime value as well.”
Giving customers choice
Bold Commerce integrates with a variety of traditional and alternative payment options. This includes digital wallets, buy now, pay later methods and region-specific payment gateways for a frictionless payment experience. Brands can also choose to create their own payment integrations with external providers. Payment Booster is the first of new products that will roll out under Bold Checkout. It is part of Bold Commerce’s complete tailored checkout for brands.
Luxury menswear retailer Harry Rosen launched four new payment methods with Bold Commerce, including an integration with Klarna through Bold Checkout.
“With Klarna our customers have more choice on how they want to checkout on HarryRosen.com,” said Vanessa Marko, Director of Ecommerce, Harry Rosen. “We saw an immediate uplift in our average order value (AOV) with customers using Klarna. AOV for customers using Klarna is trending 15% above our overall average.”
Enterprise Times: What this means for business.
Bold Commerce has been at the forefront of some innovations in the checkout experience. In July 2023, Bold Commerce launched a new accelerator that introduced checkout directly into video, email and other marketing experiences. Rather than take shoppers out of their immediate experience, brands can bypass the traditional eCommerce journey by integrating everything shoppers need to buy into the checkout. Bold Commerce and Paypal have also launched a headless checkout integration with Magento Open Source, an Adobe company. This introduced a composable headless alternative to Magento’s native checkout.
According to research undertaken by Bold Commerce earlier in the year, 48% of shoppers abandon their baskets before completing a purchase on eCommerce sites. As a result, brands and retailers have to make their checkout as seamless and intuitive as possible. Furthermore, over the last few years, there has been an explosion in payment types available for consumers. Because of this, it’s critical that brands offer variety and flexibility in their payment options–but not overwhelm shoppers with too many options. The new Bold Checkout feature enables brands to customise payment experiences based on who the shopper is. Where they are coming from and how they have shopped before. This definitely a feature worth keeping an eye on, particularly, if it helps reduce abandoned basket rates.
