Say goodbye to the Shopping Cart. The traditional Shopping Cart is being upended by One Click payment platforms. In recent years, we have seen multiple new platforms that purport to offer One Click check out.
Fast.co
Bolt
These come many years after the appearance of the megaliths like Google Pay, Apple Pay, Paypal, etc. none of whom nailed the UX. Amazon’s patent on One Click checkout expired in 2017.
There is a Network Effect at play that reduces the friction upon the second visit of the store customer to any other online store that uses ShopPay, Fast or Bolt.
This network effect is the preeminent selling point to Consumers and Investors alike. Consumers are diehard for convenience, and investors are diehard for Network Effects. (Pronounced with reverence.) Businesses enjoy the supposedly 60% increase in conversions when the shopping cart offers a One Click solution.
Textual has been focused on this opportunity to reduce or eliminate fiction in the payment funnel in another way.
We call it Zero Clicks.
And yes, we have Network effects. The Textual platform allows ecommerce brands, and any online or offline retailer, to collect Subscribers for Text to Buy. The retailers can then send out product offers directly to their Subscribers who can reply Yes to purchase the item.
There is a one time registration for Subscribers to create their payment profile, after which they have an account on the Textual platform that is usable by any other retailer for their Subscribers.
Should we provide Shopping Cart integrations like ShopPay, Bolt and Fast? Pay with Textual. Pay by Text. There’s some other possibilities such as integrations with any of the payment platforms, or a new distinct payment method that allows Shoppers to pay later or decide later by text. Automation might be important to support these feature.
The Textual vision is Zero Clicks and Zero Friction through intelligent product merchandizing. Since text message is the universal channel, we currently focus on creating conversational commerce through text. Importantly our vision includes as much automation and bot interaction as possible, thus your agents won’t be clacking away all day to make a single sell.
Learn more about our Zero Clicks marketing platform. Request a Demo to see One Text payments at work.
Reference:
Bolt Raises $75M, Reinforcing its position as the best and fastest way to checkout online