A Winnipeg-born innovator of e-commerce this week unveiled a dynamic payment feature for its checkout-enhancing technology.
Manitoba’s Bold Commerce today announced the launch of the new feature for Bold Checkout, enabling brands to offer a wider array of payment options while managing that complexity.
With Bold Checkout’s “Payment Booster,” brands can now deliver personalized payment experiences based on shoppers’ profiles and other captured data to increase conversions and reduce back-end costs.
“The only way to offer shoppers flexibility in payment methods—without going overboard on options—is to carefully curate and personalize options to them based on who they are, how they shop and where they’re shopping from,” believes Peter Karpas, chief executive officer of Bold Commerce.
Shoppers’ ecommerce payment methods have expanded beyond credit and debit cards, to now include options like Buy Now Pay Later—and these alternative methods are growing in popularity.
For example, money spent through BNPL over the Black Friday weekend was up 20% year-over-year, Adobe Analytics found.
“The ability to personalize 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,” says Karpas. “This not only increases conversion for brands, but increases average order value and customer lifetime value as well.”
Payment Booster helps brands to find the middle ground between payment flexibility and an excess of options, the CEO says. Brands can build, test and iterate an unlimited number of payment flows, or dynamic payment routing, to match the unique needs of shoppers.
The Canadian fintech’s platform integrates with a variety of traditional and alternative payment options, including Amazon Pay, Adyen, Afterpay, Authorize.net, Braintree, Citcon, Cybersource, FuturePay, Google Pay, Klarna, PayPal Venmo, and PayLater.
Vanessa Marko, Director of Ecommerce for upscale menswear retailer Harry Rosen, says integrating Bold’s technology trigged “an immediate uplift in our average order value.”
“We’re enabling brands to not only launch and optimize checkout on marketing channels but start to shift from a conversion-only mindset to one that also prioritizes average order value and customer lifetime value to drive revenue,” Karpas stated in July.