Shop Pay is a feature that helps save time during checkout by allowing customers to save their email address, credit card info, and shipping and billing information so that they don’t have to re-enter it the next time they make a purchase.
This is being made possible through the company’s Commerce Components by Shopify, which launched earlier this year. It provides retailers not on Shopify access to Shopify components like Shopify Payments, ShopifyQL, and Liquid, which is a low-code language for creating storefronts.
According to Shopify, Shop Pay boosts conversion by up to 50% compared to guest checkout, which is 10% more than other accelerated checkout options.
“Enterprises that don’t take advantage of Shop Pay are self-sabotaging. They are leaving money on the table,” said Kaz Nejatian, VP of product and chief operating officer of Shopify. “This is critical optionality in a hyper competitive retail environment. In an economy where big brands are competing more fiercely than ever to acquire customers, they need to pick and choose what they need to boost the top-line, without the compromise of a complete platform overhaul.”
In addition to the Shop Pay news, the company also revealed it is improving its integration with Adyen, which is an online payment company. Adyen allows Shopify storefronts to accept a variety of payments, including credit cards; digital wallets like Apple Pay and Google Pay; and international payment methods such as iDEAL in the Netherlands (where Adyen is based) and Cartes Bancaires in France.