Shop Pay is an integrated payment solution that allows Shopify merchants to offer a streamlined checkout experience to their customers. Launched in 2017, the main goal of Shop Pay is to reduce shopping cart abandonment and increase conversion rates. When a customer enters their payment information on a shop’s checkout page, Shop Pay securely stores that information and provides the customer with a faster way to checkout on future purchases. This simple and convenient “one-click” solution has helped many Shopify merchants boost their sales and grow their businesses.

When Shopify analysed over 10,000 Shop Pay merchants, they discovered that Shop Pay was one of the highest converting payment solutions available in the eCommerce world. One of the biggest factors that set Shop Pay apart from other payment options is the speed and convenience it offers customers. By integrating Shop Pay into their shop’s checkout page, merchants can increase checkout speed by four times. This, in turn, reduces shopping cart abandonment, which is often caused by long and complicated checkout processes. In fact, checkout-to-order rates increase by 1.72 times when Shop Pay is available.

Shop Pay also allows customers to save their payment information for future purchases. This “one-click” checkout solution is not only convenient for customers — it also helps increase conversion rates for merchants. In a study conducted by Baymard Institute, it was found that 17% of shoppers abandoned their online purchase because the checkout process was too long and complicated. By offering a streamlined checkout experience, Shop Pay merchants can reduce shopping cart abandonment and boost their overall sales.