Bolt, a leading checkout technology company, released new research today around the fashion trends that shoppers think are a flash in the pan versus those which will remain as timeless pieces. It's important for retailers to build an ecommerce strategy that can stand the test of time—and that applies to both today's clothing trends and the checkout experience.
In the midst of fast-evolving trends through a challenging economic environment, apparel retailers need to balance today's latest trends with mainstays that will last a lifetime. Whether it's the bucket hat fad, which 84% of shoppers say will go the way of dinosaurs, or crocs with socks that 67% of shoppers say will become cringe, brands must avoid short sightedness—especially when it comes to delivering on the ever-changing demands of shoppers.
Bolt's latest survey of over one thousand consumers found that 22% of shoppers claim lengthy checkout processes and forms are their biggest challenge when shopping online, while 32% cite remembering their account login as their biggest headache in the ecommerce process. Even more dramatically, nearly half (49%) of shoppers would rather wear a shirt with a coffee stain all day than have to reset their store account password multiple times. What's clear is that if retailers don't create an easy-to-use and streamlined ecommerce experience, they risk losing revenue and the opportunity to acquire and maintain lifetime customers.
"Bolt has the potential to transform the fashion and apparel industry by providing new opportunities for merchants to deliver engaging, personalized online shopping experiences," said Shilpi Narang, Senior Vice President of Customer Experience at Bolt. "By immediately recognizing shoppers, even if they've never purchased at that particular retailer before, Bolt powers a simple, passwordless, one-click buying experience—leading to higher conversion and increased lifetime value for merchants."
By allowing Bolt to take over just one field—the email field—in their checkout, retailers can offer a shockingly simple login and instantly unlock Bolt's network of tens of millions of shoppers. This allows brands to recognize and offer a frictionless checkout to an average of 43% of guest shoppers immediately—leading to 10-15% higher conversion compared to guest shoppers. Like the little black dress which 61% of shoppers believe will be a forever staple and athleisure which 72% of shoppers say has limitless staying power, Bolt creates lifetime customers by increasing store accounts, repeat purchase rates, and checkout conversion—the result is a timeless customer experience.
For the full breakdown of insights, visit bolt.com/lifetime-fashion-report.