Bolt’s 1-click checkout works across a network of non-Amazon retailers (Source: Bolt)
When Amazon patented the “1-Click” checkout in 1999, it was unheard of that people could fill out their billing and shipping details just once before enjoying frictionless shopping.
Now, the idea is ubiquitous and Amazon controls 40% of the US ecommerce market.
How can non-Amazon retailers compete?
Per Bloomberg, fintech startup Bolt just raised $393m (at a $6B valuation) to bring 1-click checkout to everyone.
Founded in 2014 by Ryan Breslow, Bolt offers a universal login credential. Shoppers provide their information once and can complete a 1-click purchase on any of Bolt’s partner sites (e.g., Forever21, Lucky Brands).
Bolt already has 10m users signed up
And Breslow says he expects that number to balloon up to 100m based on partnership deals it has in place.
The business model is straightforward: Bolt gets 2% of transactions while retailers provide its customers a better user experience, which leads to higher conversions and better retention.
Amazon’s “1-Click” patent actually expired in 2017. But don’t worry, there’s more innovation in the pipeline: the company is reportedly working on a smart fridge.
