Updates On Google Checkout
Google announced quarterly financial results yesterday and included in its conference call discussing the results were some interesting comments about Google Checkout - including the news that more than 20% of the Web's top 500 retailers have signed up for Google Checkout.
- In June, we launched Google Checkout to give our users a better, secure, more efficient way to shop online and the feedback has been positive. We regularly survey our users to gauge their satisfaction, and we are pleased with the feedback we're hearing about Checkout. In a recent survey using third party data, eight out of ten Checkout users described their experience as good or very good. Our fourth quarter marketing investments paid off, with dramatic growth of the user base, and repeat usage stayed strong, which is a good measure of convenience and ease of use.
- Checkout yielded good results for merchants too, who benefited from higher conversion rates and free transaction processing. In the six months since Checkout's launch, thousands of small and medium merchants have signed up, and we now have more than 20% of the Web's top 500 retailers. That list includes ToysRUs, Linens 'n Things, Petco and Buy.com, and there are many more you can all see for yourselves on checkout.Google.com. We expect this momentum to continue as we expand Checkout beyond the U.S. and deepen integration with other products.
- [in response to a question...] Basically the dynamic, Mark, since we are in many cases increasing the clickthrough rate for the advertisers [participating in Google Checkout], they're basically getting better ROI, and they're also lowering their transaction processing costs. So there's a couple of dynamics that create a pretty significant incentive for them. They're also, I think, discovering that Checkout facilitates the buying process which means more sales for them. So basically, most of them are beginning to think about Google as a sales channel rather than a marketing expense. Since what they care about is conversions, we expect that they will continue to invest in channels that help them increase their conversions. Most of the data that we're hearing from the vast majority of the partners would so indicate. I think we actually just announced today the addition of Blue Nile, so we are continuing to see very positive growth, particularly with the larger online retailers.
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