SAN FRANCISCO--(TapBuy, a new quick-checkout technology that developers, shopping aggregators and retailers can imbed in their own mobile apps, is now available. TapBuy dramatically increases conversion rates because it stores shoppers’ billing and shipping preferences, which then allows consumers to check out from any supported app from any supported merchant with just a few taps. TheFind has already licensed TapBuy and launched it in the company’s iPhone comparison shopping app.)--
“The primary point of friction in mobile commerce is that entering a credit card number and shipping information onto a tiny screen is very cumbersome”
In early trials, TapBuy increased sales conversion for retailers up to 15 times. A Software Developer’s Kit (SDK) is available for licensees.
A major stumbling block for mobile ecommerce has been the hassle of having to input so much information — usernames and passwords, billing and shipping addresses and credit card information — on tiny handheld devices each time a purchase is made. This issue has resulted in low sales conversion rates for mobile commerce compared to desktop ecommerce.
“The primary point of friction in mobile commerce is that entering a credit card number and shipping information onto a tiny screen is very cumbersome,” said Ramneek Bhasin, VP & GM Mobile at TheFind. “By integrating TapBuy, we remove this point of friction for merchants, and are able to bring new deal discovery elements into our app.”
TapBuy stores consumers’ billing and payment in a server-side wallet, so that consumers enter their personal information only once. After that, mobile shoppers can check out in any TapBuy-enabled app from any merchant simply by confirming their PIN.
TapBuy, available as a SDK for retailers, developers and shopping aggregators, is transparent to merchants and can be adapted easily to integrate with any retailer with an ecommerce website. TapBuy’s browser-in-the-cloud integration presents orders to merchants as if they had been placed on a desktop ecommerce website. For consumers, TapBuy delivers a single consistent experience, even in apps featuring products from multiple retailers.
TheFind leverages patented product search, browse, and discovery technologies, along with data from Facebook's Open Graph, to build innovative online, tablet, and mobile shopping experiences. Ranked number 12 on the 2010 Inc. 500 list of fastest growing private companies, TheFind was founded in 2005 and is venture funded by Bain Capital Ventures, Lightspeed Venture Partners and Redpoint Ventures. TheFind is a San Francisco and Silicon Valley-based company.
TapBuy was founded by Amazon.com veterans Blake Scholl and Jason Crawford. The company’s mission is to bring the best of online shopping to mobile devices, providing new and better ways for find, discover, and buy products anywhere they might be. The company is seed funded by A-list angels, including Naval Ravikant, SV Angel (Ron Conway) and Owen Van Natta, and has received a strategic investment from the Washington Post Company.