ReadWriteWeb

Online retailer Amazon.com has just announced a new checkout system called "PayPhrase" which speeds up the process of making online purchases by allowing shoppers to enter a unique phrase and 4-digit PIN number to complete their transaction. Both the phrase and PIN are created in advance and are linked to a shipping address and preferred method of payment. After the initial set up, PayPhrase users are no longer required to sign in or fill out credit card information when shopping online.

Social networking sites are quickly becoming one of the most important places where retailers can meet potential customers and interact with their current customer base. According to a new report from eMarketer, social network users are a lucrative target demographic because they are more likely to make online purchases than any other group. About three-quarters of all the retailers in the Internet Retailer Top 500 Guide maintain a presence on at least one social network. Facebook, YouTube and MySpace are the most popular social networking sites for online retailers.