Did you know that 15% of online shoppers have signed up for one or more subscription services? Or that the subscription e-commerce market has grown by more than 100% every year over the past five years? In fact, this market generated more than $2.6 billion in sales recently, and 2019 will likely continue this upward trend as more businesses discover the power and performance of the subscription model.
Businesses adopt a subscription commerce to gain a competitive advantage through:
Predictable recurring revenue
Improved relationships with customers
Deeper subscriber and business insights
Businesses may choose to employ a recurring revenue model or the model may be just one element of the overall strategy. Regardless, they look to subscription commerce to unlock critical advantages. One way you can do this is by evolving from subscription billing to subscription management.
Managing subscription commerce at scale involves managing the subscriber lifecycle including plan changes, mid-month upgrades, or even pauses. You must also understand the role of pricing and promotions. And you must optimize payments to ensure subscriber retention and employ effective decline management techniques to minimizing involuntary churn.
All this requires having the right subscription management platform.
Ultimately, having the right platform gives you the freedom to focus your internal engineering resources on super-serving your subscribers rather than on writing code for billing and payments processing.
Download our new e-book to learn more about how choosing the right subscription management platform can give your business a competitive advantage.