This week, we discuss global events that are impacting consumer behavior in parts of the world and a new streaming service subscription from CNN.
Brace for a significant increase in transaction decline & churn rates
As Russia advances into Ukraine, the economic impact is unfathomable. Merchants with customers in Russia are going to experience a big hit in transaction decline rates and churn rates as a result of Visa, Mastercard, and most recently Amex blocking Russian financial institutions from their global networks in compliance with recent government sanctions.
In response, Visa and Mastercard have both pledged $2 million for humanitarian aid. Read more on Economic Times, PYMNTS.com, and CardNotPresent.
Here’s what you can do about it:
It’s time to pause. Flexibility in volatile times provides your subscribers with a workaround during difficult situations. Learn how to enable this in Recurly, and read more about the benefits of pausing.
Be proactive, and learn how to minimize the impact of declined transactions. Keep an open line of communication with your subscribers and offer options. This is also a great time to think about a fraud solution.
Prepare recovery communications. Start thinking of ways to recover your losses.
CNN announces pricing for new streaming subscription
Later this year, CNN will be debuting its streaming service CNN+, featuring eight to 12 hours of live programming daily as an “additive experience that complements the core CNN linear networks and digital platforms.” Early birds can lock in a $2.99 monthly lifetime cost if they sign up within the first month. Otherwise, subscriptions will cost $5.99 monthly or $59.99 annually. Read more on TVInsider.