January 2023 | Year in Review Launch Summary
Hello and happy new year! At Recurly, we’ve hit the ground running and are already working on new product innovations to help you keep a good thing growing in 2023. Before we say a final farewell to 2022, though, I wanted to take the opportunity to recap last year’s launches to make sure you didn’t miss out on any of them. With that in mind, here’s a recap of Recurly Launch releases in 2022, specifically designed to help you:
Acquire more new customers
Retain and grow your existing customers
Streamline and optimize your business
Expand into new markets
Deliver new innovative features
New ramp pricing model
Entice new subscribers and reward loyal, long-term customers using the new ramp pricing option. Ramp pricing allows you to attract new subscribers through a discounted point of entry that steps up over time to the full subscription cost. Conversely, you can reward subscriber loyalty by scheduling pricing discounts for valuable, long-term customers. Read the blog here.
New payment options
To support you as you scale your subscription business locally and globally, we’ve added support for new payment methods, including Apple Pay (on Braintree), Google Pay (on Stripe), and China Union Pay.
A one-size-fits-all approach fits no one, so we introduced customizable, personalized dunning campaigns earlier in the year. Using Recurly dunning campaigns, you’re able to create one or more collection strategies that fit each of your various customer groups or cohorts. Should an automatic credit card payment fail or net terms on an invoice pass, Recurly will use the applicable dunning campaign for that invoice to attempt to recover the payment and retain the subscriber.
We understand how important personalization is for customer engagement. That’s why we expanded your ability to flexibly customize communications depending on your customer’s needs.
Multiple invoice templates: We enhanced our invoice customization capabilities to configure multiple invoice templates to reflect different customer segments, geographical locations, or entities within your organization—even down to unique logos for each.
Time-zone sensitive communications: Set a unique time zone for each of your customer accounts to alleviate potential confusion between the time/date of the customer email itself and any dates contained in the email content.
Renewal reminders: We added a new courtesy (customizable!) renewal reminder email template to be sent to customers on an annual basis from the start date of their subscription.
Mastercard compliance: To ensure you remain compliant with the new Mastercard mandate, Recurly will send your subscribers a configurable email prior to their bill date.
Reporting and analytics
You continue to remind us of the importance of subscription analytics and we’re listening. We added multiple new reporting and analytics capabilities in 2022, including:
Multiple updates to your analytics experience including persistent (or saved) dashboard filters, customized dashboard sharing, and expanded information on the Subscriber Retention and MRR dashboards.
A new custom report builder, called Explore, allows you to create powerful, flexible, configurable, and shareable custom reports and dashboards.
Access management exports
We know you’re using your Recurly data in conjunction with other business applications, so we’ve added powerful export capabilities, including:
A new Account Activities export that provides critical insight into who within your Recurly site does what and when.
A new User Permissions export report that provides a CSV output of a given site's users, their permissions, and the date each user was added to the site.
Expanded webhook integration methods
Webhooks can be used as alerts to keep your systems and partner applications in sync with actions inside Recurly. We added additional capabilities in this area with JSON webhooks that can be configured to receive XML or JSON payloads and receive specific notifications related to subscription lifecycle events.
Salesforce and Oracle NetSuite users, take note!
Mid-year, we released an updated version of our Recurly for Salesforce integration which enables you to automatically capture customer payments by allowing customers to input their own billing information from Recurly's billing info update page. Also, we’ll now automatically create a subscription once an opportunity is set to "closed won" without the need to click the "Create Subscription in Recurly" button.
In August, we released an upgraded integration between Recurly and NetSuite that’s simpler and more scalable. It offers a single-direction synchronization (Recurly to NetSuite) of the data that matters to your billing, subscription management, and recurring revenue business. Read more about Recurly and Netsuite.
Tax and compliance
Tax and compliance features may not get everyone’s heart racing, but we still give them the attention they deserve. For example:
We introduced a tax-inclusive pricing feature that allows you to set prices inclusive of any taxes that customers may have.
We added functionality to comply with a new Visa mandate that requires merchants to employ dynamic network transaction identifiers (NTIDs) supported by our payment gateways.
The list of languages we support for email templates, hosted pages, and invoices continue to grow. This year, we added support for both Swedish and Polish.
New innovations in revenue recognition
At Recurly, we know how to simplify the complex–we’ve been helping merchants scale while streamlining recurring revenue and subscription billing for over a decade. In 2022, we announced that we’re bringing that same focus to revenue recognition automation by acquiring LeapRev, a global revenue recognition and forecasting solution.
The acquisition of LeapRev enhances the existing revenue recognition capabilities of the Recurly platform, streamlining the complex revenue reporting processes associated with your subscription contracts and automating compliance with ASC 606 and IFRS 15 guidelines.
And we’re just getting started!
That’s a snapshot of what we rolled out in 2022. We’re already hard at work on 2023’s product roadmap, incorporating the features and functionality that help you keep a good thing growing. Stay tuned for new features, functions, and strategies coming your way each month in 2023.