2023 subscription management & billing predictions
It's the time of year when we look back on what's happened and look forward and imagine what the future may hold.
2022 was the year of the direct-to-consumer (DTC) shift. Macroeconomic pressures lead the way to new, reimagined customer preferences. Subscribers seek personalization, value, and convenience when evaluating existing and new offerings.
Additionally, the increasing competition and commoditization are fueling rapid industry growth–and subscription businesses need the subscriber data and insights to respond appropriately.
With this premise, our Recurly subscription experts have predicted the year to come: What is the state of subscriptions in 2023?
Subscription trends for growth: Dan Burkhart, Recurly Co-founder & CEO
Recurly is an all-in-one, integrated platform that removes automating subscription billing complexities. Thousands of innovative companies across digital media, streaming, publishing, SaaS, education, consumer goods, and professional services industries rely on Recurly to unlock transformational growth using subscriptions.
In this video, Dan reaffirms the importance of personalization. Today, more than ever, the pricing and positioning relationship is vital to subscribers. Understanding your customers' behaviors and the reasons why they churn is key to delivering value in subscriptions.
Payments as a growth strategy: Theresa McEndree, Recurly CMO
In this video, Theresa emphasizes the role alternative payment methods play with subscriptions. Experimenting with alternative and local payment options has helped companies expand that level of personalization.
Additionally, Brian Geier, Director of Business intelligence at Recurly, comments on the importance of demographics and how it influences subscribers in choosing a payment method–directly affecting churn rate numbers.
Watch the 2023 State of Subscriptions webinar on-demand: Hear from subscription experts as they break down the four pillars you need to supercharge your subscriber base next year.
The subscription industry has experienced steady growth in the last couple of years. Here are some of the predictions our customers and partners shared about the state of subscription commerce.
Subscription in-app purchases: Nick Franklin, ChartMogul Founder & CEO
Founded in 2014, ChartMogul is a global subscription data platform that enables its customers to analyze all their subscription metrics in one place and create custom reports and dashboards. Nick Franklin is the CEO and Founder.
In this video, Franklin discusses the importance of the mobile subscription space and the trend of transactional in-app purchases moving to the subscription model to build on the success and the momentum that has already started.
Franklin also looks at the opportunity for ChartMogul to expand and grow in the coming year by staying focused on its core competency of B2B SaaS and digital consumer subscriptions.
Subscriptions to drive loyalty: Andrei Rebrov, Scentbird Founder & CTO
Scentbird is about the fun and magic of fragrance. Born out of frustration with the “perfume graveyard”—expensive bottles of designer perfume collecting dust on your dresser or cabinet—Scentbird was created to provide an alternative that is both practical and exciting.
In this video, Rebrov shares his excitement around the investment Scentbird is making in personalizing every step of the customer experience, from signing up to receiving a box of beautiful perfume for the first time.
Rebrov also discusses how more and more new players will be entering the subscription market, from legacy brands that have been around for decades to new brands that are adding subscriptions to drive repeatable, recurring revenue as a new growth stream.
Subscription automation: Shannon Kelly, Vertex Head of Channel Marketing
Vertex delivers comprehensive solutions that automate end-to-end indirect tax processes for enterprises and mid-market companies with complex tax transactions. Vertex's solutions are fueled by a powerful, proprietary content database, which includes millions of data-driven effective tax rules for 19,000 jurisdictions worldwide.
In this video, Shannon Kelley, Vertex's Head of Channel Marketing, looks forward to a year in subscriptions where the stratospheric growth will continue and businesses across many industries will adopt the subscription model to fuel that growth.
Keep a good thing growing in 2023
The future of subscriptions has never looked brighter as we turn the page on a new year and embrace the change, evolution, and transformation that comes along with it. Thanks to our customers and partners for setting the tone for an epic year ahead.