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Subscription commerce industry

Introduction to subscription commerce industry

The subscription e-commerce market is seeing an exponential growth , by more than 100 percent a year over the past five years, says a report by McKinsey. This creates immense opportunities for companies that want to earn good profit from the sale of digital products and services on a recurring basis.

Companies in the subscription commerce industry can forecast cash flows and budget, reduce administrative costs, and drive better business outcomes. Buyers, on the other hand, benefit by planning their budget in advance because they get a consistent and recurring cost for as long as they are active subscribers.

Tools to automate the billing and management of your subscription-based digital products and services

Moving to a subscription-based model impacts every aspect of operations across the organization— from business processes and business rules to billing and payments. To make this transition successful, businesses need to improve the customer experience and get to market faster and also do it all without missing a beat. This where you can trust Subecob – an all-in-one cloud-based off-the-shelf solution that manages all aspects of a subscription-based business.

With Subecob, companies can maintain or improve competitive advantage—and deliver a unique customer experience by meeting a wide range of demands. Speed time to market with wide functional coverage to quickly set up subscription services.

List of subscription commerce industries served by Subecob

Media and entertainment

Subecob allows you to effectively manage and scale multiple subscriptions to address unique needs of customers interested in media and entertainment content. Automate anything in an instant. Cross-sell, up-sell products and services with confidence and maximize revenue.

Health and wellness

Launch new health and wellness products and services. Subecob entitles you to manage differing scenarios while keeping all compliances. Switch payment methods, bring new features, setup new integrations seamlessly in as few clicks as possible.

SaaS and cloud business

Record all data consumption. handle large volume of data and setup new rules. As a flexible billing platform, Subecob is all you want to keep in pace with the changing SaaS and cloud business. Prevent churn rate and grow, without writing a single line of code.

More industries –

Broadband and internet service providers

Automotive

We will continue to update this webpage with more information. Meanwhile, if you want to try our product for a demo, please contact us. Even if you do not opt for the premium plan, you can get started with the free plan that allows you to manage up to 99 customers. Learn more.

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Subecob is uniquely positioned to help startups and small businesses manage and optimize their subscription business with a host of features. Try our free plan for as long as you want and see the difference!

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How many subscription boxes are there?

One of the common questions we often hear from people is “How many subscription boxes are there?” As subscription boxes are becoming popular worldwide, this question evokes curiosity in a lot of people. We tried to find an answer here! If you are interested in the subscription economy and fascinated by how awesomely subscription businesses are doing today, you may find this blog post useful. Read on! 

What are subscription boxes? 

In simple words, a subscription box refers to a group of (physical) products that are well-curated and niche-focused, packaged in a box and then delivered to customers on a fixed, recurring schedule. Many types of businesses that sell directly to consumers, now have a subscription box service. This includes beauty products to men’s grooming to flower delivery to fast foods and more. Gartner predicts that by 2023, 75% of organizations selling direct to consumers will offer subscription services (Source). 

Read more about the top box categories by following this link on Statista 

• United States: monthly subscription box spending 2020 | Statista 

How many subscription boxes are there? 

According to Wikipedia, “there are 400 to 600 different kinds of subscription boxes in the United States alone and more overseas” (Source). According to this article, there were around 7,000 subscription box companies globally by 2018, with nearly 70% of these companies alone in the United States. 

However, we could not locate any source that regularly refreshes the number of subscription box companies globally. One reason for this ambiguity is probably the exceeding number of businesses and lack of tools that store the data globally. But the industry is growing steadily and you can see subscription boxes in nearly every category. 

Conclusion 

The popularity of subscription box businesses are contributing to the immense growth of the subscription economy. With many brands expanding their subscription box offerings internationally, it goes without saying that this trend is here to stay. However, as new businesses are entering the market, competition is rising too, enabling only the best products and services to win. 

The best subscription billing platform for small business for free!

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SUBSCRIPTION BUSINESS MODEL FOR CAR RENTAL SERVICES

A subscription business model ensures allows customers to utilize a service or product by paying a recurring price at regular interval of time. In starting, this concept was used by publishing houses but slowly and gradually this model seems to get acceptance from various other business genres too. From online grocery store to web series and salon services to sports academies; almost everywhere this concept is being used widely and popularly. With every business implementing this strategy nowadays subscription business in vehicle rental services also seems to be a very popular thing. From subscription business in car rental to bike rental subscription business; nowadays it is very easy and common to take the automobile on rent on subscription basis.

Considered as a best alternative to either buying your own car or leasing a car; there could be various ways in which subscription business for car rental work. For instance:

While getting vehicle under this plan, majority of companies which give out their four-wheeler will also add insurance and maintenance charges in their subscription fees.

Then there are many who offer you to switch your vehicle within subscription period. The number of swaps can be limited or unlimited too.

The offering of subscription can be for defines period of time also and it can be for unlimited time period too

Car ownership was definitely not so easy before that too with so much of choices. Isn’t it?

While offer a car on subscription the customer is given a choice to choose from various vehicle classes. From the vehicle brand to the car size; there are plenty of options to choose from.

So, if you too are thinking of owning a car but are left with limited budget then taking a car on subscription can be a good idea to consider. But before you take up the ownership make sure to consider following points:

Check the physical condition of the car. And it should be done from inside out.

Make sure to check the technical functionality of car too. Don’t forget to take the mileage reading.

What is the frequency of car flips?

Read and understand all the terms and conditions carefully and thoroughly.

Being such a popular concept, nowadays it is easy to locate car subscription services in your area. From the big names in this business to local providers; there are many choices to choose from. But before you go with any one make sure to explore and research the market well. The more you will see, the more informative you will become.

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How subscription ticketing is redefining MLB ticket sales

After Basketball and football, it is the game of baseball that has quite interesting number of fans from worldwide. It is for this reason only that in very few years MLB (Major League Baseball) has become one of the most popular professional sport leagues of the world. Many Sports TV networks like FOX, ESPN, MLB network has taken rights to broadcast this game to earn revenues.  However, with changing times, watching this game has also come up with various options like buying ticket in stadium to watch live sport, registering for subscription ticketing, subscribing for channel which have the rights to broadcast the game etc.

Being one of the most popular sport which generates handsome revenues for channels, various broadcasting platforms are looking out for new ways which can bring more profits and revenues through this game. Among the various methods, it is the concept of subscription ticketing service which boost the customer loyalty through paid-for-membership service. At once this concept seems to difficult to understand but it could be best understood through an example. So, for instance if we pay some extra money to avail the better services from Amazon then we become their Amazon Prime member which promises better products with fast delivery by keeping their Prime customers on first preference.

With everything available online, loyalty nowadays seems to be a very rare found commodity. But with the help of subscription model, this loyalty seems to bring stronger bond from the customers. ON the basis of this concept only, now even MLB has started offer subscription ticketing to bring in and attract more fans towards this game. The whole program of subscription ticketing has been designed to offer flexible experience to its viewers. Under this plan, MLB sell out certain number of seats to the viewers at discounted rate on a fixed monthly fee charge basis.

In general, this model suits those who prefer watching games on mobile and are seeking for some flexible plan that can suit their budget pocket also. This concept allows the most dynamic way of delivering tickets by incentivizing the viewers to buy a season long ticket at attractive rates. Most of the ticket buying audience for MLB game is youth which is millennial and young. For them, mobile is everything. Although, this concept still has many new innovations to bring but as if for now also subscription ticketing model is the best way to enjoy the adventure and thrill of game. Made to deliver best client experience, the whole idea of subscription ticketing seems to bring new revenue heights for the game.

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Subecob -subscription billing software

SubEcoB is a cloud based subscription management and billing platform. Specialized in effectively managing Subscription Businesses such as OTT, OnDemand services, Aggregators apps, vehicle on subscription, wellness and fitness apps, online coaching / tutoring , online pet care services, etc.

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Trends and demands of subscription businesses

Photo from Pexels-----------------

Customers expecting seamless purchasing experience, businesses owning robust data management system, and shift to SaaS model for better alignment with engagement are redefining today’s subscription business – thereby creating new opportunities for growth for companies while providing meaningful value to customers. Read on!

For most businesses, gathering continued revenue is the foundation of their existence. It is easy to understand why. If you enjoy a predictable source of regular monthly revenue, you have greater flexibility and choice over your business. A forever-earning source eliminates challenges of operation, creates new opportunities for investment and opens up new expansion avenues. With subscription business, the customer agrees to pay you regularly while expecting that you will continue adding true values to their investment.

Customer expectation is changing

The customer expectation, analyzing it and deriving true meaning out if it, is extremely important. Even in subscription business, you constantly need to outperform, innovate and create new growth possibilities to develop a competitive edge. With this business model gaining grounds and is expected to be more popular in future, you can easily understand the length and breadth of competition it will entail. In fact, with so much of competition now, businesses are redefining their priorities and exploring innovative measures to retain customers.

Subscription business is no longer all about packing preferred products on a beautifully designed box and couriering it on time to customers. Today’s smart users want the service providers to live beyond their expectations. Service providers need to understand this shifting demands and research more on customer expectations in order to provide real meaning in the box. The box should be populated with values, and not just with products.

The demand for a seamless purchasing experience is on the rise

With access to hand-held devices, customers are in total control of their purchasing decisions; without time and location barriers.  The subscription based economy is making inroads to new advancements where businesses are leveraging on latest tools and technologies to make the purchasing experience seamless across screens for users. The priority is to consume as little as time of a user as possible uet provide as much value as it can be. The customers are in a hurry, the absence of seamless purchasing experiences only encourages them to leave you and seek solutions from your competitors. In order to stay competitive, understanding of what makes redefined experiences is very crucial.

Businesses owning robust data management system

Privacy and data management is in limelight these days. With renowned organizations on radar for proven security breach, it is very important that subscription based businesses also adopt secure practices to secure customer data. The subscription based companies store a lot of customer data in order to provide services. This means they need to be very careful in handling sensitive information. The trend of adopting secure practices to protect customer data is only stressing further with customers demanding more control over their data, and need for compliance.

Cloud based subscription model

Cloud provides room for agility, convenience, true growth and seamless scalability. SaaS subscription software empowers teams to work together and meet the evolving customer demands on time by creating smooth engagement practices.

These are some of the core demands and trends in the subscription businesses. With innovation, and changing customer priorities businesses need to be in alignment with evolving technologies and transformation while still meaning value to customers.

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How to engage your subscribers through personalization?

The subscription business is taking over other businesses at a phenomenal pace. But, as an owner, if you do not pay much attention to introduce some of the innovative ideas to engage your subscribers then the business is not for you. These days everything goes to personalization as boosting customer experience has become the main aim of the businesses. Customized services keep the audiences engaged and interested in business activities. The increased user engagement and retention into the subscription business has attracted a large number of new businesses across a range of verticals. Where the subscription services are increased to some percent, there are some businesses that have winded up from the industry due to lack of user engagement.

How to engage your subscribers through personalization?

Getting customer attention and holding it are two different important acts in the business. It is very important to retain the customer’s interest in the business by getting and implementing the recipe of personalization in the right way. The key is to constantly iterate by improving all the aspects of marketing strategy that are based on marketing opportunities and feedback data. Businesses that have started their growth into the subscription business model needs to identify how to engage their subscribers through personalization. Some of the ways to start with are mentioned below:

Know what customers really want: These day’s artificial intelligence and big data are readily available and highly useful. When these tools are used in tandem, they provide companies with customer vision that guide the customer interactions and keep services safe from falling short of expectations. Artificial intelligence boosted technology helps in streamlining all those friction points that are supporting subscription cancellation or negative Google reviews. By collecting data from historical data, customer feedback, social listening, and other means subscription service providers can build two-way trust and commitment. To lock your customer’s desires, trust is the end result.

Stop marketing to just millennial: All the users of the subscription business are equally important but that does not mean that all have the same taste and desires. So, never try to fit them all into one-size fit for all approach. Identify the big users on the basis of demographics to give them a personalized experience. It is crucial to understand your users by categories and not by generations. Yes, millennial is a big group but also remember that other generation and groups are also a part of your subscription services.

Create between the box touch points: To improve the retention rate of your subscribers, there is a need to build and foster a relationship with your subscribers for trust and goodwill. If the customer has signed up for a subscription, it is not necessary that he is going to stick around or you need to think out of the box for retaining customers by going beyond your service platform. Artificial intelligence insights can help you understand your customer’s buying behavior and other activities in the business. This helps you to take faster steps to save a customer when he or she is losing interest in your subscription services.

Making the most of mobile: These days, consumers want and respond to a dedicated mobile experience that fulfils their needs. Most of the subscription businesses are offering a devoted mobile experience along with their main website experience. Reaching your consumers through SMS and push notifications to keep them notified even of your latest information brings them closer to your subscription service. Asking your consumers for downloading the app to enjoy more activities and services from the company can help the business in taking care of their consumers in a better way.

Think beyond creepy marketing: Today’s digital platform has created an extraordinary user experience. Consumers need things on an instant basis but also one after another. They want to be engaged rather than stuffed. Consumers care for the product but more for the experience with the company. Tracking their activity by following their social media movements help brands in developing ways to keep the customer engaged in the subscription service.

Like all businesses, the services of subscription business keep on changing with the changing taste of the society. With these helpful tactics, keep track of your consumers and refurbish your strategy to keep them coming back for more.

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How to drive Annual Recurring Revenue Grow

You have a great product, and even a convincing number of paying customers who keep your business running annually, but your ARR is not growing.

You wonder what is wrong?

A competitor who started with you is growing by leaps and bounds, but your revenue is struck at a threshold, not moving by an inch.

Well, situations like this are common for SaaS-based businesses. Just when you think it’s a dead end, here’s good news – You can break the revenue barriers and grow your ARR to new heights, applying some common sense and timely strategies.

What are they? Let’s take a look!

Learn how to grow annual recurring revenue

Content of the article

What is annual recurring revenue?

ARR Vs. MRR

How to calculate ARR?

Benefits of calculating ARR

How to drive ARR growth?

Infographic – What is ARR and how to drive ARR revenue growth

Conclusion

FAQ

What is annual recurring revenue?

ARR is short for annual recurring revenue.

It’s a SaaS metric that’s used to measure the yearly recurring revenue from your customer’s recurring subscriptions.

Simply put, ARR helps measure how much revenue you can expect from customer subscription in a calendar year.

ARR is closely connected to MRR – which means monthly recurring revenue, although they share the duration differences.

ARR vs. MRR

Monthly recurring revenue is the total sum of income that you can expect to generate every month, whereas; ARR as noted above is about measuring the data yearly. So, there is the duration difference.

How to calculate annual recurring revenue?

Calculating ARR involves measuring several minute details, and the result can vary depending on factors such as your present pricing strategy, the nature and type and complexity of your product/service and business model. As your business scales, new factors may need to be introduced in the calculation.

Generally speaking, the ARR formula is this –

Annual Recurring Revenue (ARR) = (Total $ subscription cost Per Year + Recurring revenue from expansion, add-ons and/or upgrades) – Total $ revenue lost from cancellation of subscriptions.

Benefits of calculating annual recurring revenue (ARR) for SaaS business

Analyzing monthly recurring revenue provides a clear idea about monthly progress, but ARR gives you annualized data which sounds more sustainable and practical.

It helps you see the impact of decisions on a year-on-year basis.

It shows how well your business revenue compounds over time.

It allows you to make realistic predictions about your future revenue.

In other words, it allows businesses to understand the health of their subscription plan in a more realistic and genuine way. Every minute details, including customer churn rate, acquisition goals, impact of changes made in features and announcements can be mapped to a greater goal: Making better product that yields more revenue in future.

How to drive annual recurring revenue growth?

Here are some ways that may help in case you are struggling with generating enough revenue. Also note that every business is unique, and so are the chances of growth, therefore these solutions may not work in all cases and you need to adjust your subscription strategies based on your product, customer behavior, data and competition etc.

Revise price

If a product is under-priced, revising the price to a moderate level may drive growth in revenue. Of-course, how customers behave with the change and development need to be carefully inspected so that existing customers are not lost.

Split the features

Having all the features in one product is good, but most customers would not need all of them. You can split some of the features and sell them separately as add-ons and upgrades. Some customers would never need them, while some would be happy to pay some extra for the value provided. But splitting features should not make the product/service weak, otherwise it may earn negative consequences.

Revise unlimited offerings

Your product is not finished at one go. It revises and improves and with that, the features. As you add more features, your cost increases, similarly a customer probably needs to pay for the upgrades, rather than sticking to a fixed subscription. However, revising unlimited offerings needs careful research and calculating the risks beforehand is essential. Because some customers may have become habituated to the subscription and features, they may not want to accept changes.

Likewise, up-selling, retaining existing customers, convincing them to refer your product to others etc may help drive ARR growth.

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FAQs

What is ARR?

ARR is short for annual recurring revenue. It’s a SaaS metric that’s used to measure the yearly recurring revenue from your customer’s recurring subscriptions.

Which is important – ARR or MRR?

Both are essential. One provides monthly estimates; whereas the other gives yearly calculation

How to calculate ARR

Annual Recurring Revenue (ARR) = (Total $ subscription cost Per Year + Recurring revenue from expansion, add-ons and/or upgrades) – Total $ revenue lost from cancellation of subscriptions.

Conclusion

SaaS companies should invest in a reliable monetization platform to reduce subscription churn rate and improve the value of their product and customer retention. SUBECOB is a cloud-based monetization platform to simplify subscription business, Quote to order, Up-sell, Down-sell, Recurring Bill & revenue, Subscriber Life-cycle management, Analytics & Reporting from one single platform. Learn more here

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SubEcob is a Cloud-based monetization platform to simplify subscription business, Quote to order, Upsell, Down-sell, Recurring Bill & revenue, Subscriber Lifecycle management, Analytics & Reporting from one single platform

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How a Billing System can change Customer Retention for Good

We’re sorry to begin this article with Problems. But problem creates opportunity and opportunity creates innovation. In business, if you don’t innovate, you risk being forgotten. So, it is imperative for every business to take problem seriously – not so seriously that they get occupied in it, but so profoundly that they learn to leverage on its benefits.

It is thrilling to be alive in today’s dynamic time. Trans-formative technologies are reshaping our priorities. Digital natives are no longer spoiled for choices. Instead, they are tired choosing among options.

If you are in business, you must act NOW or there’s a sure chance someone is waiting to leave you behind. Customer retention is the keyword to stay alive. For that however, you should regularly introduce thoughtful business initiatives such as improving your billing system.  This article focuses on how a right billing system can effectively boost customer retention. Read on!

Challenges –

The modern shopper has very short attention span

They are extremely demanding

They want instant gratification

They know you are not alone in the market

They want high level of personalized experience

What does this mean?

You need to continually reinvent your goals, align your priorities with changing market dynamics and consistently leverage on new technologies to drive better organization-wide changes.

How can a billing system help?

A billing system not just streamlines your finances pertaining to business; it does a lot more, starting from personalizing your customer’s experiences to reducing churn rate to building trust and more.

Let us delve into each point –

Billing system and customer experience

Make onboarding experience extremely delightful for your website visitors. Each content touchpoint needs to be thoughtful, and should increase the intensity of purchase. If the engagement is more in and around the product you desire to sell, you are on the right path. If it is anywhere else, you need to reposition your branding.

A billing system can create richer customer experience in many different ways – utilizing customer-facing payment interface, integrating different preferred payment options, easy and simple processing system etc can make a customer feel at ease. Use a payment gateway that you can customize and enrich with newer features for future demands. The point is customer should own the billing process, rather than feeling out of sync.

Billing system and involuntary churn rate

As we mentioned above, your customers are impatient and are in quick need to finalize a purchase. A simple distraction and they would never return. This is where you can leverage on the technology. Using SaaS-based billing system, you can deliver more personalized service and help your customers save on their valued time, effort and money.

A simple technical advancement can do wonders in creating increased audience retention. Automatic retry, account updater services, seamless payment-processing system can help you encourage your user to purchase now and in the future. The point is simple. If you show you are serious about your customer’s time and other priorities, it is likely that they would take you seriously.

Address the evolving technological priorities of changing times

Today’s digital natives are very familiar with technologies, and they want familiarity. You can not introduce a new technology to them, they already are introduced. This is very important difference. If you realize your customers have tech know-how and provide centralized solutions such as a one-stop portal where they can complete all their purchase activity, you encourage them count you.

Other than these, improving system efficiency, emphasizing on security measures, eliminating the scope of failed payments and/or addressing quick solution to a failed payment, providing your users with real-time info on billing etc are some of the most useful ways to build trust around your brand and make your billing cycle retain your customers.

Customer expectations are quickly changing. You should as well change to bring meaningful difference.

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Business in a Box – Most Happening Subscription Business Models

No need to maintain a fleet of sales people, no thinking around intellectual property costs, no more dull sales month…A subscription box business brings autopilot simplicity of managing a fully functional business without boundaries. You can operate from anywhere, and anytime, predict the volume of monthly orders, generate a long-standing scope of guaranteed monthly recurring revenues, and plan your inventory while reducing carbon footprint.

But the awesomeness this model brings onboard is the liberty it offers to customers. They get thrilled to receive freshly curated products every month based on their priorities, lifestyle, needs and/or preferences. With this article, we narrow down some of the top performing subscription boxes across men and women choices for the year 2019. Read on, and for any improvements, please feel free to have your say in the comments section.

FabFitFun (Women)

… Get Started With A Life Well Lived

Courtesy – The text ‘Get Started With A Life Well Lived’, and the image are sourced from the seller website

This value-for-money box blends beauty, fashion and wellness into an intriguing mix of fully customizable colorful products, with a harmonious message of women empowerment. One of the most positively reviewed and top rated boxes on the Internet, FabFitFun does a well-defined job of boxing what matters for women, and what is in trend.

Financials – Every 3 months, they hand-select $200+ worth of products, for the price of $49.99 per box.

Link to the Box.

What’s more – By entering your email ID on their website, you can unlock 10% OFF promo code

Dollar Shave Club (Men)

…Get ready to look, feel and smell your best

Courtesy: The text ‘ Get ready to look, feel and smell your best’ and the image are sourced from the seller’s website

The DSC people know men’s’ grooming quite well. You can choose your preferred delivery frequency or opt for the default four times a year option. The high quality products come at an affordable price, and you can cancel anytime. The club stocks more than just razors and cartridges, and believes in extending the value in the box with fresh products, including shower, oral care, hair care and etc. For men who never want to forget picking their preferred razors, the shaving subscription and more is unbeatable.

Financials – Begins from as low as $5 per month. Choose your own delivery frequency.

What’s more – By purchasing a total of two or more items, you can unlock big savings.

Link to the Box

LeTote

…Just wear, return, repeat.

Courtesy: The text ‘Just wear, return, repeat’ and the image are sourced from the seller’s website

The fashion subscription service allows members to wear its clothes and accessories with no commitment to buy. If you want to buy the one you rented, they offer a whopping 50% off the retail price. For a flat monthly membership fee, you can pick your desired outfit, and keep it as long as you want, or return as necessary. The service is extremely user friendly, and allows members to be as defined and personalized with fashion as they want.

Financials – Le Tote offers monthly membership plans starting at $69/month for Classic and $79/month for Maternity.

What’s more – Access an endless closet of items at a great price

Link to the box

BirchBoxMan

Your Grooming Regimen, Made Simple

Courtesy: The text ‘Your Grooming Regimen, Made Simple’ and the image are sourced from the seller’s website

Whether you are looking for perfect gift or treating yourself with top men’s grooming and self-care products, BirchBoxMan has unlimited supply of themed, limited edition boxes for all styling occasions. The unique range of high quality products is coupled with steady flow of great customer support.

Financials – The subscription comes in three brackets, including monthly, twice a year and yearly model; starting from as low as $10/month.

What’s more – FREE Oars + Alps Cooling + Cleansing Wipes ($16 value!) are on offer with subscription

Link to the box

HARRY’S

… You deserve a great shave at a fair price

Courtesy: The text ‘You deserve a great shave at a fair price’ and the image are sourced from the seller’s website

Harry’s subscription box redefines the style statement for men, with quality engineered blade cartridges, shaving gel and other accessories.  They pride in offering honestly priced produces that are in trend, integrity of service, and believe in giving back to the community. With quality men’s grooming products and accessories a great price, they live up to the premise they have started with: Every man deserves a quality shave at a fair price.

Financials -The items are available in many attractive prices, with the Travel Body Wash  is available for as low as $3.

What’s more – The starter set is available at an awesome $ 8 (That is $5 savings)

Link to the box

That is it for today! While we hope you enjoyed reading this article, please come again to read further on the next entry.

About SubEco

SubEcob is a Cloud-based monetization platform to simplify subscription business, Quote to order, Upsell, Down-sell, Recurring Bill & revenue, Subscriber Lifecycle management, Analytics & Reporting from one single platform

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Towards a Seamless Subscriber Checkout Experience for Subscription Business

A customer who is in the checkout flow desires to achieve a number of goals: Purchase a product and/or service quickly; with least incontinence. Making sure the checkout experience is smooth is very important at this stage. Read on!

Checkout abandonment is a concern that consumes major share of headache for e commerce entities. A number of facts collectively play decisive role in ensuring whether a checkout experience is going to be seamlessly smooth or it will kill the buying intention.

In subscription business as well, companies need to pay high volume of dedicated attention in making subscriber checkout experience extremely smooth, effortless and simple. How to achieve the desired goal? How to guarantee or at least ensure that a subscriber is inspired to continue his buying journey and not change his mind at the checkout milestone? We take a look.

Intention of developing a smart checkout experience

Encouraging the buyer click on the BUY button

Inspiring the buyer to recommend the service to others and to ensure he himself come back for upcoming purchases

Providing meaningful online shopping values that save time, effort and minimizes room for confusion

Be clear and concise about shipping and delivery

To make the overall shopping experience extraordinarily impressive

Increase transparency, reduce frustrations, reduce frictions and improve overall user experience

Why people leave midway while shopping online?

You can blame it on many factors, including cost surprises, lack of options to apply discount codes, no guest checkout option, no trust symbol, long checkout experience etc. No one has time to stay long on a website. If he finds distractions or confusions, there are plenty of alternatives for him to consider. That is why subscription businesses should carefully invest in making checkout experience.

Measures to improve checkout experience

Provide a number of payment options so your subscriber can always find an easy way to make a purchase

Customers want to pay using the payment system they are mostly frequented with. If your business is geographically spread out, consider the preferred payment method for each region. For example, credit card may be a popular payment method in North America, but in Asia, you might want to integrate option for mobile payments.

Support a number of international currencies

Supporting international currencies create an impression among your global audience that you care about them, and understand their priorities and preferences.

Provide optimized checkout forms for all devices

Take special care in making optimized checkout forms for hand-held devices. Since you operate online, you naturally expect to receive major traffic from mobile devices. Therefore, it is very important to optimize your forms specific to the device your customers are using.

Other ways to improve the checkout experience in subscription business

Give your customers enough liberty to make a smooth online transaction. Act as a buyer and make a purchase. Note down the barriers you face and work on them

Give your customers option to delete and reenter necessary data if need arises. The data addition should be quick and simple, with option to add auto entry

Provide a guest checkout experience

Remove navigation elements that create unnecessary distractions

Avoid playing with heavy colors and graphics on the checkout page. The rule of thumb is using minimalistic design, with focus on white spaces. Remember this is the stage when a buyer finally makes a purchase decision. Every engagement touchpoints before that makes the buyer prepare for the stage. So, allowing the buyer to utilize his own thought and not distract from the basic theme is very crucial. Too much design and addition of heavy design elements might distract the buyer and he might stop buying altogether

Offer secure payment options

Provide short and intuitive checkout forms

These are some of the ways to improve your website’s checkout experience. Allowing a user to freely interact with content touchpoints is very important to ensure successful execution of a subscription business.

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The electric car market is continuously growing and so are the business opportunities.

The future of electric is happening now in many countries. In the near future more and more electric cars are being introduced to other parts of the world. The governments of different countries are creating an electric car boom in the market for saving the environment. Rather than the internal combustion engine, electric cars are much simpler and the electric car subscription business is going to attain a lot of popularity in the upcoming years. Electric motors are fun to drive and are costlier than gas-powered vehicles.

Read more..

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The Health of Healthcare Subscription Model during the Covid19 Age

We’re living a historical time with unknown operational challenges and supply chain restrictions. The global economy is on a free-fall, an unsightly recession is looming close, and nearly all businesses are coming to terms about one thing: Uncertainty.

But one business that appears to be partly resilient is subscription. Companies here are reporting fair growth rate with strong signs for a hopeful future. OTT video streaming, news and media, communication SaaS subscription are seeing steady growth, however, consumer membership and travel and hospitality subscriptions are those that are seeing a struggling time. We know the reasons.

But a subscription model few people are talking about now, and which holds immense opportunity to leverage this crisis is healthcare subscription.

We take a look – Imagine the hard truth: A global lock-down is in place, many restrictions are preventing mass movement and people are still learning to live with the social distancing protocols. This is a highly unpredictable time. A situation no one was prepared for. While lifestyle changes are becoming commonplace, life stays and is desperate to thrive.

Diseases are still here, people are still getting sick, emergency services are still needed on high priority. Unfortunately, people’s access to healthcare is getting disrupted because of the prevailing crisis. Few days with this lock-down and bad phase, this may sound normal and natural for many of us. But imagine what it holds for the senior citizens, people with disability, people who live alone with no one to look after them. Their reduced or disturbed access to timely medications is a challenge that requires immediate attention at a humanly ground. While governments are doing their part, this situation needs wide-scale support from everyone.

Access to a monthly subscription allows subscribers to receive important prescription medications (allowed online) timely. With home delivery facilities that follow social distancing measures, they don’t need to step out in search of their medicines. And there’s no fear of your medicine stock ending up.

Healthcare subscription companies can effectively use this time to reach out to more needy people, serve them with better technology in order to make their lives better and uncomplicated. It’s also the time healthcare companies improve their subscription billing system and make the checkout experience hassle-free.

Challenges to overcome An effective health care subscription model’s CRM platform needs to manage the customers, subscription orders, renewals, Payments, Retention. A good foundation is needed to make customer engagement interactive.

The Health of Healthcare Subscription Model during the Covid19 Age

About SubEcob SubEcob is a Cloud-based monetization platform to simplify subscription business, Quote to order, Up-sell, Down-sell, Recurring Bill & revenue, Subscriber Life-cycle management, Analytics & Reporting from one single platform Subecob empowers companies from any industry seamlessly migrate into a subscription business using a fully-functional cloud-based software platform. It frees companies to develop their own Subscription Billing and back-end systems to handle ongoing subscription-based / Recurring Billing, Revenues & payments.