Business continues to evolve at the speed of light, and thanks to the internet it’s moving faster than ever. It’s still possible to buy things from a physical store, but the creation of online marketplace has made getting the products you want so easy that it threatens the very existence of brick and mortar stores.
It’s within this context that your company needs the best ecommerce platform supporting your online store, and the best overall billing model that suits your revenue goal. Many ecommerce merchants are adopting the subscription-based approach to online sales so they can enjoy predictable revenue and foster loyalty from their consumer base.
This is a smart play, but it’s important that your company needs to have a platform behind it that gives them all the tools to succeed in this complex and quickly evolving ecommerce environment. Keep reading to learn more about how the right e-commerce platform can help you scale your online business.
Having Good Analytics Leads to More Sales
For online stores to really grow, they need to show consumers multiple products that will be of interest to them. Whereas a sales associate at a physical store can observe the customer and see what products they’re looking at, the online merchant is wholly reliant on the underlying algorithm.
Industry leaders like LimeLight make it possible to know which of your higher-grade or complementary products are really of interest to your consumers, based on channel data.
The best ecommerce platforms provide you deep market insights which instantly boost your ROI by helping you understand which markets to target, so your acquisition spend is net-positive. There should be bundling options too, so consumers can buy products the way that makes the most sense for them.
High-level dashboards with advanced cohorting and segmentation logic help your company understand subscriber trends such as Recurring Rate and Churn. Having the best tools to understand your market helps you scale revenue.
Keep Revenue Constant
Having an online subscription-based business is perfect for getting consistent and predictable sales, but your backend platform helps in other ways too. The platform should have custom, exclusive features that actively help retain customers.
For instance, some platforms have an Account Updater function which proactively keeps customers’ credit card billing information current. This is vital, as it can improve your rebill rate by up to 10x the return on investment.
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Anytime a customer needs to manually enter their payment information, they have an opportunity to walk away from the sale. Any technology that reduces such an opportunity is valuable.
Turn Customers into Brand Advocates
Online subscription-based businesses help turn customers into brand advocates, essentially marketing your product for free. Not only are these customers getting a product they need shipped directly to their door for less than they’d pay in a store, but there’s genuine excitement upon using the actual product.
Some subscription-based businesses sell boxes of dog toys, for example, and the box’s contents aren’t known until it’s opened. Excited customers tell their friends about the product, and this is how your company gets powerful and free advertising.
Don’t just be determined to sell online: do it the right way with a subscription-based approach that best meets your customers needs, and a powerful and smart ecommerce platform that helps your company navigate the complex and fast-changing waters that is the online retail market.