The pandemic outbreak has created such ambiguous situations for businesses that it is sometimes confusing for them to decide what they need to do. However, subscription billing is one of the business models that kept flourishing even in the days of pandemic spread. Even the subscription business market has shown remarkable growth during this time.
It was just because of the fact that the recurring billing business model offers a win-win condition for both the retailer and the customer. The customer is satisfied that the rates are affordable and he is going to pay for what he has used. the retailers are satisfied for they earn recurring revenue.
Certain trends have been set in the recent past when the pandemic wreaked havoc. In this article, you will read about all these trends and how to use your subscription billing software so that you can compete with competitors.
New Businesses Entering the Subscription Business Market
There was a time when subscriptions were considered to be meant for SaaS companies and businesses. But today, you will find many industries entering the market that anyone could not think to run by opting for subscriptions as a billing model. Many companies offer unique subscription boxes and people buy them happily.
The primary reason for new businesses to enter the subscription business market is recurring revenue and an opportunity to earn revenue from diverse revenue streams. For instance, at present, you can find subscription boxes for shaving kits. Just like this, there are many unique subscription businesses that you will find in the market and run them on a reliable SaaS billing software.
Earning from Diverse Revenue Streams
Though the subscription business market is becoming highly competitive, people still opt for subscription-based businesses. It is because there are many opportunities in the subscription business market. Not just the SaaS companies but many other SMBs can find various avenues to earn revenue.
For instance, in the OTT subscription business, the platform that offers video streaming services have many ways to earn revenue from the diverse revenue stream. Also, it is not just OTT services providers but many other industries and businesses also earn revenue from varying streams.
Unique Subscription Boxes
Another trend that you will notice in the subscription business market is to offer unique subscription boxes. There are many subscribers who get on board because they are attracted to some subscription boxes. For example, there are companies offering subscription boxes for pet potty pads, summer products, condoms, and a lot more products that people need recurrently.
If you are an entrepreneur, you can also think and come up with some unique subscription boxes that you believe people would need recurrently. It is one of the best ways to enter the subscription business market.
Customised Subscription Plans
To charge a flat fee for your services or product recurrently is considered the conventional method of opting for a subscription billing business model. However, today companies are able to cater to maximum subscribers because they offer customers to choose of the subscription plan that suits the customer. Customers are given the option to customize the subscription plan the way they want.
Opting for customized subscription plans decreases the revenue predictability, but it increases the customer acquisition and customer retention rate. You can also offer your subscribers to customize the subscription plan as per what they like and earn recurring revenue. advanced billing software can be used to manage the customised subscription plans and billing invoicing for these subscription plans.
B2B B2C Businesses
As it has been mentioned that today, not just SaaS companies but there are many other businesses entering the subscription business market. At present, the subscription economy is more like an ecosystem. Here, both B2B and B2C businesses interact. They have contributed to widening the scope of the subscription business market. The supply chains are interlinked in the market. The product and services are supplied locally and internationally.
Customer Services Chatbots
Customers are the focal point of the subscription business world. If you fail to satisfy customers, forget about improving the customer retention rate. So, when customers contact the support team, they expect a quick and relevant reply from the company that offers them recurring services or products. Nothing can be more responsive than chatbots.
So, a trend of using chatbots to facilitate recurring customers has been established in the market. The chatbots quickly reply to customers. Customers get their queries resolved timely. If there is anything that chatbots cannot answer, the customer details are sent to the support representative so that he can facilitate the customer accordingly.
Multiple Payment Methods
There is also a trend of offering more than one payment method to customers. It is because not all customers are comfortable using online recurring payments software at subscriptionflow. Some customers are comfortable using credit cards to pay their recurring charges. However, many customers prefer digital wallets to pay recurring charges. to cater to maximum customers and to satisfy all customers, companies prefer offering multiple payment methods. It also helps retailers to get their recurring payments in time. Because if the customer cannot pay his charges through one payment method, he can try paying with some other payment method.
Multiple Payment Gateways
The basic purpose of a payment gateway is to ensure the secuyrity of customer data. Multiple payment gateways are used so as to ensure maximum data security. The biggest concern of the customers in the subscription business market is data security. Multiple payment methods maximize the data security and satisfy customers. So, retailers succeed in securing customer data and satisfying customers.
