Perhaps no field evolves as quickly as online retail, powered as it is by new devices and technologies used by both consumers and the retailers themselves. One change in technology alters the course of everything downstream, and the technology leaps forward pretty frequently.
For eCommerce retailers using a subscription-based business, new platforms are specifically designed to facilitate all aspects of your business. Let’s take a closer look at how online sellers using a subscription-based model benefit from the latest technology in eCommerce platforms.
Better Analytics
The best subscription software gives your company the tools you need to understand the economic health of your company and your customer lifecycle. With more than 20 dashboards, the industry leaders in eCommerce platforms put all the key data at your fingertips and update it in real-time. These would help track your subscription model kpis.
This way, you always have the latest info about MRR, P-&-L, Cycle Analysis, Rebill Rates, and Active Subscription forecasting. Moreover, you can filter through these dashboards based on traffic sources, channels, verticals, campaigns, or custom Smart Tags.
Segmenting key metrics is effortless, so your company will easily be able to evaluate the effectiveness of your marketing campaigns. Plus, any data you process on the platform can be easily converted into a. CSV file for further analysis, or for integration with your own custom reporting.
Safer Business Practices
Cybercrime is a general public concern, but online retailers have extra to worry about since they deal with money crossing hands. The best eCommerce platforms leverage all the data across the entire software to constantly refine and update fraud rules so that any suspicious transaction is declined automatically.
This saves you money and time while also safeguarding your reputation. Beyond just protecting dollars and cents, consumers need to feel like your store is a safe place for them to make purchases, or they may hesitate before considering buying something.
The best eCommerce platforms also partner with industry leaders in detecting and managing fraud, so you get a double layer of protection that will help lower chargeback rates and increase your order acceptance rate.
Your company should receive individual help from specialists in setting up your account and get the flexibility to customize risk levels as needed for each aspect of your business, from campaigns, products, or payment gateways.
Profit Maximization
When you’re running a subscription-based business, you want there to be as few obstacles in the way of a sale as possible. The latest platforms keep payment information proactively up-to-date, so consumers perceive no interruption to the transaction.
Rebill rates improve the fewer customers have to do, and the latest software makes this effortless for both the customer and your company.
It makes sense that the latest retail models are empowered by the latest technology, and for digitally native vertical businesses offering subscription-based sales, this means getting the right e-commerce platform.