Ecommerce evolves quickly and dramatically. Entrepreneurs need to develop more than just a product the market wants or needs, they need to be able to adapt to this ever-changing world.
Subscription sales are a popular way for ecommerce companies to enjoy recurring transactions and predictable revenue while simultaneously giving customers what they want with less hassle, and often for a reduced price. But even creating the product and reaching an optimal model of sales isn’t enough: the right ecommerce platform has many tools to make your subscription business grow securely.
Here are some of the tools found in today’s industry-leading customer relationship management platforms driving subscription sales.
Data to Boost Sales
Unlike brick and mortar stores, websites can’t generate sales by having trained sales associates interact with customers. In their place is data, which prompts the customer with additional or alternative products to buy.
Most online businesses have some version of a prompt, but the key is to have superior data so the customers only see products they genuinely desire. Having a sophisticated algorithm driving these prompts helps to complete sales.
It’s impossible to overstate the importance of online security in the world of ecommerce. Whereas brick and mortar stores invested in locks, CCTV cameras, and alarm systems, ecommerce platforms contain the tools which keep online businesses safe.
The benefits you get from real protection should be measurable: on average, chargebacks and Representments should be reduced by about 20%, a major coup for ecommerce companies. Industry-leading ecommerce platforms screen for suspicious transactions proactively, and declines suspicious activity before it sucks up money and time out of your business.
Beyond transaction security, today’s subscription billing services need to maintain a secure reputation, or else potential customers may hesitate before making a purchase. This means guarding all company, customer and financial data, as well as actual payments.
The ecommerce platform you rely on should fully adhere to the Payment Card Industry Data Security Standard, and should be PCI Level 1 certified.
In addition to their own fraud experts giving companies their personal attention, the best platforms partner with other industry leaders in detecting and managing fraud. Tokenization, advanced user permissions and the highest levels of authentication also ensure that customers are who they say they are, so companies can accept payments with confidence.
The foundation of the internet is openness and connectivity, so it’s not surprising that the best ecommerce platforms allow businesses to seamlessly link up with other entities providing services they need. A small list of entities across the supply chain you’ll need to work with includes: order confirmation, anti-fraud services, chargebacks, affiliate marketing, data verification, and more.
To ensure your customers know about the latest promotions and other pertinent information, connect with the market’s most effective email marketing tools.
Entrepreneurs, especially those in ecommerce, may experience burnout unless they invest their time and effort wisely. Keeping up with the changes in the world of online retail — subscription and non-subscription sales — can be dizzying and time consuming. But if you have the right ecommerce platform driving your business, you’ll be able to grow steadily and securely.