Online Subscription-Based Retailers Need This New Tech

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Moving retail online has some major advantages on a basic level, such as not needing to pay rent on a storefront from which to sell your product. But now, the platforms driving digitally native vertical businesses are so sophisticated and powerful that the technology itself drives sales in a way brick and mortar businesses couldn't achieve.

Here are some of the advantages you can get for your subscription-based ecommerce from the best online platforms.

Revenue Maximization

There are a few important ways that industry leading platforms help you manage your subscription business by using innovative technology. Smart Tags and predictive analytics make it easy to segment your prospects and customers based on their lifetime value, so you can easily identify the campaigns or products which are thriving and allot resources accordingly. 

It's important when operating a subscription-based business to keep payment information current at all times, because any effort required by the consumer to update payment only increases the odds of a disruption to the sale. 

The best ecommerce platforms improve rebill rates by ensuring accurate card data is on-file before a new payment cycle begins. Ensuring up-to-date data strengthens your company's relationship wtih customers and reduces hard declines.

Versatile Billing Models

While weekly or monthly subscriptions are excellent, even platforms designed to facilitate subscription sales should be versatile enough to allow for other models, such as one-time purchases and discounts. It should be easy to configure trial periods, shipping costs, setup fees and more so you can bring your products to market quickly.

Dashboards Galore

Industry leading platforms allow you to see over 20 dashboards which clearly present the overall economic health of the business and your customer lifecycle by doing a deep dive into all your data. It will process all the data in real time and present lucid visualizations of MRR, P-&-L, Cycle Analysis, Rebill Rates, and also Active Subscription forecasting. 

Knowledge is power in business as in all things, and the best platforms keep you informed in less time.

Robust Security

The topic of online security has gained prominence after a rash of high-profile hacks and data breaches affecting prominent political parties and multinational corporations, and it's something every ecommerce business must address.

The platform should have its own security experts, but it's even better if they also partner with industry leaders in anti-fraud services. This will not only protect the integrity of sales, but will foster confidence among consumers, so they shop at your website without hesitating.

Suspicious transactions will be declined automatically by technology which scans through all the data to understand how to keep you safe. Chargebacks will go down, and order acceptance rates will increase when you use the best platforms.

Among other reasons, stores moved online at first to cut major overhead costs. But the technology driving ecommerce stores has evolved so much that it has become a game-changed in its own right. If your online store offers subscriptions, getting the best ecommerce platform will make a world of difference.