Although subscriptions have been around for a while, the market has accelerated since the pandemic with individuals subscribing to products such as beauty boxes, gym memberships, entertainment platforms, cars, and software.
By 2024, it is expected that business subscription services only are to reach a value of $344bn.
The nature of subscriptions means consumers stay loyal to brands with recurring payments. However, growth in the market leads to growth in competition and as subscriptions are typically easy to cancel, loyalty may be hard to obtain. We know users value convenience, flexibility, simplicity, and speed. Brands offering subscriptions should consider implementing strategies to meet user demands and ensure consumer loyalty.
Integration with a payments partner could enable merchants to achieve a seamless payment process and build customer loyalty through a fluent, and convenient user payment journey.
A smart recurring payment process could improve speed and increase revenue potential. Merchants can incorporate a solution that keeps customer details up-to-date reducing the number of declined payment.
In this report we dive into:
- Users’ preferred payment methods
- Reasons for preferred channels
- Why supporting alternative payment methods is important
- How to build loyalty through payments
Download to understand how to leverage a strong payments strategy to improve user satisfaction and loyalty.