100% growth over the last five years?
That’s right! We are talking about what precisely the global subscription market has undergone.
That’s not all of it. Subscription eCommerce businesses have hit almost $2.6 billion in sales too.
Certainly, an incredible news when you have a subscription billing system for your eCommerce business. But how do you plan to leverage such a growth spike further sustainably?
Read on to know the top 5 ways in which a subscription billing system can boost your eCommerce business:
Order fulfillment and order integrations
While considering eCommerce operations, we have to acknowledge the fact that eventually, it’s order fulfillment that gets the score for you. To keep it operating with top-notch efficiency, your subscriptions and order details also need to be aligned with it.
Well, if you go with the manual process of maintaining, uploading, and exporting excel sheets, you will have more challenges than benefits. Firstly, your work gets piled up. Secondly, the whole process is prone to human error that can result in massive losses.
On the contrary, when you have a powerful inventory and order fulfillment integration, gauging the exact numbers and quantities of stocks becomes effortless.
Not to forget that it comes with an added benefit of accurate tracking of every shipment all the way till delivery.
Managing taxes, compliances, currencies, and languages
The complexities of taxes and compliances keep growing with the geographical expansion of any eCommerce business. This gives your billing infrastructure and finance team a little room to reconcile with all complexities that come with every invoicing.
The whole idea of global expansion is to scale up in every aspect of your subscription eCommerce business, and that includes assurance of personalized experience too.
So, you cannot miss out on the intricacies such as communicating with customers, billing through different payment gateways, and multiple currencies.
These appear minuscule but matter a lot!
Handling cancelations, returns, and refunds
Customers prefer eCommerce sites that have a simple product return policy and hassle-free cancellations and refunds. However, the day-to-day management of order cancellations and refunds can be tedious and disorderly than you initially expect it to be. Consequently, your accounting momentum will go for a toss.
Every customer experience practice like plan upgrades or downgrades, customer feedback, and reviews will be pointless if your billing engine does not provide flexibility for potential unavoidable hassles such as easy returns, cancellations, and refunds.
And for all of these, customers like to be backed with a quick support system too.
Check out our 24x7x365 Customer Support feature here!
Customer’s checkout experience
Focusing on the front end of your website is undoubtedly crucial to push your customers down the purchase funnel. But when it’s about getting the revenue online, the checkout flow of your eCommerce site is certainly not the area that you can afford to overlook.
Some eCommerce platforms enable the cart checkout feature which, in most cases, is difficult to customize and adds an additional “not-so-productive” step in the checkout process.
On the contrary, a prominent “Buy Now” CTA straightway gets the user to land on the payment page.
Personalized communication and notification
In subscription ecommerce, the more personalized your customer experience is, the more consistent is the revenue. Billing systems are no more mere conventional record maintainers. They now have evolved to serve as optimized tools for acquisition and retention.
Advanced billing systems enable you to segment your customers by their buying history, card abandonment, location, plans, and more. And with the engagement that they let you have with your customers through personalized communications and notifications bring in more advantages regarding preventing churn.
The efficiency of a subscription billing system strongly depends on the capability to anticipate and understand the billing issues that generally eCommerce businesses tend to miss out on.
This is exactly why integrating the right solution is crucial.
With Muvi Billing’s optimized, automated billing system, you can stay assured of end-to-end management of complex tax-compliant billing processes, payment schedules, recurring revenue streams, and more.
Take a 14-Day Free Trial to explore more!