Subscription-based eCommerce businesses have become increasingly popular in recent years, and for good reason. Subscriptions offer customers the convenience of having products and services delivered regularly, often at a discounted price. Everyone is shopping online, so any new trend that makes the process even a little bit easier is welcome with open arms.
One of the subscription tools has been at the forefront of this trend: Recharge.
In this blog, we will take a closer look at Recharge, what they offer, and its recently released State of Subscription Commerce report, so your customers will come back again and again.
What is Recharge?
Recharge is a platform that enables businesses, like yours, to set up and manage subscription services for their products. With Recharge, businesses can easily create custom subscription plans, manage billing and payments, and integrate with their existing eCommerce platforms. The platform supports a wide range of subscription types, including monthly, weekly, bi-weekly, and even custom intervals.
Recharge also offers a number of other features that make it one of the most valuable tools to have in your tech stack. Some of these include customer management tools, analytics and reporting, and integrations with a wide range of eCommerce platforms and payment gateways.
The Benefits of Recharge
There are a number of benefits to using Recharge in your tech stack for your subscription-based services. Here are just a few of the key advantages:
- Easy Setup: Recharge makes it easy to set up and manage subscription services for your products. With the platform’s intuitive interface, you can create custom subscription plans in minutes.
- Seamless Integration: Recharge integrates with a wide range of eCommerce platforms and payment gateways, so you can easily add subscription services to your existing website.
- Customer Management: Recharge offers a number of tools for managing your subscription customers, including customer profiles, order history, and payment information.
- Analytics and Reporting: With Recharge, you can easily track key metrics like subscriber retention, average order value, and customer lifetime value.
- Increased Revenue: By offering subscription services, businesses can increase revenue and customer loyalty, while also improving their cash flow and forecasting.
The 2023 State of Subscription Commerce Report
In January 2023, Recharge released their 2023 State of Subscription Commerce report, a comprehensive study of the subscription commerce landscape. The report is based on a survey of over 1,000 subscription-based businesses, as well as in-depth interviews with industry experts.
Here are a few key takeaways from the report:
- Subscription Commerce is Booming: The subscription commerce industry continues to see significant growth, with many businesses seeing a substantial increase in subscription revenue.
- Personalisation and Convenience Remain Key: Customers are looking for subscription services that offer personalisation and convenience. Businesses that can provide these features are likely to see higher customer satisfaction and retention.
- COVID-19 Has Forever Changed Online Shopping Habits: The COVID-19 pandemic has permanently altered the way people shop, accelerating the shift to online and subscription-based services.
- Churn is Still a Major Challenge: Retaining subscribers remains a major challenge for subscription-based businesses, with a high percentage of subscribers cancelling their subscriptions within the first few months.
- Subscription Commerce is Now a Standard Business Model: The report concludes that subscription commerce is no longer a trend, but rather a standard business model that all types of businesses must consider in order to remain competitive.
Blend & Recharge
Recharge is clearly a valuable tool for eCommerce businesses looking to expand into subscription-based services. With its easy setup, seamless integration, and powerful management tools, Recharge makes it simple to create and manage custom subscription plans for your products.
And with the release of their State of Subscription Commerce report, Recharge is providing valuable insights into the subscription commerce landscape, helping businesses to better understand the challenges and opportunities of this growing industry.
By understanding the key trends that Recharge has reported on, businesses can stay ahead of the competition and take advantage of the many benefits of subscription-based eCommerce. If you’re ready to expand into the lucrative business of subscriptions, get in touch with Blend and let’s improve your customer lifetime value.