SubSummit 2023 was one for the books! Attendees gained valuable insight into top retention tactics and trending topics such as omnichannel marketing, generative AI and customer experience optimization.
On day one, our CEO Brian Bogosian joined Karen Webster of PYMNTS.com on stage to discuss brand-new findings from our 2023 Subscription Commerce Readiness Report. They explained the current state of subscription commerce, how to retain customers in uncertain times and how top-performing subscription brands are winning loyal followers.
The report surveyed 2,094 customers on their current subscription holdings and preferences for select retention features — and concluded that subscribers can be separated into three personas:
While all customers are valuable, merchants can curate the customer experience in a way to attract and retain those high-value loyalists. With about 20% of loyalists planning or likely to cancel their subscriptions, merchants must be more strategic than ever about their feature offerings.
Convenience is king for subscribers, and many will bail if you don’t offer the seamless experience they expect. This may include:
Consumers are typically more skeptical of recurring payment models than one-time payments. To ensure mutual trust and transparency, your website should include:
The best way to create brand loyalty is by connecting with your customers on a deeper level. Here are three great ways to create loyalists who won’t leave.
Nontoxic cleaning brand, Truly Free, attracts consumers worldwide with its environmental and human rights initiatives. As part of Truly Free’s “Refillable Revolution,” subscription members are helping Truly Free to accomplish their mission of freeing over 10,000,000 homes from harmful toxic chemicals. Not only that, but the brand also gives subscribers exclusive discounts and the freedom to control their own subscriptions from start to finish.
Non-alcoholic spirit brand, Lyre’s, offers shoppers the option to join the Frequent Sipper Club, its free loyalty program. In just a few clicks, consumers can start earning points for different actions such as leaving a review, making a purchase or signing up for their email newsletter. Customers can then use those points on their next order.
UrbanStems, a subscription flower delivery service, relies on its excellent customer service and flexibility features to retain high-value subscribers. The brand combines cost savings, convenience and fun freebies to give customers the most enjoyable subscription experience.
Sticky subscribers are every subscription merchant’s goal. Our research found that these are the top five ways to retain loyalists and persuadables.