The past year has seen dramatic changes for subscription businesses, says Roy Barak, CFO and COO of Vindicia. By focusing on the complete customer journey, e-commerce vendors have positioned themselves to deliver frictionless experiences. Read his thoughts in the PYMNTS eBook, “In a Nutshell: 50 Thought Leaders Summing Up 2021.”
Looking back on the events of 2021, we see that it was a transformative year for e-commerce and subscriptions. Successful subscription-based businesses have refocused their efforts on the big picture, beyond the day-to-day activities of subscriptions, transactions, and payments. Subscription managers have zoomed out and refocused to see things from a different, broader perspective – seeing their customers not just as another part of the balance sheet, but as the unique individuals that they are. .
Building on data-driven subscription intelligence, the view has now evolved from a vertical perspective (customer inbound, customer outbound) to a horizontal, holistic approach – the complete customer journey and how each step and subscription experience is organically connected. Savvy subscription providers have adapted through the ups and downs of 2021 while continuing to gain a deeper and more meaningful understanding of the entire customer journey.
The result? E-commerce providers are now better positioned to deliver seamless, engaging, and enjoyable subscription experiences that will continue to be relevant to consumers throughout 2022 and beyond.
Refocus on the entire customer journey
As the cost of living continues to rise across the board, consumers are looking for more value from their subscription services. Therefore, every interaction should be engaging and reinforce the relevance of the service to the customer.
Traditionally, subscription companies have focused on the A and Z of customer experience. That is, the beginning of the journey: how to acquire customers and onboard them. And the end: how to avoid customer cancellations – and if all else fails, help them make an elegant exit.
In 2021, however, successful subscription-based businesses have increasingly relied on subscription intelligence to take it to the next level, refocusing on everything from the moment a customer signs up to when he ceases to be a client. It’s a horizontal perspective, covering all the crucial moments that make up each customer’s individual journey.
Put yourself in the customer’s shoes
Once you’ve refocused your efforts and looked at the holistic user journey from a customer’s perspective, something very important suddenly becomes clear: there’s not one problem your subscription is going to solve, but many problems that arise for the customer. in different ways throughout their journey.
The continued task of subscription managers in 2022 will be to build on the refocused successes of 2021, aiming beyond daily delivery and deepening the moments when consumers interact with your subscription and your business in myriad ways. Aim to make these moments more fluid, frictionless, satisfying and enjoyable.
It’s the difference between “I’m hungry, let’s eat!” and “I’m hungry, but what do I want to eat?” What hunger am I trying to fill? What is the only food that will satisfy me right now? »
This is the trend we all need to pursue in 2022 and beyond – the holistic customer experience, made up of a breadth of organic moments waiting to be satisfied.