Improving Retention in the Subscription Economy
GoECart, for instance, is helping merchants improve customer retention with the new subscription commerce and continuity features for its commerce suite.
The new functionality enables online shoppers to subscribe to one or more product on an e-commerce website. When subscribed, the product (or products) are fulfilled and delivered according to the schedule that the customer chooses. For instance, a customer can decide to automate an order for coffee every month, or have a box of snacks sent to a family member every other week. The subscription functionality not only helps merchants foster brand loyalty and improve customer retention, but it is also convenient for repeat purchases. What’s more, the feature works for both B2C and B2B buyers.
“Subscription commerce features like recurring orders and auto-ship will help our clients to simultaneously boost purchase frequency while increasing customer life time value (LTV) by as much as 200 to 400 percent,” said GoECart’s CEO, Manish Chowdhary. “Giving shoppers the ability to subscribe to product purchases is a game changer in the realm of customer retention, and it gives our merchants the same robust subscription capabilities offered by the likes of Dollar Shave Club, Amazon Prime and Birchbox.”
It is important to note that the GoECart360 also includes enterprise-grade order and inventory management, as well as POS, mobile CRM and integrations with marketplaces like Amazon, eBay, Sears and Rakuten. Plus, the new subscription feature is easy for shoppers to leverage and merchants have the ability to pick which products provide a subscription option and can also offer tiered subscription discounts based on quantity and frequency of purchases. Moreover, the system automatically sends a variety of branded emails related to the subscriptions, including confirmation, upcoming delivery reminders, shipment and payment notifications, cancellations and product review requests. Lastly, customers have the ability to manage their own subscriptions, including viewing and changing the details of each subscription at any time.
“We’ve been piloting the GoECart’s Subscription and Continuity features and the results so far have been promising. It’s easy for our customers to use, and fully automated for us to manage in the back office. We expect this module to be a hit with both our customers and our staff.” said Anthony Simone, President of 11th Street Coffee. “Our customers can subscribe to their favorite K-cup brands and have them automatically delivered according to the frequency they choose. They love being able to get their favorite coffee at a discount, and we love the fact that we are building a loyal following of customers…many of whom now buy their K-cups exclusively from us.”