With this new release of the Avangate commerce solution, the company is addressing the revenue leakage challenges digital businesses face in the New Services Economy, offering a set of tools and actionable insights to drive customer value.
A recent, nationwide consumer survey commissioned by Avangate points to the increased appetite for online services and new consumer preferences for how they buy and subscribe. The data suggests that companies should adapt their customer retention strategies to take advantage of new revenue moments, beyond the initial acquisition phase.
Moreover, 54% of consumers use online services on a daily basis, and 95% of online shoppers make regular recurring payments. Based on per capita personal income data from the Bureau of Economic Analysis, 26% of consumers are spending at least one-third of their disposable income on recurring online payments.
The consumption of online services is skyrocketing, with 78% of US adults paying for online services, a 50% increase from June, 2014. More adult consumers are also becoming power users - with 15% paying for more than five online services in 2014 versus just 2% of the population in June 2014.
Additionally, 97% of consumers prefer flexible purchasing options when selecting premium online services as 56% of consumers having replaced their credit card at least once in 2014. Excessive checkout processes, manually reentering payment information and inflexible payment options are three of the most common factors that negatively impact consumer purchasing decisions.
Key additions to Avangates solution include Active Conversion Tools for control of every revenue through new campaign types, interaction controls, and conversion dashboards to drive proactive account engagement and cancellation prevention, as well as Enhanced Marketing Toolkit, which provides experimentation with new online and retention templates, expanded A/B testing scenarios and statistics, and retention reporting.
Moreover, Advanced Revenue Recovery Tools improve authorisation and conversion rates with expanded localised payment methods, optimised payment flow and conversion and enhanced global failover and payment authorisation.
Avangate is a digital commerce provider that enables the New Services Economy by helping Software, Cloud and Online Services companies sell their products and services via any channel, acquire customers across touchpoints, increase retention, leverage payments, experiment on the fly and optimise their business.
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