If you aren’t using a subscription-based payment system—or you need to fine tune one—now may be the perfect time to make the change with the recent boom in ecommerce.
As reported by Forbes, while retail sales as a whole have declined, by the end of the 2020, global ecommerce was projected to reach 4.9 trillion in sales—the largest ecommerce jump ever in a single year. The U.S. and Canada alone have seen a 146 percent growth of all online sales.
The reasons are easy enough to understand: consumers feel safer shopping from home and brick and mortars have had to take their business online to increase their sales. And while this is generally good news for ecommerce retailers, the space is getting tight—and so is competition.
That makes how you interact with your customers all the more important—and that includes your payment process. And, the benefits of subscription services shouldn’t be overlooked. Not only do you save time and resources with recurring payments, but you can also use them to build relationships with your customers.
Related: Traditional and online shopping trends show consumers are in charge now more than ever. Here’s how retailers adapt.