The ecommerce landscape is impossibly vast and international in scope, and no business can ignore the enormous potential that online sales can have for their bottom line.
The rise of Digitally Native Vertical Businesses is a testament to the fact that being strictly offline is hardly an option in today’s retail climate.
There are different ecommerce retail models businesses can adopt, and once you’ve made this choice, it’s vital to choose the best platform to support the plans you have to grow and drive sales.
The subscription-based model of sales is becoming increasingly popular across a wide range of industries.
Put simply, a subscription-based model allows customers to pay a one-time fee for products that get shipped to them at a regular interval, usually weekly, monthly or quarterly.
Some companies, because of their business model or the nature of their products, are perfectly suited to this model.
Once a company decides that subscription-based sales is for them, they need to select an ecommerce platform powerful enough to support their business.
In tandem, offers robust security and an optimized, streamlined online shopping experience.
LimeLight specializes in helping you grow your subscription billing business by leveraging data to identify and cater to your optimal online customers, all while allowing customers to make purchases seamlessly, and with every form of support available.
But LimeLight doesn’t just boost sales or make customers happier while shopping; all of the various tactics brick and mortar retailers use to grow their business have an online equivalent that is baked into every aspect of our product, so we become a key part of the value chain across your business.
Let’s take a look at some of the advantages of using LimeLight’s subscription-based ecommerce platform to see how we can grow your Digitally Native Vertical Business, and also at some examples of companies who got it right.
Cross-Selling, Up-Selling, and Deep Analytics
If you purchase the same product every week or month, then you can imagine how much simpler it is to make just one payment and have the product arrive at your door on schedule.
This is the basic proposition of the subscription-based model: consumers can save the time and the hassle of making so many separate purchases for the same product, and for most brands this purchase commitment extends a cost-savings.
The attractive proposition for consumers and what draws them to this model also allows sellers an opportunity to cross-sell and up-sell similar products. Having a customer’s attention mid-transaction is an opportunity that needs to be taken advantage of.
It’s essential to improve your reporting and analytics in order to better understand everything your consumer needs, which is really at the heart of online marketing.
LimeLight has the best analytics driving our algorithm, so your customers have the most relevant options for higher-grade and complementary products.
It’s not enough to merely present customers with alternative products they can buy: an algorithm that’s sophisticated enough to accurately determine what products your consumers will actually buy is the driving force behind your company’s exponential growth.
Our platform also creates bundling options, allowing customers to buy products the way that makes the most sense for them. Our deep market insights will instantly improve your ROI by determining and catering to your go-to markets, so your acquisition spend is optimally invested.
We make it possible for you to get the most out of your business data, with high-level dashboards working with advanced cohorting and segmentation logic.
These insights will help you understand subscriber trends such as Recurring Rate to Churn, while movements over time are depicted in a visual format for easy insight.
Such graphs will help you leverage predictive analytics for future subscriber movements, and give high-level macro and micro views of key aspects of your business.
Increasing Cart Conversion Rate
Cart abandonment — when a customer adds a product to their basket, only to close the window without completing the sale — is the bane of ecommerce retailers.
Cart abandonment happens very frequently, and improving your cart conversion rate can dramatically drive your business revenue.
The Baymard Institute did a study which paints a rather grim picture of just how prevalent cart abandonment is, and how damaging it can be for your business. It found that the average documented online shopping cart abandonment rate is about 70%.
To be sure, some of the reasons for abandonment have to do simply with how consumers use ecommerce websites in general. For example, many consumers use ecommerce websites for price comparisons, or as a means for browsing for products they aren’t in fact ready to buy.
LimeLight specializes in revenue maximization, and converting cart abandonment into sales by addressing the aspects of the website that do cause cart abandonment is a major way to boost sales.
Reasons cited (such as the checkout process being too long or complicated) can be resolved by a subscription-based model.
Plus, LimeLight is versatile, allowing your business to attract new customers and engage existing ones by offering any billing model: subscriptions, one-time purchases, and discounts.
It’s extremely easy to configure trial periods, shipping costs, setup fees and more, so you can market products quickly. Having such control over these elements allows you to reduce the obstacles that lead to cart abandonment.
The recurring revenue of the subscription-based model gives your business one strain of income that’s constant and predictable.
It’s not enough that the sales simply occur automatically in regular intervals; our custom and exclusive features are built into the technology to smooth out the purchasing process in order to help your business retain customers.
For example, our Account Updater lets you proactively update your customers’ credit card and billing information automatically, which can improve your rebill rate by up to ten times the return on investment.
If your customer needs to re-enter their billing information or credit card number manually, it becomes one more hurdle to clear in the transaction which may inadvertently prompt them to walk away from the sale.
In addition to helping you keep your customers, this feature will also reduce your costs.
Strong Customer Service
It’s essential to note that the predictability of up-front billing in a subscription-based model is totally compatible with flexibility:
customer support works in tandem with subscriptions, so customers can easily pause delivery if they’re on vacation, change the dates of delivery, or update their cart with new items to reduce fatigue and churn rate.
Ecommerce depends on customers feeling like the website they’re buying from is as responsive to their needs as a sales attendant would be in a brick and mortar store — LimeLight helps companies foster this confidence in their customers by helping them create deep relationships.
Savings and Brand Loyalty
The certainty of knowing that a customer will give you their repeat business is worth reducing the price of the product by a certain percentage.
This means that the customer doesn’t only get the seamless convenience of having your product appear just when they need it, but they get it for a cheaper price than it would otherwise cost.
Apart from the convenience and price reduction, this fosters an important intangible quality any brand is desperate to create: loyalty.
Giving customers exceptional value on a high quality product, and making them feel like they are important, is a sure fire way to retain their business.
It increases the odds that they will buy other products from the retailer, thereby helping to grow their business exponentially.
Passing on these savings also helps turn customers into guerrilla marketers, as they’re likely to tell their friends about the deal they’re getting or post it to social media of their own accord.
This kind of genuine word of mouth advertising is what businesses covet most: not only is it free promotion, but referrals from trusted sources is often cited as a major influence in new customers deciding to buy your product.
One customer praising your product can potentially direct multiple new customers.
Security and Fraud Protection
Ecommerce depends on having a secure and reliable platform on which to conduct business, and on there being the perception of such security.
As a company’s ecommerce business scales up, unfortunately, fraudulent transactions also inevitably increase too. LimeLight’s exclusive Anti-Fraud Services combine the talent of our own fraud specialists with Kount, the industry leader in anti-fraud.
Any business needs to know that the sales they’re making are real sales: LimeLight delivers on average a 20% reduction of chargebacks and representments.
While ecommerce is already a ubiquitous form of retail in markets around the world, the perception some retailers fear of risky transactions is an obstacle to its growth — LimeLight assuages this concern by offering the best anti-fraud protection on the market.
Given its international nature, it’s essential that any ecommerce platform be easily compatible with a huge number of third-party integrations, including payment gateways and all the players across the supply chain such as:
fulfillment centers, affiliate marketing, call centers, chargebacks, anti-fraud services, membership services, order confirmation, product manufacturers, customer prospects, data verification, collections and sales tax services, and web development.
Our platform also gives your business full access to popular email marketing tools such as MailChimp and Exact Target, so that your company’s customers always get the latest information about discounts, sales, and new products.
Finally, one of the most important aspects of contemporary online marketing is influencers and traffic partners. An “influencer” is a high-social-status person in the industry who can influence your consumers’ purchasing decisions because their knowledge is widely considered deep, authoritative and reliable.
LimeLight makes it easy for a business to know how they’re reaching the right customers. This way, they can automate commissions and understand what traffic is getting them the best ROI for their advertising money.
Our single platform lets you integrate not only all the best third-party players, but all the best advertisers and influencers in the industry.
Transaction Risk Processing
Customers also need to know that the website they’re about to make a purchase from works reliably, and that the transactions they’re making are fundamentally safe.
Reliability and the perception of reliability is absolutely vital for any ecommerce site.
Not only does payment processing need to work consistently, but consumers need to have full confidence that there will never be any issues, or they may be more inclined to hesitate before making a purchase.
Allowing for any doubts about security to creep in poses an existential threat to an ecommerce website!
In addition to ensuring that each transaction is safe, LimeLight meets every standard of the Payment Card Industry Data Security Standard. Tokenization, advanced user permissions and a high level of authentication makes you feel confident that your company’s data and your customers’ data is safe.
Ecommerce encompasses nearly every industry there is, and LimeLight has already helped over 1,000 subscription brands develop and expand their business.
You can check out these case studies from industries ranging from beauty & grooming, health & fitness, media content and more to find a real life example that can shine a light on what we can do for you!
The retail landscape made a major transformation when it shifted online years ago, but it has evolved constantly since then, and continues to change all the time.
Today’s subscriber models are absolutely nothing like the milk deliverymen of decades ago; it’s a data-driven world, and your success depends on processing and harnessing this data better than your rivals.
Having a platform that understands the evolutions of customer-centric websites is invaluable, as is access to the deepest analytics, wide partnerships across the value chain, and security that keeps you and your customers safe from fraud and data leaks.
Take advantage of all this in a platform which helps you secure regular subscribers to your business by switching to LimeLight.