To the average consumer, most ecommerce stores may appear to be more or less alike on first glance: shoppers put products in a cart, enter their payment information, and soon they’ll receive the product in the mail.
But ecommerce businesses know that behind the scenes there is another story entirely.
Today, the subscription model of online sales is one of the fastest growing ecommerce segments, and deciding which underlying platform supports your website is a choice that can make or break your business.
Switching to LimeLight can give your company powerful analytics tools to improve sales, and provide one single platform from which to manage all your subscription business needs.
There are tons of benefits to switching to LimeLight — read on to learn about some of the ways we can optimize your subscription-based store.
Up-Selling, Cross-Selling, and Deep Analytics
It’s very common today for online stores to present consumers with the option to buy a higher-grade version of the product they’re about to purchase before the sale is complete, or offer them a different product that complements what is in their cart.
But this isn’t where the story ends.
LimeLight offers a more powerful algorithm that sifts through the data more comprehensively, so the customer is presented with options they are more likely to buy, which translates into higher revenues.
Our reporting and analytics can be seen from a dashboard giving your company quick access to more than 20 views into the trends that help you understand the health of your business and its customer lifecycle.
We make it easy to instantly understand Monthly Recurring Revenue, Profit and Loss Statements, Cycle Analysis, Rebill Rates, and Active Subscription forecasting.
LimeLight lets businesses gauge the health of their subscription business and check on how they’re retaining customers with key overarching metrics on recurring rate, cancellations, refunds, declines, and more.
The 360-degree view of all your data makes it possible to not only quickly identify trends, but to understand the underlying cause behind them. This way, companies can double down on what’s succeeding for their business and pull back from what isn’t working as well as they’d like.
In business, greater knowledge leads to increased sales, and LimeLight offers the market’s most powerful analytics tools combined with an interface that is the easiest to understand.
It’s important to have the most and the best data, but it’s also to put it to efficient use: understanding how to arrive at an accurate customer lifetime value calculation will help focus your company’s data.
LimeLight has exclusive features which help to automate aspects of your business which can boost revenue.
One such example is smart tags and predictive analytics, which automatically segments your prospects and customers based on their lifetime value, so your company can identify which campaigns and products are performing best.
Another important feature is advanced rebilling, which ensures that your business always has accurate credit card information for each customer on-file before a new rebill cycle begins.
Maintaining such information and keeping it proactively up-to-date keeps the billing cycle rolling along evenly.
Having to manually re-enter their payment information might make them walk away from the sale, and this technology prevents this potential reversal from ever happening.
While LimeLight is perfect for subscription-based businesses, it’s also flexible enough to allow for any other billing model, such as one-time purchases and discounts.
The platform makes it easy to configure trial periods, shipping costs, and set up fees so that your business wastes as little time as possible brining new products to market.
Box Unpacking Experience
If your company operates with a subscription-based model, it delivers your customers an intangible moment that is otherwise impossible to achieve. Of course, they know that the physical product is bound to arrive on their doorstep, but the moment it actually does is always a thrilling surprise!
This unpacking experience is a very satisfying thing for a business to give any of its customers, but it also fosters brand loyalty and often encourages them to become guerrilla marketers.
The unpacking experience varies depending on the nature of the product — sometimes the surprise is simply that the product they knew was coming has finally arrived, as may be the case with beauty or hygiene products.
Other subscription-based products include access to media outlets, which don’t involve any physical shipments arriving at their door.
But other times the product itself may be the surprise: one enterprising subscription-based company offers customers new dog toys each month, so customers never know what they’re going to get until they open the box.
This IRL thrill has the power to turn customers into strong advocates for your brand, which is very important: most consumers are savvy enough not to take advertisements at face value, but they are way more likely to trust recommendations from good friends.
Likewise, “influencers” are one of the biggest drivers of today’s online advertising landscape. Creating genuine excitement over your product is an indispensable way to not only benefit from some of the most effective marketing there is, but to get it for free.
LimeLight functions as one single platform from which to manage not just your sales, shipping and security, but every component of your advertising.
4 Key Metrics
Having access to so much powerful data is essential in today’s contemporary business climate, but sometimes it’s helpful to pull back, narrow the focus and take stock of the statistics that really matter most.
Tracking these 4 critical daily metrics is a great way to assess your company’s overall health from an aerial point of view, and LimeLight’s platform makes it easy to see them at a glance.
Vital stats like abandonment rate (the term for when a consumer places a product in their cart, but closes the window without finalizing the purchase) can be a more telling statistic than the website’s overall traffic.
Average fulfillment time is another crucial stat, measuring the average number of days it should take to ship your product. This should remain consistent, but if there is a change it means something is wrong with the fulfillment process of your business.
Any extra time it takes for customers to receive their products can upset them and damage your brand, plus these issues may take a while to resolve, so it’s very important to catch them right away.
Free Trial Conversation Rate also is an important indicator of how customers engage with your product.
Conversion rates can vary widely depending on whether the free trial period requires a credit card (50-70% conversation) or does not (2-25%). LimeLight’s insights can help explain why the conversion rate is what it is, which is required for improvement.
Even daily orders seems like a basic statistic, until you consider that having too many at any one time can cause a spike in service which disrupts other facets of your business, such as fulfillment and customer satisfaction. LimeLight lets you isolate the statistics that matter most.
Since our founding in 2008 LimeLight has designed core transaction execution and processing functions built for performance-based marketers, but we also give you the benefit of having deep relationships with an extremely wide cross-section of third-party partnerships for next-generation brands.
LimeLight partners with over 100 payment gateways, from ones you know like PayPal to ones that aren’t household names.
We partner with numerous fulfillment centers, affiliate marketing companies, email marketing companies, call centers, chargebacks, anti-fraud services, membership services, order confirmation, product manufacturers, customer prospects, data verification, and web development.
When you sign up for LimeLight, you get the best customer relationship management interface on the market, plus the benefit of support from industry leaders across the value chain.
While much of the focus in ecommerce understandably relates to technological concepts like algorithms and automation, having a flexible subscription-based platform with great customer service is an essential component.
With LimeLight, customers can easily pause their subscription to accommodate travel plans, change the date of delivery, and effortlessly change the items in their cart to stave off fatigue and churn.
The effortlessness with which our platform allows your customers to make these alterations is a major factor in keeping them happy and retaining their business.
The success of any ecommerce business depends on creating a customer-centric experience that compares to or even exceeds that of shopping in a brick and mortar store. This means it’s essential to combine automation where necessary for efficiency’s sake with responsive human interaction, so the customer feels genuinely supported.
LimeLight facilitates every aspect of customer service your ecommerce business could possibly need, from fulfillment, plugging into the store itself to everything along the value chain.
Seamless Storefronts and Shopping Carts
Ecommerce stores need to function properly, but they also need to quickly reflect your brand; whereas a physical store can change its display windows and decorate the interior in a way which aligns with the company, ecommerce stores have to make this same impression by manipulating only the look of the website.
LimeLight makes it easy to go to market quickly with a WordPress plug-in that easily integrates with your website.
Take advantage of pre-generated user flows to collect leads, one-click checkouts, and product catalogs that quickly get your operation up and running.
Our API makes it easy for your business to either use an existing front-end shopping cart or build one using a custom framework. Your company will be able to quickly add categories, sizes and variants for your users through our backend.
The other bedrock requirement all ecommerce stores must offer is total security. Your business and your customers need protection, which only gets more important as your company scales up. LimeLight has several ways to safeguard both.
You’ll get lower chargeback rates and accept orders with more confidence knowing that all your transactions have been screened in advance.
All the data collected across the entire LimeLight platform is leveraged to constantly update and refine our rules pertaining to fraud, so that any transactions deemed suspicious is declined automatically.
Switching to LimeLight also gives you access to Kount, the industry leader in managing and detecting fraud.
Kount uses the most cutting edge automated learning combined with 12 years of experience analyzing billions of transactions across more than 180 countries and multiple payment networks — Kount is sure to increase your order acceptance rates, and reduce chargebacks further still.
Security for any ecommerce business is crucial: businesses which suffer a data breach or fraud can have a very hard time regaining their reputation, and sometimes the financial consequences are enough to sink their business.
Even the perception that a transaction at an ecommerce business may not be safe is a major obstacle that may prevent the sale from taking place. Our authenticator 3D Verify authenticates the cardholder’s identity in under 3 seconds, shifting the liability from your business directly onto the issuing bank.
It also integrates directly into the checkout process. Assuage all doubts in your consumers before they arise by investing in a CRM platform that offers world-class security.
The changing pace of technology sometimes can feel dizzying, but it’s essential for those working in ecommerce to keep up with all the latest updates in the industry, or at least to partner with those on the cutting edge.
Every platform claims to be the one that best exemplifies the latest buzzwords, so it’s essential to dive deeper and examine how well their product actually works. Is the CRM you’re currently using truly obtaining the most data, sifting through it with the most powerful tools to convert it into insights you can actually use?
It’s understandable that customers may wrongly believe that ecommerce sites are largely the same, since from their perspective the differences from one platform to the next are mostly imperceptible. But as a business owner, you know the nuts and bolts under the hood of the website are what make the crucial difference.
LimeLight has worked with over 1,000 subscription brands across the world and has been an industry leader in the ecommerce space for over 10 years, so contact us to learn more about how switching to our platform can help grow your business and satisfy your customers, all while ensuring that all transactions and data are totally secure.