The current Pandemic and other disruptions may have hit the Retail & Physical Touch-point driven sales hard, however, this provides a great opportunity for such institutions to innovate. The key objective of such organizations should be to bridge the gap between Online and Offline experiences. There are several key trends which have emerged over the last few months which support this Premise
From a store owner’s perspective there are key challenges that they will be looking to solve today:
- Handling disruptions such as Temporary Store Closures
- Personalization at Scale for Online Customers to distinguish your Product
- Adapting to shifts in your Global Value Chain
- Identify and Handle inventory which might be distributed across Closed stores as well
Looking at this from the point of view of a solution engineer the easiest way to solve a lot of these problems is a switch to a Personalized Virtual shopper to help assist with your purchase decisions. This could include a wide variety of services such as a recommendation engine or a personal shopper who aggregates choices of products that align with the customer’s preferences. The more common and adopted model for this model is “Subscription Boxes” and “Loot Crates”.
Building these experiences for customers is a difficult ordeal, however, the real-complexity arrives when you consider the range of services that an enterprise needs to publish in order to extract maximum value across every customer segment. In addition, for organizations to effectively cross-sell / up-sell and maintain any changes to these subscriptions also creates complexities, and identifying revenue also becomes challenging. This is where subscription and billing management platforms can help both small and large enterprises in their transformation journey.
The 3 Key Facets of Subscription Management must ensure:
- Seamless Pricing & Plan Management to Fit every Revenue Model
- Monitor Key KPI’s such as MRR, Churn, Service Performance etc.
- Automate Decisions across critical Customer Milestones.
For those interested in such a solution you can visit www.chargebee.com. A platform that impressed me so much that I joined the organization. Enterprises that have transitioned to a Digital First subscription model have seen great adoption in the Post-Pandemic economy.