Innovative business models built around recurring payments are emerging in every industry–from SaaS to retail to more traditional product-centric industries such as construction and manufacturing.
This change is driven by customers who increasingly prefer access to services over ownership of products. High upfront costs, the hassles of ongoing maintenance, and the frustration of technological obsolescence have resulted in product ownership losing the status it once held. Instead, today’s customers favor outcomes and unique experiences—access to the latest software, a ride, a place to stay, the latest handbag to accessorize with.
They expect more than just a great product. They want ongoing services that continually evolve to meet their needs. They are rejecting the traditional “one size fits all” approach and embracing personalized services. Give me what I want, when I want, how I want, is the mandate. They want the freedom to consume on their terms. And their need for freedom and choice extends to payments as well.
Research from the Subscribed Institute shows that choice of payment methods and currencies have strong correlations with business growth.
Get this report to learn more about our key findings:
- The impact of number of payment methods on revenue and subscriber growth
- The impact of local currencies on revenue and subscriber growth
- The relationship between number of payment methods and collection rates.