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50% of adults will interact with brands more through digital channels post-pandemic

960 640 Stuart O'Brien

Over half (55%) of UK adults will interact with brands more through digital and virtual channels than face-to-face post-pandemic.

The global study from Nuance – which polled 10,000 adults across the US, UK, Australia, Germany, France, Belgium, the Netherlands, Sweden, Italy, Spain and Mexico – also found that over half (51%) of UK respondents would rather use apps or a company’s website than go into a physical branch or store to complete tasks such as shopping and banking.

When it comes to communicating with brands, over one in four (26%) UK adults said they still preferred in-person visits or phone (13%), 42% choose digital channels including email, live-chat and chat-bots. Convenience (51%) and speed (36%) were the most common drivers for choosing a preferred method of communication, with speaking to a ‘real’ human (26%) trailing.

Nuance says the findings illustrate that consumers are becoming increasingly comfortable using technology to make purchases and access services, while still expecting brands to deliver a human touch when required.

In addition to being more comfortable using tech like chatbots, virtual assistants, and mobile applications to interact with brands, adults in the UK have also increased their trust in tech that helps them access their personal information and accounts online.

According to the study, almost half (45%) are now more comfortable using biometrics to authenticate themselves when accessing their accounts than they were before the pandemic, with 38% feeling more comfortable using their smartphone to access their accounts as well. These figures are reflected in the global findings with a similar number (49%) more comfortable using biometrics and 47% more comfortable using their smartphone to access accounts.

A third (34%) of UK respondents now place the most trust in a form of biometrics (either voice, facial, fingerprint, behavioural, or combinations of each) as a means of authentication. This is an important step in the right direction, says Nuance, as fraudsters have been increasingly targeting individuals during the pandemic, exploiting archaic authentication methods like PINs and passwords that can be made accessible via the dark web to gain access to consumer accounts and funds. While this is progress, the UK still lags behind the US in terms of trust in biometrics, with nearly half (45%) of adults backing the technology.

This growing trust in technology across age groups is likely a reflection of the positive experiences customers have received online. When asked about how they would rate the customer services they’ve accessed online over the past 12 months – services that might have previously been accessed in-person, like banking or shopping – 58% of UK shoppers said good or excellent. This is less than the global responses, in which two thirds (66%) rated their customer services at the same level.

“With convenience, speed, and ultimately getting the job done prevailing as clear priorities for buyers, organisations such as retailers, banks, and utilities companies must develop strategies for delivering consistently efficient and effective digital experiences,” said Seb Reeve, Intelligent Engagement Market Development at Nuance. “From slick and secure authentication processes to intuitive AI powered intelligent assistants, technology must be able to manage the personalised needs of customers while seamlessly bridging to human intervention when required at the right moment.”

“Customers expect immediate and effective conversations with the brands they engage with – whether those conversations are happening on the phone or via a chatbot on a company’s website. Empowering these engagements requires an integrated approach where an organisation not only can understand the customer’s intent but also authenticate that customer and start personalising their experience across every single channel – from in-person, to phone, to web, to mobile. With the pandemic creating an increasing comfort, trust, and preference among consumers to use technology when engaging with brands, it will be critical that organisations prioritise delivering superior digital experiences if they want to retain customer loyalty and continue to scale.”

Pandemic drives over half of consumers to shop more locally

960 640 Stuart O'Brien

Over half of consumers globally (53%) believe it is more important to shop with local businesses now than it was before the pandemic.

That’s according to new research, in which over 4,500 consumers were surveyed across the UK, US, Australia, and Brazil.

The report, Making Loyalty Work for Small Businesses, which was conducted in February and March 2021, sought to explore how local businesses could more effectively engage with consumers and encourage them to shop locally. It found that although consumers would like to support local businesses, 53% of consumers want them to offer loyalty programs as an incentive to purchase.

The extent to which consumers in these different markets believe it is more important varies by country. Brazil tops the charts with considering it more important to support local since the pandemic (65%) vs. the UK as least (46%). Millennials and Gen X are especially supportive of small businesses, with 49% and 47% respectively citing shopping local as “very or extremely important”, and nearly half of all surveyed consumers (45%) having shopped at local businesses in the last 30 days.

The principal drivers behind consumers wanting to support local businesses include reinvesting in local economies (45%), keeping money in the community (44%), and driving job growth in the community (43%).

Historically, offering loyalty schemes for small businesses has been difficult and expensive, requiring an investment in technology and staff training, while typically not delivering enough value to customers. In fact, while over half of consumers surveyed (57%) want local businesses to offer loyalty programs, a quarter are not interested because they feel they would not get enough value out of such programs for them to be worthwhile. By not offering loyalty schemes, small businesses could be missing out on roughly 277 million shoppers.

Consumers’ demands for loyalty offerings are unsurprising with discounts topping the list as something 70% of consumers desire, followed by cash back (55%) and free products (50%).

The research showed that banks are 2.5x more trusted with consumers’ transactional data than Google, Apple, or Facebook, meaning they are in a unique position with access to a wealth of data to support small businesses with delivering loyalty schemes.

During the pandemic, banks were a key distribution channel for fiscal support for SMEs, but the data banks can provide may be as valuable as the capital. Almost three quarters of consumers (72%) interested in using a local business’ loyalty program trust and want banks (55%) or card networks (45%), such as Mastercard, to deliver them.

Consumers are also interested in loyalty schemes run by the local merchants themselves (59%), creating an ideal partnership opportunity between the banks and their business customers through a payment card-linked loyalty app enabled by banks, and owned by merchants.

Fiona Canning, Co-Founder at Pollinate, said: “Small businesses are at the heart of communities and the economy. It’s incredibly important that they are continued to be supported – especially as they work to rebuild and regenerate through the aftermath of the recent pandemic. Having access to the same tools and assets large retailers have traditionally taken advantage of levels the playing field for small businesses. It will allow them to continue nurturing the personal relationships they are able to build that sets them apart in an up-to-date and digital way.”

REPORT: Fixing failed deliveries, make faulty fulfilment a thing of the past

940 640 Guest Contributor

In its latest report, loqate takes a deep dive to understand the true business cost of faulty fulfilment and discover the simple steps to help stamp out failed deliveries for good….

The Covid-19 pandemic has prompted a surge in consumers buying products and services online, accelerating a trend that was already well underway.

As a result, business is brisk across borders, with 54% of firms reporting an increase in international orders during the past 12 months.

But this boom in business has posed certain challenges for retailers – most notably, the issue of late or failed deliveries.

To get to the root of this all-too-common frustration, Loqate has surveyed 3,000 global online shoppers and 300 retail executives to bring you its latest report: Fixing Failed Deliveries.

The report reveals:

  • The financial impact of faulty fulfilment for retailers across the globe
  • The problems posed by disgruntled customers and the top five retail categories that are most likely to let them down
  • The top five frustrations customers face when buying online
  • Tips to help retailers deliver to customers first time, every time
  • 10 questions retailers should be asking when talking to a potential addressing provider

Download your copy of the report here.

Limonetik helps Utily.fr, a French moving company startup, expand its payment method options

960 640 Stuart O'Brien

By Limonetik

The COVID-19 crisis has given a fillip to the moving company market. French startup Utily.fr has called on Limonetik, specialised in international payments and marketplace solutions, to set up a multi-instalment payment solution with FLOA, a French banking leader in omnichannel payment.

Launched in 2018 and based in Vincennes near Paris, Utily.fr, a moving company, is riding the wave in a booming market worth over €4 billion in France alone. From 2018 to 2020—the year in which COVID gave a huge boost to the moving business—this innovative new company showed exponential growth of 609%.

“The lockdown was so brutal that many French people chose to move, which explains why our business has really exploded and is now considered ‘essential'”, says Mike Dejardin, 28, erstwhile corporate middle manager, who is founder and president of Utily.fr.

But the sudden desire of the French to move to larger and/or greener residences does not solely explain the success of Utily.fr. More importantly, the company is meeting the latent needs of consumers, especially when it comes to confidence.

“It may seem surprising but, for the French, moving is the third greatest source of stress! This is explained by numerous problems with movers, not to mention security issues, consistent pricing, payment terms and itemized quotes… in short, customers are mainly blaming movers for a lack of transparency and support.”

Meeting latent customer needs

The Utily.fr marketplace allows customers to simulate an online quote and compare movers. The company offers a variety of concierge services for both individuals and businesses, and boasts other advantages:

“A move can often be very expensive. That’s why we needed to offer different payment terms to meet the needs of all our customers. We decided to give them the option of splitting their payments.”

In a nutshell, a customer can take out a micro-credit, select the desired package and then spread payment over multiple instalments.

To make this possible, Utily.fr partnered up with another French business, Limonetik, a specialist in automated online payment management, and its partner FLOA Bank (part of the Casino Group).

“Limonetik has a solid reputation in online payment with a number of marketplaces. Particularly, we found their solution to be much more effective and capable of being easy integrated into our platform. What’s more, the Limonetik service team speaks our language—a real advantage since we are collaborating on this new payment system to most effectively meet our customers’ expectations.”

Disruption in the moving business and a changing image

Utily.fr is unique in that it acts as an intermediary for the mover and not as a broker paid on commission. This offers an advantage to professional movers and end-users by having to deal with only one contact.

Utily.fr allows customers to independently compare offers from movers selected for the quality of their services and then choose from one of three plans. The company handles all insurance issues. Clients receive a detailed quote before being contacted by a consultant who checks that all the information is complete. Utily.fr then handles the rest.

This offering has already attracted a large number of customers, both in France and in nearly twenty countries within and outside Europe. In 2021, Utily.fr plans to build up its sales force and call centre with a dozen more staff. This company strategy is addressing some three million moves that take place each year in France.

www.limonetik.com

Resilience in Retail: How European businesses are adapting with payments

960 640 Guest Contributor

By Nick Noyer, Head of EMEA Marketing, Stripe

Consumer spending has been moving online at a growing pace over the past 20 years. When COVID-19 hit, it further accelerated the ongoing trend, causing retailers and other businesses to evaluate and adapt to new consumer spending patterns. The most adaptive firms not only saw this as a challenge to survive, but an opportunity to flourish.

Stripe commissioned Forrester Consulting to research the payment technologies, strategies, and future capabilities firms are investing in to become more adaptive during the challenges of the pandemic and beyond. Forrester conducted an online survey of nearly 500 online retail leaders around the globe, with 221 respondents coming from Europe.

Here are three key findings of the study: 

  • Retailers plan to expand, rather than contract, their businesses during the pandemic. Instead of seeing the pandemic as a moment to retreat, the majority of retailers plan to expand their businesses in thenext 12 months by creating new revenue streams or increasing their global reach in an attempt to respond to evolving consumer behaviors.
  • Retailers face resource and expertise blockers as they pursue new business models andinternational expansion. Expanding into new markets and launching new business models requires significant domain expertise and often extensive internal resources. Meeting local requirements such as adding relevant payment methods and ensuring compliance creates massive overhead when handled in an ad hoc fashion. Additionally, as businesses grow and expand internationally, they can be exposed to new fraud
  • Businesses that invest in the right payments technology are able to quickly execute growthstrategies. Partnering with a tech-forward payments provider unlocks functionality beyond just payments. By arming retailers with powerful tools to manage fraud, more choice to offer consumers in how they pay, and the ability to make data-driven decisions, payments providers can enable businesses to expand into new global markets and layer new business models on top of their existing ones more quickly than their competitors.

To find out more about the respondents’ priorities and top initiatives, download the full Forrester Study Resilience In Retail: How European Businesses Are Adapting with Payments.

About Stripe:

Millions of businesses of all sizes — from startups to large enterprises — use Stripe’s software and APIs to accept payments, send payouts, and manage their businesses online.

Stripe provides payment solutions to some of the largest retailers in the world, including ASOS, Missguided, and Waitrose.

To find out more contact us at https://stripe.com/gb/contact/sales.

How COVID-19 has changed perceptions of e-commerce

780 520 Guest Contributor

By BridgerPay

COVID-19 has changed the way consumers relate to e-commerce and that according to this recent survey, the pandemic has accelerated a greater global shift toward online stores and digital solutions, especially in emerging economies.

This means that online platforms are faced with the need to provide seamless, speedy transactions that can be completed by anyone regardless of their location. As the market continues to grow, if you’re a merchant and don’t manage to adjust to suit the increase in digital traffic, you may find that you lose customers or become irrelevant.

Challenges today

While e-commerce has grown significantly over the past 10 years, it is expected to grow even further as the pandemic lingers. During this time marketplaces like Amazon, AliExpress, Rakuten, and eBay are all platforms which have needed to make adjustments. While their sites are used to heavy consumer traffic, online buyer behavior during the pandemic has stretched their capacity to handle the volume.

Medium to enterprise sized sites are going to face new challenges with the global increase in digital sales. Payments integration, transaction failure, and speed are three specific challenges that growing websites face today. These are challenges which need to be met immediately as according to this PwC study “in the first 6 months of 2020 US retailers online sales grew to US $347 billion, an increase of 30% from the same period in 2019.” In order to meet those challenges BridgerPay offers solutions that can help you address these issues.

Transaction Failures

Research shows that 62% of customers who experienced a failed payment will not return to the website the failure occurred on. Moreover, if a visitor has a payment failure, their chance to convert drops by 70%. These are startling figures you need to understand as they show the importance of successful transactions. As your site grows during this time you may find that your current payment solution can’t keep up with the new influx of customers, and as a result, transactions may fail. Loss of customers due to something that can be fixed isn’t a risk your growing business should take.

With BridgerPay’s Router, merchants can designate their desired cascading order for any transaction. Specific volumes can be customized according to payment solutions, countries, and currencies, and the solution also offers its own built-in routing models. The results are boosted approval ratios and a reduction in transaction failures in each region.

Payments Integration

When your online store wants to make its products available in another country, offering a local payments solution in that country can encourage customers to complete their transactions. Local solutions offer speed, convenience, and the potential reduction of shopping cart abandonment, and occurs 68% of the time in online shopping.

Which is why BridgerPay’s payments software, a proprietary smart cashier software that allows consumers to select their preferred payment method on a site is important in those markets. Cashier partners with global payment methods like major credit cards, e-wallets, and cryptocurrencies as well as with local payment methods so that merchants can offer their customers all the convenience of local transactions. Many platforms’ users are comfortable using local payment methods such as Boleto (Brazil), China Union Pay, Interac (Canada), and Sofort (Europe), and as a merchant you must find ways to accommodate users purchasing behavior.

Speed

Today, consumers expect transactions to occur in milliseconds, and anything more is considered unacceptable. According to a 2018 Google report, a page that takes between 1 to 5 seconds to load increases the probability of bounce by 90%. Can you as an online retailer afford that kind of loss in this ultra-competitive market? Merchants must work with a solution that allows them to offer speed-of-light transactions for local and global customers such as BridgerPay, which boasts an average load time of less than 0.5 seconds.

The above three challenges are not the only ones that exist for e-commerce sites, but they are certainly among the most pressing. The solutions covered above help deal with the challenges of data management, settlement tracking, and security. As an AI neutral supergate, BridgerPay

offers online merchants an easy, seamless way to meet your needs and the needs of your customers. To learn more about how these solutions can help transform your e-commerce business click here.

Businesses transform during Coronavirus

640 427 Guest Contributor

By Ordo

New year, new you? What about your business? Are you fit for rapid recovery whilst weathering political turmoil, new virus strains and vaccines? The planet transformed to move online to fight to survive, both personally and for businesses.

But now’s the time to keep innovating and transforming to be as efficient as a stretched economy is going to require you to be. And payments are the quiet frontier of that evolution.

New ePayments solutions give you everything you have today, just better…we’re talking not just eCommerce and electronic payments, but Ordo eCommerce and electronic payments.

Why wouldn’t you want instant access to your income, automatic reconciliation, minimisation of fraud risk and up to a 90% saving on your costs?

Cards and emailed invoices are so 2020, step into 2021 with the confidence of knowing you’re doing your best for your business. Manage your payments with Ordo, it’s reckless not to.

Find out more at www.ordohq.com/enterprise or try for free at www.myordo.com

Contactless payments – Added value or an economic recovery mechanism?

960 640 Stuart O'Brien

By Limontek

Because of government imposed lockdowns, the popularity of transactions through digital payment systems has increased steeply, heralding the emergence of QR code and NFC technologies. Given the health restrictions imposed on physical stores, retailers should take advantage of this opportunity to go digital and push for the contactless customer experience…

During the current worldwide health and economic crisis, banks have raised the buying limit on contactless transactions (France, for instance, raised it from EUR 30 to 50 on 11 May, and ABN AMRO announced on 24 March that it is raising the contactless payments to EUR 50). This policy may appear insignificant considering today’s situation; but it nevertheless marks the beginning of a new era: the widespread use of contactless payment.

While the technology was often available for credit and debit cards issued by major retail banks, smartphone-toting consumers are resorting to this new kind of transaction in ever greater numbers. Though new to some, contactless payment has been totally second nature to other consumers for some time now.

Contactless payment through a personal mobile device may be commonplace in many countries such as China and a myriad of Asian and African countries, but consumers elsewhere still favour credit card payment, cash, transfer, or cheques. However, with sanitary measures deterring the use of PIN pads, contactless transactions using NFC and QR code technologies are enjoying unprecedented popularity.

www.limonetik.com

The three main eCommerce business challenges

893 595 Stuart O'Brien

Global commerce is heating up. There’s more competition for merchants than ever before, but also more opportunity – if you can handle its challenges.

In this blog, Igal Rotem, CEO of Credorax, discusses how merchants in the global payments market can overcome the three main ecommerce business challenges of cross-border payments and increased transaction rates.

Facing the trials and tribulations

COVID-19 has exacerbated the global payments challenge. Now more than ever, there is an urgent need for universal, real-time payments across global markets – especially when it comes to cross-border transactions.

International consumers purchasing across borders increasingly expect transactions online to happen in real time, but not all merchants have in place the payments system to provide this.

So, as you make responding to customers’ eCommerce demands a priority, so too must you look out for, and, solve the following three main payment ecommerce business challenges, to succeed:

Challenge #1: Payment acceptance

First and foremost, you will want to make sure the payment cycle is completed successfully and with a valid payment method. This might seem obvious, but the fact is,

some merchant approval rates are as low as 50%!

This is because issuers and acquirers often struggle to identify when cross-border transactions are genuine, triggering all the warning signs for no good reason.

But think of that huge effort you’ve put into marketing. You’ve used a variety of means and valuable budget to bring traffic to your website, and put in an enormous amount of energy to ensure the traffic is of good quality. Yet, when the customer eventually gets to the checkout, instead of a successful transaction, they see a ‘your credit card company has not authorised the transaction’ notification.

This scenario is disastrous. Not only do you lose that transaction, but you will lose the lifetime value of the potential customer – and their connections to even more potential customers as well.

Whether it’s thousands of failed transactions or just one, completing the payment is crucial to your business’ success.

Challenge #2: Foreign exchange

Let’s imagine you are a German merchant whose sales have boomed beyond Europe over the past few months. Now, customers across the world are searching for your products, so you’ve localised your services to allow them to buy in their native currency.

Suddenly, you have customers paying in Taiwanese dollars, Japanese yen and Russian roubles – but you’re based in Europe; your operational expenses are mostly Euro linked. Therefore, you want to be paid in Euros, without losing the FX conversion and associated expenses. What to do?

This is a big challenge. Especially as many companies operate at very thin and compressed margins. If you work at around 5% EBITDA margins, for instance, the fact is that you may sometimes lose that 5% on FX alone, and without even realising that you’re losing it!

The key is to work with a payments provider that will let you settle in your local currency, and one that keeps conversion rates low.

This will enable you to offer multiple currencies for cross-border transactions, without getting stung by unfair FX charges or administrative complications.

Challenge #3: Technology

Many eCommerce providers often run promotions, campaigns and activities to broaden their exposure. When these campaigns go live, the number of transactions per second can suddenly skyrocket – because everybody loves a good deal!

So, you need to make sure that your payments provider can withstand rapid transaction volume increases, and scale to process them on the fly.

If not…

your system could crash in the middle of a campaign, costing you both advertising money and future customers.

Ready, steady, grow

“With the majority of commerce now taking place online, I cannot underestimate how important it is that you work with a provider who can scale to suit your needs so that you are prepared for any situation.”  “It’s the only way to minimise the risk of payments failing, protect your EBITDA margins, and ensure you continue functioning when operating globally.”

If you’d like to hear how Credorax can help you overcome these ecommerce business challenges, visit our website: www.credorax.com or get in touch at: grow@credorax.com.

Surviving post-pandemic retail challenges with subscription models

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By John Phillips, General Manager, EMEA at Zuora

Whilst many organisations are feeling the economic effects of the global pandemic, subscription-based businesses are proving to be resilient. In fact, a recent report found that more than half of subscription businesses have not been impacted by the pandemic, while one quarter are actually seeing subscriber acquisition rates accelerate.

So, what can the traditional retail industry, especially those in Consumer-Packaged Goods (CPG), learn from the strength shown by subscription services?

During the pandemic, in order to follow government guidelines and ‘stay at home’, many consumers took to ordering a variety of products – including groceries and home staples – online, signing up to subscription models they potentially hadn’t thought about before. But, as things return to some semblance of normality, in order to continue to drive this growth and build loyalty within their customer-base, CPG  businesses need to focus on forming direct relationships with their customers.

The strength of subscriptions in 2020 has proven that forming direct relationships with customers and focusing on adding long-term value over short-term revenue is going to be key for retails in surviving the impending recession.

COVID-19: The catalyst for shifting consumer attitudes

Subscription box retailers have enjoyed steady growth in recent years, with 27.4% of Brits signed up to subscription box services as of February 2019, according to Royal Mail Group research. At the time, the UK subscription box market was forecast to reach £1 billion in value by 2022, a 72% increase from its value in 2017. Many early entrance to the retail subscription market are reaping the rewards, including Hello Fresh, Graze and Nespresso.

While the COVID-19 pandemic affected brick and mortar sales, subscriptions enjoyed a fruitful period as millions were stuck at home. In July, new Royal Mail research showed 15% of adults had ordered a paid subscription box online since lockdown began.

Some subscription services were able to turn adversity into opportunity by listening to customers and their changing needs during the pandemic. This compassionate approach is in turn leading to increased loyalty and overall growth. A good example of this can be seen from the restaurant reservation platform Resy. During COVID-19, Resy was committed to providing 100% relief on all fees and billing until the end of June. Since then, they’ve seen customer subscriptions spike. The adaptability offered by subscription-based models is proving to be a lifeline for many retail organisations battling the current period of uncertainty.

The future of CPG is in subscriptions

According to our CPG Subscription Report, 61% of UK consumers who have a CPG subscription have one with a food and beverage organisation, followed by electronics (33%), pharma and beauty (33%) and fashion (31%). This demand is only set to increase as time goes by, with consumers who have a CPG subscription being 2x more likely to get another in the next 3 years.

COVID-19 has provided all industries with an opportunity to re-think the norm, and the same goes for retail. Shifting to a service model via subscriptions will not only help organisations to bounce back following the global pandemic, but it could boost the profitability further down the line.

In the past, CPG brands could let retailers worry about the customer experience; they only had to provide the products. Now, in a direct-to-consumer reality, brands need to forge relationships based on customer experiences they themselves have created if they want to succeed. Creating a seamless and positive experience has never been more important to ensure stability moving forward.

The three C‘s for success – convenience, customisation and customer satisfaction

In an uncertain economy, many consumers re-evaluating where they spend their hard-earned money.  This makes it more important than ever for brands to prioritise customer satisfaction to drive loyalty and reduce churn rates. So, what makes customers stay?

According to the same CPG report, customers value flexibility, convenience and customisation above all, citing saving time (51%) and ease of opting out (48%) as key factors in making a decision about subscribing to a CPG brand.

In terms of delivering this overall customer experience, flexibility is high on the agenda for those signing up to a subscription-based service.  Fear of being bound to a company or service is enough to put 42% of consumers off signing up in the first place. Therefore, companies that enable changes to their subscriptions are likely to see a positive impact on the bottom line. In fact, research from the Subscribed Institute recently discovered for companies where one in 10 subscriptions has a change after the initial sign-up, for example, this could be an upgrade, downgrade or add-on, the growth rate more than doubles to 20% YoY revenue growth.

Another key pillar for success is convenience. In order to meet consumer demands, the delivery mechanism for the subscription must be more convenient than traditional purchasing. It must take the pain out of tackling the high-street but still provide the retail experience at home for customers. There is a common thread that the most popular subscriptions will save time, deliver to the home or be something that the customer would struggle to get hold of under normal circumstances.

Customisation is the third piece of the customer satisfaction puzzle and is likely to be the defining factor which enables a subscription service to stand out from its competitors. Consumers have higher expectations for the relationship in a subscription model than they do with a single purchase and it’s important to meet these. Taking unique preferences into account is likely to enable businesses to build a better relationship with their customers, encouraging a longer commitment and lessening churn.

For CPG brands looking to fortify themselves long-term, adopting a subscription-based model is an avenue worth exploring. For those that do, focusing on adding value and improving the overall experience for customers will prove critical in building and retaining loyalty long term. If businesses are able to deliver the right blend of flexibility, convenience and customisation, subscriptions could prove to be a sustainable solution helping businesses to both survive this current time of uncertainty and thrive beyond the pandemic.

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