The contemporary online retail market is a crowded and bustling place that has changed rapidly in short time and continues to evolve regularly. If you’re running a digitally native vertical business, it’s essential to identify the best tools to help you navigate online retail.
Many such businesses are offering a subscription-based model, and having the right underlying platform will help you grow your business today and into the future, all while keeping you secure. Let’s take a closer look at what getting the right ecommerce platform can do for your online subscription-based business.
Clear Data on Multiple Dashboards
When you select a product like the LimeLight platform to drive your subscription-based business, you’ll be able to see over 20 dashboards breaking down every component of your business. The data concerns everything from MRR, P-&-L, Cycle Analysis, Rebill Rates, and Active Subscription forecasting.
The data is comprehensive, digestible, and adjusted in real time so you always have the latest info at your fingertips. Each dashboard can be filtered through based on traffic source, channels, verticals, campaigns, and custom Smart Tags. Evaluating your different marketing campaigns will be a breeze when you have technology that makes it easy to segment key metrics, such as LTV, COGS, eCPA, Churn Rate and more.
Any data from your platform should be easy to export into a .CSV file, so you can analyze it further or integrate it into your own custom reporting. Finally, the platform should be easy to integrate with various third-party apps related to things like marketing automation and prospect follow-up — this makes it easy to act intelligently on your intelligence.
Up-Sell and Cross-Sell Functionality
Whereas brick and mortar stores have trained sales associates trained to expand each sale, an online store has an algorithm that helps to sell consumers more expensive products (“up-selling) or find them a related additional product they may also want to buy (“cross-selling”).
Having a platform that can sort through algorithms to determine what the consumer really wants as effectively as possible is like having an expert sales associate.
Make sure that you can easily link your ecommerce’s plug-in to integrate your campaign with your WordPress site. Pre-generated user flows should help you collect leads, perform one-click checkouts, and catalog products so you can sell your products right away.
In the way a store wouldn’t exist without cameras and locks, online stores need multiple layers of advanced security to protect the business and customer data. The best ecommerce platforms screen transactions automatically, and decline any suspicious ones.
In addition to having their own fraud specialists, they should partner with industry leaders to get an important secondary layer of protection. Added security helps reduce chargebacks and increase order acceptance rates.
But in a more general sense, real security inspires confidence in your customers, so they can make purchases without a hesitation.
There’s no need to be scared of the new and changing world of online retail — so long as you have the right tools like the right ecommerce platform, your subscription-based business will grow in a way that’s both more streamlined and secure.