Semnox’s latest release from its suite of products for FECs and parks includes the capability to sell recurring memberships – also known as subscriptions. This addition is aimed at providing an opportunity for business owners to acquire a safe zone of recurring income, and a push to relook at how they sell their products and increase their value proposition for their loyal customers.
For businesses where the income is based on footfall and customer retention, selling your product on subscription basis is a very wise decision that a business can take. As per the Subscription Economy Index (SEI) report, a well-acclaimed report which measures the growth in the volume of business for subscription-based products and services, the Subscription Economy has grown over 435% in 9 years. This is a clear indicator that customers are now more and more open to the use of subscription-based products, which has especially increased due to the ongoing pandemic situation around the globe.
For a venue’s subscription offer to be successful there are two key elements. One is the value the venue can give the customer. The other is the ease in ability for the customer to confirm they want to continue. If that process gets cumbersome, it demotivates the customer and becomes an additional effort for the management to track and spend effort on. This is where systematic recurring billing solutions can help.
The automation features of the system offers venue operators immense capabilities to run successful subscription offerings by reducing the manual efforts of tracking and reporting, and staying in touch with guests with easy reminders and offers
“Introduction of Recurring Memberships as an offering is another step in our direction to make the customer experience better while providing venues with more options to expand their revenue streams. While all the venues understand the value of retaining their existing guests, they struggle to offer easy ways for the guests to continue. The recurring membership is a very powerful capability for the venues that will see a significant adoption from the guests as well. We are sure this will be a great value-add to businesses”, said Ashish KS, group client manager, Semnox Solutions.