Additionally, businesses that switch to better payment technologies can experience fewer failed transactions and lower cart abandonment rates, which can be a significant factor in improving their overall revenue.
Back in 2022, Forrester conducted a study that found that offering more payment options can increase conversion rates by up to 30%, and this finding is even more important now than ever before. This was especially relevant during the pandemic-induced digital revolution, which emphasized the need for businesses to be able to adapt to changing consumer behaviors and preferences. Therefore, businesses should prioritize upgrading their payment technologies in 2023 to better serve their customers and remain competitive in the marketplace.
In addition to investing in better payment technology, businesses can also benefit from implementing embedded payment solutions that can provide a seamless payment experience for their customers. One such example is saaslogic Pay, which is an embedded payment solution within our subscription management platform. This solution not only provides a better payment experience for users but also offers merchants very competitive transaction rates. By utilizing embedded payment solutions like saaslogic Pay, businesses can enhance their payment processes and improve their overall customer experience.
User-Centric Services
There is going to be more emphasis on providing personalized experiences to customers. By asking questions during onboarding and tailoring offerings to their preferences, businesses are looking to create a special connection that will lead to better retention.
Without a doubt, customer experience is going to be the main focus of businesses in 2023. A recent study by the Temkin Group found that companies that earn $1 billion annually can expect to earn, on average, an additional $700 million within 3 years of investing in customer experience. SaaS companies, in particular, can expect to increase revenue by $1 billion this way. Similarly, Gartner reported that companies that prioritize customer experience tend to generate 60% higher profits than those that don’t.
Overall, investing in customer experience just makes better sense, not just establishing yourself as a truly personal brand that attracts loyalty, but also for sustained income generation.
More Niche Offerings
With the subscription market becoming increasingly crowded, it’s no surprise that in 2023, businesses will turn to specialized and niche products and services to stand out. For customers, this means more options to explore and find the perfect subscription that fits their unique needs.
Now, this does not mean you need to come up with new products or a new business model altogether. No, you can simply branch out from your existing line of products and solutions to offer something a bit more unique and personalized. A recent McKinsey survey found that 27% of companies systematically scan for opportunities to expand beyond their core business. This is a great way to keep growing as a business while attracting new customers and retaining existing ones.