Vindicia: 2021 was the year of refocusing
Jan 24, 2022 | By PYMNTS.com
Last year saw dramatic changes for subscription businesses, says Roy Barak, chief financial officer and chief operating officer of Vindicia. By focusing on the complete customer journey, eCommerce providers have positioned themselves to deliver frictionless experiences. Read his thoughts in the PYMNTS eBook, “In a Word: 50 Thought Leaders Sum Up 2021.”
As we look back on the events of 2021, we see that this was a transformative year for eCommerce and subscriptions. Successful subscription-based businesses refocused their efforts on the big picture, beyond the day-to-day business of subscriptions, transactions and payments. Subscription executives zoomed out and refocused to see things from a different, broader vantage point — seeing their customers as not just another line item on the balance sheet, but as the unique individuals they are.
Relying on data-driven subscription intelligence, the view has now evolved from a vertical perspective (customer in, customer out), to a horizontal and holistic approach — the complete customer journey and how every stage and subscription experience is organically connected. Savvy subscription providers have adapted through the peaks and valleys of 2021 as they continue to gain a deeper, more meaningful understanding of the entire customer journey.
The result? eCommerce providers are now better positioned to deliver frictionless, engaging and delightful subscription experiences that will continue to be relevant for consumers throughout 2022 and beyond.
Refocusing on the entire customer journey
As the cost of living continue to rise across the board, consumers are seeking more value from their subscription services. As a result, every interaction needs to be engaging and reinforce the service’s relevance to the customer.
Traditionally, subscription businesses have placed much emphasis on the A and the Z of the customer experience. That is, the beginning of the journey: how to acquire customers and get them on board. And the end: how to avoid customer cancellations — and if all else fails, help them make an elegant exit.
During 2021, however, successful subscription-based businesses increasingly relied on subscription intelligence to reach the next level, refocusing on everything that happens from the time a customer enrolls to the moment they stop being a customer. It’s a horizontal perspective, covering all the crucial moments that make up each customer’s individual journey.
Putting yourself in the customer’s shoes
Once you refocus your efforts and look at the holistic user journey from the perspective of the customer, something very important suddenly becomes clear: There is not one pain point that your subscription is going to solve, but many pain points that pop up for the customer in different ways along their journey.
The ongoing task for subscription executives in 2022 will be to build on the refocused successes of 2021, setting your sights beyond everyday delivery and digging deeper into the moments when consumers engage with your subscription and your company in a myriad of ways. Aim to make those moments smoother, friction-free, satisfying and delightful.
It’s the difference between, “I’m hungry, let’s eat!” and “I’m hungry, but what do I feel like eating? What hunger am I trying to fill? What is the one food that will satisfy me right now?”
That’s the trend we all need to continue in 2022 and beyond — the holistic customer experience, made up of a magnitude of organic moments waiting to be satisfied.