September 28, 2023 | Authored by: Vindicia Team
Kicking off 2024 strong – predictions from Vindicia’s leaders
As we round the corner and enter the final quarter of 2023, it’s time for subscription-based companies and other recurring-payments businesses to set your sights on the New Year. It’s time to reflect on what you could have done better in 2023 in order to maximize revenues and results in 2024.
So, what are you doing today to maximize recurring payments tomorrow? What will 2024 bring for the subscription industry, e-commerce companies, and the world of payments? Here are some New Year’s predictions from Vindicia’s leaders:
Rima Khoury, Head of R&D
Big data requires the right data
“AI and predictive modeling are the next big thing in the field of payments. These technologies are already bringing value to payments professionals – and not just in the ability to process data effectively and efficiently. AI technology in 2024 will also provide the ability to capture the right data and act on it with deep payment expertise. Big data and AI technology will enable businesses that rely on recurring payments to predict, analyze, and understand how to eliminate payment friction so that services are never interrupted for the consumer. Because consumers today are more savvy than ever, and they will not hesitate to leave your service when confronted with payment friction and frustration.”
Shiri Levi-Laor, Chief Operating Officer
Lifetime value is a top value
“Your subscribers are not just rows on a balance sheet. They are living, breathing consumers who need to be nurtured in order to maximize revenues in 2024. The key will be the ability to look at lifetime value as part of a comprehensive customer lifecycle management approach. Eliminating payment friction and keeping your subscribers connected will benefit every single aspect and department of your business. Successful CFOs, COOs and CCOs (chief customer officers) in 2024 will be the ones who understand that taking a holistic approach to customer lifetime value and eliminating passive churn must be top priorities.”
Jesus Luzardo, VP, Global Head of Sales
Every payment counts
“Maximizing revenues and avoiding payment friction will be top business drivers for subscription businesses in 2024. Eliminating passive churn and keeping more subscribers every billing cycle will continue to be the keys to success. The competition is fierce and will grow even stronger in 2024. So, there’s simply no room for hiccups when it comes to recurring payment transactions. Payments professionals today are no longer just specialists making sure that money is being captured. They have strategic responsibilities in preventing revenue loss, optimizing their payments operations and driving initiatives to unleash growth. Effective failed payment recovery is becoming a competitive advantage. Do not leave any room for the customer to consider canceling.”
Trace Galloway, Chief Strategy Officer
More payments will fail
“2024 will see a continuation of the current growth of online credit card payments, new payment methods, and new fraud prevention models. The result will be even more payment transaction failures. That’s simply a fact of life. The reality is that from cyberattacks to simple mistakes, the overall payment ecosystem is becoming more and more complex. 2024 will see an increasing need for advanced technology that will allow recurring-payments businesses to heal those failures effortlessly without any service interruptions.”
Rubi Cohen, Head of Marketing
Acquisition is not the endgame
“Subscription marketers in 2024 will no longer have the luxury of just being concerned with what’s coming in. They will also need to dive into what it is that might trigger customers to leave. While marketers won’t be the decision makers in new payment tech, they understand that they do not operate in a silo. Payment friction can devalue the brand and drive subscribers straight into the arms of competitors, which then makes it a marketing issue. Bringing in new technologies and approaches that eliminate passive churn head-on will allow marketers to concentrate on fostering everlasting loyalty and growth.”
When it comes to recurring payments, your business simply can’t afford to fail. And we won’t let you.
If you’re like us, you’ll always strive for nothing less than excellence. So, let’s work together and kick off 2024 strong – with minimal payment failures and maximum revenues.
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