FlexPay and PYMNTS release State of Subscription Business: Best Practices and Business Performance Drivers Report
MONTREAL, Jan. 10, 2023 /PRNewswire/ - FlexPay, the leading global payments and technology company, and PYMNTS, the leader in data and insights on the payments industry, today released key findings from The 2023 State of Subscription Business report. This report, which gathered feedback from a survey of 200 subscription companies, provides the first comprehensive overview of the subscription industry.
The report provides unique insights into key trends and best practices that are vital for all companies with recurring billing models to understand. Actionable recommendations are identified that subscription companies can implement to improve operational efficiency, increase customer retention, and accelerate revenue growth, which have never been more vital as many companies are dealing with a slowdown in new customer growth.
Subscription Industry Sentiment over the Next 12 Months
The State of Subscription Business: Best Practices and Business Performance Drivers highlights the top challenges subscription businesses expect to face in the next 12 months, with 59% citing economic downturn, followed closely by growing challenges in attracting and retaining customers, and lastly, cost increases from growing inflation.
Best Practices of Top Performing Subscription Companies
The report also identifies critical findings that correlate with high-performing subscription companies, including:
- Top metrics subscription companies use to align operating teams and improve financial results
- The importance of measuring and managing lifetime value (LTV) to improve profitability and why this important metric is not used widely
- Problems in the payment systems that cause customer churn and strategies companies can use to overcome them
- The organizational structure that correlates with top-performing subscription businesses
According to Steve Arentzoff, Senior Vice President of Marketing at FlexPay, “The subscription industry has lacked a comprehensive view of the state of the industry. This report is an important resource for subscription companies to learn about best practices that every company can implement, which can improve operational efficiencies, and lead to accelerated revenue growth and higher profitability.”
The report can be accessed here.
The State Of Subscription Business: Best Practices And Business Performance Drivers report is based on aggregated and anonymized data from two hundred executive decision-makers at companies that offer subscription-based services and products. The businesses generated 40% or more of their revenue from subscription relationships and reported annual revenues of $100 million and above. The report, including the insights and analysis contained within it, was prepared by PYMNTS with the support of FlexPay.
FlexPay is the leading global payments and technology company delivering a machine learning and AI-powered solution to identify and solve false credit card declines, a global problem preventing hundreds of millions of dollars in legitimate transactions between merchants and customers annually. The platform is trained on billions of transactions, enabling performance that is unmatched in the payments industry. The company is committed to creating more efficiency, trust, and transparency in payments processing, helping merchants and their customers settle more legitimate transactions. Visit flexpay.io to learn more.
© 2023 FlexPay, Inc. All rights reserved. FlexPay®, the FlexPay logo, and the names and marks associated with FlexPay’s products are trademarks of FlexPay.
PYMNTS is where the best minds and the best content meet on the web to learn about “What’s Next” in payments and commerce. Our interactive platform is reinventing the way companies in payments share relevant information about the initiatives that make news and shape the future of this dynamic sector. Our data and analytics team includes economists, data scientists and industry analysts who work with companies to measure and quantify the innovations at the cutting edge of this new world.
View original content to download multimedia: https://www.prnewswire.com/news-releases/flexpay-and-pymnts-release-state-of-subscription-business-best-practices-and-business-performance-drivers-report-301718090.html