The top subscription management platform Chargebee has now revealed its Summer 2022 Product Release. The new features and solutions are aimed at helping high-performing subscription firms monetize their current clients and ward off the escalating risks of a volatile economy. In a time when many businesses – and their customers – are struggling with the realities of inflation and the drying up of venture capital, the lingering effects of COVID-19, and a decimated global supply chain, these new products assist businesses in building their cash reserves and maintaining their customer base.
Chargebee Retention, formerly Bright back, Chargebee Receivables (numbers), and RevRec (RevLock), all acquired by Chargebee over the last 18 months, are the three main components of the company’s summer 2022 Product Release and represent Chargebee’s first steps toward becoming a true multi-product organisation.
In a time when both businesses and consumers must assess their portfolios and make difficult decisions, Chargebee Retention enables enterprises to concentrate on keeping the customers they presently have. Businesses can test out customized retention-magnet strategies to reduce voluntary churn and increase customer lifetime value with a ROI of up to 800 percent by using Chargebee Retention, which enables them to customize cancellation experiences with offers geared toward maintaining the customer relationship. For subscription businesses, recruiting new consumers is at least 2.5 times more expensive than up selling or growing an existing client, according to Mark Thomason, IDC Research Director responsible for Digital Business Models and Monetization practice. With clever automation that reduces customer churn while boosting the likelihood of expansion, this factor can potentially be greater. While these client retention talents are essential in these turbulent times, maintaining satisfied consumers is always in style.
By automating accounts receivable workflows, Chargebee Receivables, formerly numbers, enables organizations to enhance their cash flow management procedures. Now that their entire accounts receivables workflow and process can be automated, subscription firms may easily move from the point of sale to the point of payment. In order to reduce unintentional churn and boost customer retention, Chargebee Receivables also enables organizations to proactively connect with customers on projected payment failure. According to Chargebee Co-Founder Rajaraman Santhanam, the SaaS market in India might reach $100 billion by 2026, but in order to get there, we’ll all need to work together to survive the current economic storm. Businesses are scrutinising every dollar coming in and going out with even greater rig our, while also seeking for innovative ways to increase their cash on hand and keep their clienteles.