Avangate Wants to Improve the Customer Lifetime Value of Digital Service Providers
In response to survey results suggesting the need to move beyond transactional customer relationships, Avangate has announced over 200 new features to their Commerce Solution for Service Providers.
The updates are designed to redefine customer relationships from short term payments to fruitful long term relationships.
The new features include several designed to help companies improve their retention and overall customer lifetime value numbers.
Some of the tools available will be a Revenue Recovery Tool to improve conversion and retention on passive churn, and a Growth Edition for startups looking for new revenue streams.
Other tools will provide access to partner and reseller portals, additional developer tools, extra support for Purchase Order automation, infrastructure optimization tools, and enhanced recurring global payments.
CEO of Avangate, Carl Theobald, had this to say: “Today, we are seeing the digitization of products into services — what we are calling the ‘New Services Economy’ — and it’s spawning the next generation of Software and Online Services companies that are redefining commerce. For these new Service Providers and vendors, the ability to truly monetize their offerings is no longer about point payment transactions with the customer, but rather being able to interact, service and expand the relationship with the customer from the discovery, trial, and add-on and retention phases – all of which are potential opportunities to make purchasing decisions. Our focus has been about serving these innovators who are launching new products or services and looking to build long-term customer lifetime value and recurring revenue streams.”
At least one Avangate customer is happy with the new additions. Albina Zakharenko, Head of Marketing and Sales at Movavi, said, “Avangate’s Commerce solution provides us with clear visibility into key business metrics around authorizations and renewals and with a tool to recover a significant portion of our revenues, which otherwise would have been lost.”