A Subscription Commerce Platform includes a way to organise how you sell products or services that have a recurring charge or price. It includes features such as:
- Product Information Management tool
- Campaign Management tool
- Pricing and Discount Management tool
- Promotion Management tool
- Offer Management tool
- Proposition Management tool
It organises which subscription products and services are being sold, to whom, its availability and price of sale.
Subscriptions cut across industries as diverse as telecom (broadband, mobile, pay-TV), media and entertainment (movies and TV series, magazine, newspapers, music), insurance (gadget, travel, home, health), finance (banking services, trading platforms, credit monitoring), education (MOOC, language learning), automobile (rentals), internet of things (energy, security). There is a wide range of variation in terminology and scope in subscription commerce capabilities.
Generally speaking, a subscription commerce platform will include subscriptions with flat or tiered fees. It can also include variable recurring products such as pay-as-you-go offers. A subscription commerce platform can include non-subscription products such as eCommerce products, as this allows bundling with subscription products.
A Subscription Commerce Platform must help the company to create, publish and track end-to-end the offers being sold across channels. Regardless of industries, the following capabilities should be included:
- What you sell, such as a product or a service description
- How you sell, such as price and messaging
- Where and to whom you sell. For example, channels and segments
- How well it is performing. For example, what are the acquisition and churn rates
This tool should offer capabilities to manage the end-to-end workflow of subscription campaigns and offer management. This includes everything from providing sufficient flexibility for subscription marketers to automatically create new offers in bulk for relevant segments, to managing the collaboration workflow of approving, scheduling and distributing promotion briefs, to tracking the uptake of offers by subscribers and the campaign ROI by offline and digital channels.