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eCommerce subscription businesses are booming, with brands offering everything from beauty boxes to meal kits and fitness supplements. However, one persistent challenge for these businesses is managing failed payments. Failed payments can lead to involuntary churn, revenue loss, and negative customer experiences.
To tackle this issue, subscription-based eCommerce brands are turning to shopify apps with robust dunning management system. These softwares automates payment retries, notifies customers of payment issues, and recovers revenue that would otherwise be lost.
In this blog, we’ll walk you through how to choose the best shopify subscription app with comprehensive dunning management for your DTC eCommerce subscription business. We’ll also provide a list of top apps with strong dunning management features with Loop Subscriptions leading the pack.
Dunning management is the process of handling failed payments for recurring billing customers. It involves sending reminders, retrying payments, and offering customers an easy way to update their payment details. Without an effective dunning strategy, subscription eCommerce brands risk high churn rates and significant revenue loss.
Payment failures typically occur for these reasons:
By using dunning management software, subscription eCommerce brands can address these issues before they lead to customer churn.
When selecting dunning management software for your DTC eCommerce subscription business, look for the following features:
If you run a DTC eCommerce subscription business, choosing the right dunning software can significantly impact your revenue and customer retention. Here are the top dunning management software tools that cater specifically to subscription-based eCommerce businesses.
Overview:
Loop Subscriptions has the ultimate dunning management features for eCommerce subscription brands. It offers all the essential features like automated retries, easy customer notifications, and a deep analytics.
Top Features of Loop Subscriptions
Comprehensive Payment Insights
Smart Recovery Workflows
Proactive Customer Communication
Recovery Performance Analytics
Why Choose Loop Subscriptions?
Overview:
Baremetrics is a subscription analytics platform that provides SaaS and subscription-based businesses with insights into their financial and customer metrics. By integrating directly with payment providers such as Stripe, Braintree, and others, Baremetrics delivers real-time metrics that help businesses analyze their performance against various company benchmarks.
Features:
Subscription Analytics: Track metrics such as Monthly Recurring Revenue (MRR), Annual Run Rate (ARR), churn rates, and customer lifetime value.
Payment Recovery: Lost revenue is addressed through failure charges and automated dunning processes, including payment reminders as well as easy payment updates for customers.
Financial Forecasting: Get real-time insights for accurate financial forecasting to help you in future planning and decision-making.
Customer Segmentation: Segregate and study particular user groupings to adopt the most effective engagement and retention strategies.
Overview:
Churn Buster is specialized in recovering payments, making it a reliable one for subscription-based brands in reducing passive churn. It integrates seamlessly with your billing system to monitor and follow up on payment failures, providing an excellent experience for the customer and higher retention rates.
Key Features:
Adaptive Campaigns: Once Churn Buster spots a failed payment, campaigns for recovering them are launched. They comprise retries, outreach to customers through emails and SMS, and escalation to either customer support or cancellation, all personalized through the use of customer attributes and decline reasons to increase recovery performance.
Optimized Retries: Churn Buster retries payments using a current method several times before contacting the customer directly. This methodology cuts down on needless customer communications and enhances customer experience significantly.
Personalized Customer Outreach: The series consists of progressively more urgent, pre-written, and editable email campaigns sent over multiple weeks. These emails will come directly from the company and will include a direct link for ease of updating payment methods for customers.
Advanced Analytics and A/B Testing: This feature facilitates tracking of payment recovery performance through detailed analysis of performance metrics, and allows for A/B testing to vet different recovery strategy methods. A data-driven approach puts the pedal to the metal to amply improve the positive output recovery strategies as per the condition of the firm.
For Shopify eCommerce subscription brands, Loop Subscriptions is the top choice due to its automation, Shopify integration, and ease of use.
To boost your revenue and reduce involuntary churn, select a tool that automates retries, integrates with Shopify, and offers customer-friendly payment update options. Ready to take control of your DTC subscription payments? Start with Loop Subscriptions here.
Emma Johnson is celebrated for her strategic brilliance and innovative flair. By seamlessly blending creativity with data-driven insights, she has propelled Loop’s brand to new heights, establishing it as a formidable force in the Shopify Subscriptions space.
