In the last decade, the subscription and billing management market has seen a lot of changes. Among all the changes, the most significant one came with the widespread cloud adoption, which brought forth new business models for application developers. Businesses, with the advent of mobile, saw exponential growth in subscriptions for web applications and services, increasing demand for tools to better manage these processes. At present, the subscription and billing management market is in a healthy state.
Businesses need to 'price the way' that is most suitable for them which includes Flat Pricing, Volume Pricing, Quantity Based, Stair Step Pricing and Tiered Pricing. Along with this, automating your recurring billing workflow without losing focus on building your business has become crucial. Moreover, businesses need to manage subscriptions at scale. Hence, discovering new revenue potential and turning them into outcomes with endless options to experiment with pricing models has become crucial. Also, retain customers better with proactive engagement, self-service and churn management. Along with this, get a unified view of all subscription and customer data in one place and engage with more context. And, most importantly, don't forget to create upsell opportunities through add-on recommendations and product bundles.
Therefore, automate the boring-yet-essential chunk of subscription lifecycle management such as, nudging trial users to the paid plan, collecting payment information, managing upgrade or downgrade billing adjustments and subscription renewals. By doing this, you can save the human touch for things that matter. Businesses can now accurately track product usage and reflect taxes and charges in their invoices and say goodbye to rounding errors. Also, you can expect the same level of granularity in their discounts and add-ons as well. However, lack of multiple-decimal support, especially while offering usage-based or volume-based pricing, can lead to incorrect revenue attainment and reconciliation errors.
Companies, in the B2B world, will continue to obsess about streamlining and efficiency, making the best use out of limited resources. Latest report predicts that the subscription and billing management market will nearly double in the next few years, taking off from $4 billion in 2020 to $7.8 billion in 2025. And this makes a compound annual growth rate of 14 percent.
Group Futurista is glad to present to you the opportunity to learn more about Subscription and Billing Management and the benefits it can entail for your business by joining the 'Future of Subscription and Billing Management for Businesses' virtual summit with revolutionary keynotes, case studies, and an amazing selection of industry-leading speakers who will come together to share their valuable insights.
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