Avangate created over 200 new features as part of its Summer ’15 release to add to its Commerce Solution, as it aims to eliminate revenue leakage and capitalise on new revenue opportunities.
The release includes Active Conversion Tools, which helps to control revenue through campaign types, interaction control and conversion dashboards.
The Enhanced Marketing Toolkit aims to provide fast experimentation with online and retention templates, as well as expanded A/B testing scenarios and statistics.
Carl Theobald, CEO of Avangate, said: "The New Services Economy represents the next rapidly expanding trillion-dollar market and is reshaping how companies should view Digital Commerce. It’s no longer a hit-and-run, one-time transactional economy.
"The proliferation of pay-as-you-go business models and the explosion of revenue moments across the activation, upsell/cross-sell, renewal and retention stages require companies to focus beyond just upfront customer acquisition.
"Each revenue moment is an opportunity for digital businesses to build long-term relationships with their customers. Otherwise, it can be a point of failure that drains revenue. How companies navigate these moments and points of revenue leakage across the Commerce Lifecycle are life or death for digital businesses."
A survey recently commissioned by Avangate highlights the increased appetite for online services and new consumer preferences for they buy and subscribe.
The survey showed that 54% of consumers use online services on a daily basis, with 95% of online shoppers making regular recurring payments. It was also found that this consumption of online services is skyrocketing, with 78% of U.S. adults paying for online services, up 28% from the previous year.
The survey also found that 97% of consumers prefer flexible purchasing options when selecting premium online services.
Michael Ni, CMO, Avangate, said: "Our data proves what we’ve long suspected: Digital transformation is changing consumer behaviors, and businesses need to adapt in order to take advantage of the New Services Economy.
"Consumers expect to interact with vendors and merchants at every point of engagement, whether online, in-store, in-app, via your call center, or even through partners. Every transaction is a revenue moment and needs to be a frictionless user experience – from initial purchase, to upgrade or downgrade, vacation hold, and early renewal.
