San Francisco, Calif., July 28. 2022 (GLOBE NEWSWIRE) — Chargebee, the leading subscription management platform, today announced its product release for Summer 2022. The slate of new products and features aims to enable high-performing subscription businesses to monetize their existing customers and fend off the growing threats of a tumultuous economy. These new products help businesses build cash reserves and retain customers at a time when many businesses – and their customers – are grappling with the realities of inflation and the drying up of venture capital, lingering effects of COVID-19 and a decimated global economy. Supply Chain.
The centerpiece of Chargebee’s summer 2022 product release is Chargebee Retention, formerly Brightback, which together with Chargebee Receivables (numberz) and RevRec (RevLock), all acquired by Chargebee in the last 18 months, represents Chargebee’s first foray to become a truly multi-product company.
Chargebee Retention allows businesses to focus on retaining the customers they already have at a time when businesses and consumers are forced to assess everything in their wallets and make tough decisions. Chargebee Retention enables companies to personalize cancellation experiences with offers focused on continuing the customer relationship and enables companies to test personalized retention magnet strategies to minimize voluntary churn and build lifetime value of the customer with a return on investment of up to 800%.
“For subscription businesses, acquiring new customers costs at least 2.5 times more than upselling or expanding an existing customer. This factor can be even higher with smart automation that reduces customer churn while increasing the chance of expansion,” said Mark Thomason, IDC’s research director responsible for digital business models and monetization practice. “While these retention capabilities are critical in these turbulent times, keeping customers happy is always in style.”
Chargebee Receivables helps businesses improve their cash flow management processes by automating accounts receivable workflows. Subscription businesses will now be able to efficiently automate their entire accounts receivable workflow and process, from purchase to payment. Additionally, Chargebee Receivables also allows businesses to proactively engage with customers in the event of expected payment failure to minimize unintentional churn and increase customer retention.
“Customer retention has become an even bigger priority for us over the past year,” said Bob Viscount, Vice President of Silhouette U. “The economy has changed a lot and we were looking for a solution that helps mitigating some of the cancellations we’ve seen customers choosing to cancel due to cost and having the ability to deflect some of those cancellations with a tailored offer right now has been a huge boost to our business. Retention has proven to add value to our business and has allowed us to provide clients with a comprehensive review of what they would be giving up while leveraging offers when needed.The results in a very short time have me convinced that this should be an essential element in the future of our company. »
The volatility of today’s market landscape has forced businesses to adapt and be nimble in ways they never expected before, changing package and feature offerings and delivering new and different services. to customers at different price points. The new Chargebee rights give businesses more control over this new path and allow them to sell to their existing customers by showing them value. Chargebee Entitlements allows companies to “test the value” and experiment with different packaging and pricing options, gain more control over feature launches with rollouts to small subsets of customers, and get to market faster. Chargebee Entitlements helps go-to-market teams provide customers with access to features beyond their plan in a jiffy, which can be used to incent plan upgrades and free-to-paid conversions.
“We’ve spent months talking with our customers, learning the ins and outs of their businesses, and working with them to determine the kinds of tools they want and need to meet their current challenges. “said John Pearce, Vice President of Product Management at Chargebee. “In these conversations, the focus has almost always been on customer retention, building lasting customer relationships, and understanding how Chargebee can help businesses monetize their existing customer base. Chargebee Retention, Chargebee Receivables and Chargebee Entitlements are a direct result of our discoveries and our desire to give our clients exactly what they need to grow and scale their business, even in these challenging times.
The full feature list of the Summer 2022 product release of Chargebee, which also includes in-app purchase management, multi-entity management, integration with PandaDoc to manage quote-based subscription workflows, a RevRec integration which helps businesses recognize local currency revenue and avoid challenges that hinder growth and recognition of RevRec’s ASC 606 expenses, can be found here: https://www.chargebee.com/summer-release-2022 /
Chargebee is the subscription management platform that automates revenue operations for over 4,500 subscription businesses, from startups to enterprises. The SaaS platform helps subscription businesses across all verticals, including SaaS, e-commerce, e-learning, IoT, publishing, and more, manage and grow revenue by automates subscription billing, invoicing, payments and revenue recognition operations, provides key metrics, reports and business insights and now offers Chargebee Retention and Chargebee Receivables. Founded in 2011, Chargebee counts companies like Okta, Freshworks, Calendly, and Study.com among its global customer base. Learn more about Chargebee at www.chargebee.com.