In recent years, a lot has changed in commerce. Maturity of the space has skyrocketed in a short period of time, and it’s become more and more expensive to acquire customers.
We’ve noticed that the best brands are finding new ways to acquire and retain their customers, increasing their customer lifetime value. The challenge: Brands are often using dozens of different apps to meet their needs. And with their data and automations all in different places, it becomes extremely challenging to gain insights around performance and build a better business.
At Recharge, we’re looking to change this—which is why we’re expanding our offering to help you maximize your LTV. And to give our merchants better visibility into what we’re working on so they can plan accordingly, we covered all the details in our latest product webinar.
Watch the webinar recording on demand to get the details—and get the full rundown below.
- Recharge is expanding our offering with new tools and features to help merchants maximize LTV.
- Subscriptions, Credits, Memberships, Bundles, and Flows can all be used in tandem to deliver customer experiences that keep shoppers with your business.
- Check out the Recharge Product Roadmap for details on our Early Adopter Programs and upcoming releases.
The next phase of Recharge
To empower our brands, Recharge is expanding our offering with feedback from hundreds of merchants and partners. For this next phase, we’re working to meet three primary merchant needs:
- Deliver a cohesive suite of retention and growth tools.
- Provide a unified view of program and customer data.
- Provide tools to quickly test and iterate to drive revenue.
Subscriptions have always been our bread and butter, but they’re just one powerful way to increase LTV. With this in mind, we’re launching three new product lines—Bundles, Credits, and Memberships—to help merchants grow their revenue and keep customers coming back. What’s more? Our new solution, Flows, will allow you to easily test and iterate on these new products to deliver personalized experiences that increase your customer LTV.
Product bundling is a popular strategy for increasing AOV and LTV and introducing new product lines. However, at Recharge, we know it’s critical for merchants to have the ultimate flexibility in their product bundling capabilities to get the most value out of these offerings.
Recharge Bundles offers merchants flexibility in a variety of key ways:
- Bundles can be sold as both one-time purchases and subscriptions.
- Bundles can be offered as customizable, build-a-box offerings or curated sets.
- The pricing structure of product bundles is totally customizable, allowing merchants to sell both fixed fee bundles or dynamically priced bundles based on their contents.
Thousands of merchants are currently using our Bundles product to increase their AOV, therefore increasing their LTV and delivering better customer experiences that keep shoppers coming back for more.
Instead of discount codes, many merchants want to offer store credit to incentivize repeat purchases and reward their most loyal customers. Enter: Recharge Credits.
With Recharge Credits, customers can easily and intuitively apply store credit to their orders. This improves the experience for customers while keeping revenue with the business.
What’s more, Credits can be leveraged throughout the entire customer journey. Merchants can use store credit to incentivize a new customer to return and make a purchase, or offer store credit for a return product. They can even use store credit to encourage repeat customers to come back earlier.
Paid membership programs aren’t a new concept, but they’re picking up new momentum in today’s ecommerce market—think Costco, Amazon Prime, and REI.
For brands, memberships can be highly valuable. In fact, according to a McKinsey study, members of paid programs are 60% more likely to spend more on a brand after joining, versus just 30% for members of free programs.
With Recharge Memberships, you can offer your customers exclusive benefits like:
- Reduced storewide or collection-specific member pricing
- Free or discounted shipping options
- Exclusive and early access to new products and sales
- Special access to content
Recharge Memberships can be offered with subscriptions or separately as their own paid channel, providing another point of differentiation and channel of recurring revenue for your brand.
Of course, we haven’t forgotten about subscriptions, which remain a crucial strategy to increase LTV and keep customers coming back. To empower our merchants to offer better subscriptions than ever before, we’ve launched numerous updates and enhancements—below are a few that we highlighted in the webinar.
Affinity Customer Portal
Our merchants want no-code options to customize their portal and deliver mobile-optimized, intuitive customer experiences. With this in mind, we launched the Affinity Customer Portal—a modern, sleek portal that makes it easier than ever for customers to manage their subscriptions.
Partial Order Fulfillment
Now, you can fulfill and ship a partial order with Recharge by removing out-of-stock items. This improves the experience for customers and allows you to ship more orders—a win-win for both merchants and shoppers.
Today, it’s more important than ever for brands to sell across borders and give their customers the best experience possible. Our new Multi-Currency feature empowers brands to do just that, allowing their customers to make and manage purchases in the currency of their choice.
Gift a Skipped Shipment
Flexibility is highly important for customers to stay subscribed. Our new Gift on Skip feature allows brands to enable their customers to gift a subscription order to someone else instead of skipping it, retaining revenue for the business while opening up an opportunity to gain a new customer.
With our Address Reuse feature, you can prevent the creation of duplicate addresses while saving on shipping costs and increasing efficiency.
Take advantage of new Klaviyo metrics, customer properties, and Quick Action URLs to expand the reach of your programs.
Local Delivery and Pick Up
With Local Delivery and Pick Up, you can offer your customers a new option for receiving their delivery. Instead of shipping their order, they can choose a local pickup or delivery option for increased flexibility—reducing shipping costs for your business.
Greater than the sum of the parts
Recharge products are meant to work together, and are greater than the sum of their parts.
By offering all of these products and solutions in a single platform, our merchants benefit from a unified view of all their program and customer data. No longer do you have to stitch together data from different apps to understand what’s moving the needle.
Test & iterate with Flows
Subscriptions, Memberships, Bundles, and Credits are the individual building blocks that make up Recharge—but Flows is the glue and automation holding all these programs together. As our automation canvas, Flows allows you to easily iterate and test to deliver personalized experiences that increase the LTV of your customers.
With Flows, you can:
- Use endless trigger logic to automatically add someone to a Flow.
- Choose which customers to pull into the Flow with personalized conditions.
- Set up A/B test to see which offers move the needle.
- Choose the unique offers and experiences of the Flow for your customers.
- Gain real-time data and insights into program performance.
The possibilities for testing and iterating with Flows are endless, but we’ve also developed pre-built recipes for particularly common use cases:
- Active churn recovery
- Surprise and delight
- Targeted upsell
All together, Flows allows merchants to move with greater speed and agility to deliver the best shopping experiences for customers.
How do I get involved?
To get more details on all of these offerings and see what we’re working on next, please visit our Recharge Product Roadmap. Here, you can stay up-to-date on everything we’ve launched and join our Early Adopter programs to test out new products and features before they hit the market.
Watch the full recording of the webinar on demand to hear directly from our team and learn about new opportunities to retain your customers and grow your LTV.