https://corporate.nexway.com/wp-content/uploads/2018/12/article-NexwaySeasonsGreetings.jpg220650Julie Pacaudhttp://corporatev4.nexway.com/wp-content/uploads/2017/04/W.pngJulie Pacaud2018-12-14 09:55:492018-12-14 13:12:38🎄 The Nexway Team wishes you Happy Holiday Season! 🎄
What practices can you implement to improve your subscription services and increase customer retention?
Paris, November 22nd, 2018 – By favoring subscription rather than isolated purchases, consumers are surfing on a new trend in the digital age and are opting for more fluidity in their spending. Hence, it seems crucial to apply some practices to manage and positively impact services and subscription process. With this in mind, Nexway, a leading provider of solutions to monetize businesses and connect them to the global digital market, reveals five practices to help this subscription economy thrive and optimize the customer retention process.
1. Offer intuitive and flexible subscription management tools The user is king! Managing its subscription in a simple and fluid way is a priority for the user and it is a source of spontaneous customer loyalty. Instead of buying a defined and intangible product or service for a given period of time, the user subscribes to an evolving service, automatically renewing itself, but which one can nevertheless adjourn at any time. Transparency in communications, whatever the device used, concerning the pricing model, the invoicing conditions, the possibility of modifying or updating the product at any time, is essential. It is necessary to go in the same direction as the customer to suggest that they choose the communication channel that suits them the best.
2. Provide practical assistance While it is important to predict customers behaviors, it is also essential to rigorously monitor their use to ensure that their subscriptions are renewed. As a result, it is necessary to choose a customer assistance service and to set up a space dedicated to customers, where they can share their satisfaction and needs via chat, email, satisfaction surveys, etc. This operation allows a continuous support for the customer, throughout the process.
3. Reward loyalty A customer who is treated with consideration is more likely to remain engaged with the product or service being offered. It is also an opportunity to strengthen their commitment and make it a true ambassador. The introduction of gifts, exceptional discounts, free deliveries, and other loyalty rewards encourages the most regular customers to feel privileged and leads them to renew their subscription. This type of approach, which is an important source of value, can only bring prosperity and loyalty to the company.
4. Use artificial intelligence to optimize commitment period The digital world has paved the way for the subscription economy, driven by technologies such as the Cloud, artificial intelligence (or machine learning), and the growing use of Deep Data. It is essential to collect as much data as possible about users – demographics, but also behavioral and usage data – and to process them statistically and anonymously by using machine learning algorithms to identify trends and offer personalized services.
For example, one can imagine identifying upstream the user profiles most likely to stand out and test different levers and scenarios to convince them to stay. The “test & learn” principle,
given the results obtained by each scenario on each user typology, allows the offer to be adjusted continuously, in real time.
5. Count on precise performance indices It is imperative to have a 360° view of the tools that can evaluate the success of the subscription service. Unsubscribing rate, for example, measures product palatability in relation to quality and price. The renewal rate measures the efficiency of the subscription renewal process. The performance of the subscription is measured both downstream and upstream. Several reflexes can be applied: downstream, depending on the user profile, offering a discount, a free trial or a test of a more suitable product, for example, can encourage renewal.
The performance index considered over the long term as the most relevant for assessing the health of a subscription service is the lifetime value: the income that can be expected from a user throughout their relationship with the company. This indicator is the crossroads of all the others, because it depends both on voluntary subscription cancelation, the efficiency of the renewal process, and the opportunities for cross-selling – offering a product complementary to the one purchased – and up-selling – offering a product or service slightly higher and more expensive than the one in which the prospect is interested – to influence income.
Remaining attentive to its customers, communicating regularly with them, collecting their feelings through studies or chatbots remains the golden rules!
FROM CUSTOMER RELATIONSHIPS MANAGEMENT TO BILLING AND FINANCE, NEXWAY MONETIZE ENABLES YOU TO CREATE, ESTABLISH & GROW YOUR SUBSCRIPTION BUSINESS! TAKE THE PLUNGE
About Nexway Nexway is a leading provider of solutions to monetize digital businesses and connect companies to the worldwide digital market. Founded in 2002, Nexway has enjoyed rapid growth, thanks to strong and diversified partnerships. Based in Paris – La Défense, France, the company has subsidiaries in the USA, Brazil, Germany, Italy, Spain, Morocco, Poland, and Japan. Leading companies who rely on Nexway include retailers FNAC-Darty™, Yahoo! Japan™, Softwareload™, Amazon™, Medion™; and publishers Kaspersky Lab™, Adobe™, 2K Games™, Big Fish™, ESET™, Avast Software™ and many others around the world.
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Isabelle Renard & Alexandre Denis
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Nexway enabling digital business to monetize products & services through a suite of efficient, innovative, yet integrated, easy to consume micro-services, meeting the requirements of global payments, subscription models, and tomorrow’s customer needs.
The company has just been ranked 22nd in the ranking of French Tech companies FW500 Edition 2018, organized by Frenchweb.fr magazine.
To establish the final ranking, the companies were rated on the basis of five criteria, making it possible to assess their growth potential:
• Their 2017 turnover • The growth rate of their turnover • The turnover per employee ratio • The ratio of net income to turnover • A growth potential indicator, calculated on the basis of planned recruitment and fundraising (score out of 100)
The different scores were weighted to calculate an overall score for each company. The company’s business model and market data were also taken into account in the overall ranking.
Simplify your business operations, accelerate your time-to-market and reduce your operating costs with one single e-commerce vendor. Nexway allows selling products and services online, unlocking customer conversions and simplifies payments.
Nexway manages the complexity of payments and online sales and provides the operational infrastructure necessary to scale and comply with local laws and market requirements.
Interested in self-service, fully configurable and fast time to market services? GET STARTED
Source: FrenchWeb 500, the ranking of the 500 French Tech companies, October 2018.
https://corporate.nexway.com/wp-content/uploads/2018/11/article-FW500.jpg220650Julie Pacaudhttp://corporatev4.nexway.com/wp-content/uploads/2017/04/W.pngJulie Pacaud2018-11-08 10:41:392018-11-08 13:37:57Nexway, 22nd in the ranking of French Tech companies FW500 Edition 2018.
« Agile monetisation »,
A vital path to an efficient economy
By 2025, mass adoption of connected consumer goods and subscription services, combined with the progressive use of blockchain and artificial intelligence, will have redefined our economic models and working practices as fundamentally as the emergence of the Web has done from the 1990s to today. These developments in technology have the potential to create an economy which tends towards minimalism and efficiency – meaning that we will only consume the goods and services that we use in their totality, and share or redistribute the ones we need only temporarily or partially.
The sharing economy and customer expectations
A car journey, a luxious handbag or a pair of skis, a washing machine, an apartment : these are all examples of things that can be used both by an individual and shared with neighbours, friends or communities. When sharing items with others in this way, two current innovations become essential : the blockchain, because it simplifies and secures contracts between parties, and artificial intelligence : because it enables the analysis of real time massive data processing and provides personalized recommendations.
To adapt to these new ways of creating and sharing value, businesses must themselves undergo transformation. And they have got to do it quickly, if they have any hope in gaining a decisive lead and ensuring customer loyalty.
Customers today expect to be proactively presented with solutions tailored to their needs – from the personalisation of their autonomous cars, the design of their homes, or more simply, recommendations for IT security services, education, or leisure activities. But ensuring that companies can meet these expectations requires a complete mastery of technology, alongside the power to integrate it into existing IT systems and processes.
Because Time is accelareating (as customer decisions and business transactions take place in real time), because Space between us is contracting (as we make use of the ability to control and maintain connected devices remotely and share them with others) and thirdly because Value Chains become increasingly complex (as we add many more players to the operation), innovation and agility are now key.
Monetisation, which is the best way of describing the transformation of the purchase or use goods or services into turnover and profit, must therefore be agile. This means that the processes, management, innovation and technologies supporting monetisation must have the ability to create new offerings by rapid iteration, and so accelerating the speed with which a company can benefit from them.
Today, buying something is no longer just a simple purchase of a product. It more closely relates to the consumption of value-added service or an experience. Today, every customer expects that the brand they choose to commit to is not only relevant and trustworthy, but also accessible through their preferred means of communication – whether that is social networks, instant messaging, a connected device, the internet, mobile, etc. This also means that voice assistants and chatbots have become the new frontiers of online shopping.
As an example, as FEVAD observes, almost one-third of sales figures is now realised through mobile phones, which represents a rise of 6 points compared to the previous year. The ICM indication, which measures purchases made on Smartphones and pads is also rising: +38% in 2017. Voice assistants also are becoming more and more important: 47% of French e-buyers already used the voice assistant on their phone, among who 29% use it for products online searches and 15% to buy online.
Recent technologies such as open architectures (via standard interfaces) and decomposed into micro-services that can be shared between several companies allow to face up to with constraints to develop an approach of agile monetisation.
Challenges to implementing agile monetisation
So what are the challenges that companies who want to deploy an agile monetisation approach currently facing ?
Firstly, there is the integration of products and services from multiple providers to create personalised and relevant offers in real time. Secondly, they have to ensure that commerce solutions are fully integrated and at the heart of all products and services – such as in-game purchases in video games. Thirdly, the consumer must have flexibility in the way they want to consume the product – will it be single use, a recurring subscription, or usage based.
There is also the challenge of collecting, processing, analysing and protecting data : this is particularly important to comply to GDPR in Europe. Payment methods are also vital : businesses have to ensure that they offer a diverse range from the most traditional to the most innovative. Finally, companies must think about individual markets : they must be compliant with the standards, taxes and regulations specific to each country in which the goods or services are consumed.
There are steps being taken to tackle these challenges. Recent developments in technology such as open architectures (via standardised interfaces) and micro-services that can be shared between several companies are all positive advances that can help companies achieve results.
In Europe, we are lucky enough to have a fertile breeding-ground of innovation and expertise, particularly in e-commerce, AI, digital marketing, and payments. This is what will allow us to take a decisive lead and offer agile monetisation on a large scale, and enable a straightforward and efficient economy by 2025.
In order to take this lead, it’s clear European companies must launch agile monetisation pilot projects in 2018. How? Speaking from my own experience in digital transformation and innovation projects, each company must find its own champions and its own method. However, it will also be essential to build a dedicated, multi-disciplinary team, free from the constraints of operational structures, in order to create a center-of-skills from which others can learn. This will then become a centre-of-excellence and can be applied across operational units.
It goes without saying that the executive team must also communicate the meaning of these projects to the rest of the organisation and ensure that they are managing the company from above. As with any agile approach, the most important is the first step. What’s yours ? When will you start ?
https://corporate.nexway.com/wp-content/uploads/2018/05/article-AgileMonetisation.jpg220650Julie Pacaudhttp://corporatev4.nexway.com/wp-content/uploads/2017/04/W.pngJulie Pacaud2018-07-04 12:35:212018-07-05 11:17:03Interview with Renaud Sibel, President and CEO of Nexway, on the "Agile monetisation"
We live in an unprecedented age of change in how we consume and purchase things. Find out how to adapt to this new context of digital goods and services, how to address the challenge of subscription businesses, how to create agile and scalable business ecosystems, and more…
In the following video, CEO Renaud Sibel explains how Nexway leverages headless commerce and tackles today’s payments world challenges.
https://corporate.nexway.com/wp-content/uploads/2018/05/article-Monetize9Video-FR-1.jpg220650Julie Pacaudhttp://corporatev4.nexway.com/wp-content/uploads/2017/04/W.pngJulie Pacaud2018-05-30 11:09:242018-05-31 10:27:11Video: discover how Nexway can help your business.
We sat down with Casey S. Potenzone from Nexway to learn more about their company and the main trends that shape the digital marketplace space
Mélisande Mual, Managing Director at The Paypers, interviewed Casey Potenzone, Chief Stategy Officer at Nexway during Monetize9, the first independent event in Europe focused on monetisation – payments, commerce, billing, and CPQ.
Could you briefly introduce Nexway to our readers? How did Nexway come to be and what is your expertise?
Nexway was originally founded in 2002 as telechargement.fr, right as the internet started to gain significant traction for purchasing software and games. Back before anyone had bandwidth, telechargement was focused on electronic software distribution (ESD) and digital goods distribution. That led to an entire business model, formed around distributing products for Adobe and Microsoft to consumers online. It started as an ESD solutions company but evolved into a full-service merchant of record-company, which is now Nexway. Nexway is about half-and-half merchant of record and digital distribution provider.
In ecommerce, one often makes a distinction between digital goods and digital services. How would you define digital goods and how would you define digital services?
It is tricky to answer this question, because there are very few authorities that can really state what constitutes a digital service or a digital good. For example, the geo-blocking legislation that was published recently, preventing companies within the EU from price restricting based on geographic location of the buyer, contains language describing what constitutes intellectual property and what constitutes a digital service. However, when looking at the geo-blocking restrictions, you will not find a definitive answer on whether an annual license to an anti-virus software is a digital service, or a digital good. The closest one can get to an authority telling the difference between a digital and a physical good or service are credit card companies, because you have to associate a code to it, and tax authorities, because you have to remit your taxes against this.
We find that often the definitions are blurry. For example, if I buy a cheeseburger from Deliveroo, there is no one that will tell me that that burger is a digital good. However, Deliveroo is selling me a digital service; facilitating the purchase and delivery of a physical product. It is very hard to describe what a digital service is, because it has become so blended; you have to do both, because consumers expect the digital processes to facilitate the access to that physical good. For us, it is ubiquitous. More and more companies find their spot within the digital/physical space, just look at Deliveroo, Uber, or Airbnb.
What would you point to as key trends in the digital goods and services market?
We live in an unprecedented age of change in how we buy and purchase things. In the US, it has become very disruptive: there are companies where you can subscribe to cars or mattresses. In France, we see a lot of companies that you would have never thought would do a subscription service; games, boats, kitchens, keyboards: every vertical is being impacted. The emergence of these new companies or purchasing models are indicators of the larger, global trend, and we promote agility in the companies that we support to manage this change. In addition, the digital marketplace space solves many of the traditional needs of a physical supply chain, so that you can sell products from a warehouse in France to the whole of Europe, for example.
While there are companies flourishing, some companies also meet their demise due to their inability to adapt to this new context of digital goods and services. I distinctly remember Toys-R-Us, a household name, going bankrupt recently because they were being outcompeted by their digital counterparts.
There is no particular requirement for digitally engaging with the consumer across the globe and this leads to a significant amount of complexity when it comes to managing an entire commerce platform. This is not only because you have to manage the customer interaction, which is mostly a digital interaction, but also because you need to manage the shopping environment, your shelves, if you wish. Then, you have to manage all your payments, or the shopping cart. And this is where the major changes and differences are happening across the world.
Every country or region is increasingly regulating the internet and digital commerce. Where the consumers are buying and where the services are consumed is driving new taxes and revenues for institutions. This is where most brands need help in managing the payment regulations and requirements, for both local and international payments. Another big difference is whether a brand or company decides to partner with someone to accelerate and simplify commerce, or whether they decide to build the infrastructure by themselves, and thus learn the hard way. But the fact remains: you have to learn or you have to partner.
What are the specific fraud-related challenges for ecommerce in the new business models?
One of the biggest fraud issues for ecommerce currently is friendly fraud, or chargeback fraud. The banks have made it so easy to request a refund through the chargeback mechanisms that there is now an increasing amount of friendly fraud occurring. This is a big challenge, because while we are trying to stop fraud, the financial institutions have made it very hard for merchants to deal with this new fraud. It is exploding in the US, and it is on the rise in Europe as well, due to the disappearance of customer service interactions. Five clicks are enough to ask for your money back (via a bank’s chargeback mechanism), and this has transformed friendly fraud into a revenue stream for some. As headless commerce really takes off, Know Your Customer (KYC) is going to be of utmost importance to merchants.
This also goes for the other side of things: big companies and brands have to maintain the ability of their customer relations, otherwise no one will return to buy something again. In the digital space, this means that companies have to be agile. Microservice platforms understand this and are more successful, and large companies will have to follow suit.
About Casey S. Potenzone
Chief Strategy Officer at Nexway, he is charged with building the company’s business portfolio on a worldwide level. He has been in the software space for 20 years, having started as a developer and engineer, and progressed into corporate management. Casey has written two patents in digital distribution and anti-hacking, and led several major innovations in software monetisation.
About Nexway Nexway is a leading provider of solutions to monetize digital businesses and connect companies to the worldwide digital market. Founded in 2002, Nexway has enjoyed rapid growth, thanks to strong and diversified partnerships. Based in Paris – La Défense, France, the company has subsidiaries in the USA, Brazil, Germany, Italy, Spain, Poland, and Japan. Leading companies who rely on Nexway include retailers Orange™, Yahoo! Japan™, Softwareload™, Best Buy™, Amazon™; and publishers Kaspersky Lab™, Kingsoft™, Adobe™, 2K Games™, Big Fish™, ESET™, Avast Software™ and many others.
https://corporate.nexway.com/wp-content/uploads/2018/04/paypers-interview.jpg220650adminv3http://corporatev4.nexway.com/wp-content/uploads/2017/04/W.pngadminv32018-04-13 14:43:482018-04-13 14:43:48Interview with Casey S. Potenzone, Nexway, on key trends in the digital marketplace space
https://corporate.nexway.com/wp-content/uploads/2017/12/article-NexwayGreetingCard.jpg220650Julie Pacaudhttp://corporatev4.nexway.com/wp-content/uploads/2017/04/W.pngJulie Pacaud2017-12-20 15:57:582018-01-09 16:11:26The Nexway Team Wishes You a Happy New Year 2018! ❄
Over the past few years consumer purchasing habits and demands have been key factors is creating a $400B+ subscription market in just the US, a market that continues to grow at nearly 20% annually. These new consumer expectations have forced software publishers to go from product centric business practices to service centric practices.
https://corporate.nexway.com/wp-content/uploads/2016/09/2016-08-08-Nexway-Subscription-Infographie-650x220.jpg220650Julie Pacaudhttp://corporatev4.nexway.com/wp-content/uploads/2017/04/W.pngJulie Pacaud2016-09-01 00:00:092018-01-09 16:12:01How subscription is transforming software publisher into service providers
https://corporate.nexway.com/wp-content/uploads/2015/09/article-6DigitalGoodsIndustryTrends-nexway1.jpg220650adminv3http://corporatev4.nexway.com/wp-content/uploads/2017/04/W.pngadminv32015-09-08 15:11:192018-01-09 16:13:32Read the Nexway White Paper on the Top 6 Digital Goods Industry Trends