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THE POWER OF MEMBERSHIP – Why so many businesses are creating subscription-based shopping for their customers

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THE POWER OF MEMBERSHIP

The expression “there’s power in numbers*” has never been truer. Customers are willingly

subscribing to pay for services and products weekly, monthly or annually instead of paying for something once. The number of monthly visitors to subscription business sites has grown 800% since 2017. 

The average consumer has at least four subscriptions today and spends an average of $273 dollars a month, which is $36 more than in 2018, according to a new poll.  Many Americans are signed up for more than 10 services, according to the Washington Post. Signing up is easy, rewarding, and so convenient, most people lose track of what they’re spending on subscriptions. That’s also true for me. I added up my family’s subscriptions from the gym to movies to Word software and we pay more than $800 a month or some $10,000 a year in subscription services. 

Businesses love the services even more than consumers. The UBS financial services firm predicts this “subscription economy” will grow to $1.5 trillion by 2025, more than double than the $650 billion it’s worth now. The Subscription Trade Association expects 75% of direct-to-consumer brands will offer subscriptions in just two years, while global e-commerce will account for 18% of the total market share. 

Studies show subscription services allow businesses to cut down on marketing costs, draw recurring revenue and get more business.  Companies with auto-pay plans report a 23% increase in the number of customers. That’s just one reason why they’re on the rise. Another is the recurring revenue stream that allows businesses to maintain a steady flow of income and better manage product and service inventory. There is also the value of having loyal customers. 

A recent report says in financial services, just a 5% increase in customer retention produces more than a 25% increase in profit. Return customers buy more from businesses over time, refer other people and are more likely to stay even when prices go up. That also drives down marketing costs for businesses who don’t need to work so hard to find new customers.

At Red Maple, we’ve seen an increase in requests for accounts receivable automation where subscriptions can be billed automatically to the customer’s preferred credit card. Business owners want to know how they can include or increase auto-pay services for their customers and suppliers. We have the software to make that happen.  

We offer Advanced Trade and Pricing with subscription billing that provides companies a means of invoicing customers on a regularly scheduled basis. Each billing line in a contract may have a different schedule and billing type to meet your requirements.  It includes contract-specific pricing, volume discounts, usage-based agreements and a lot more. 

When you pair Advanced Trade and Pricing with our Advanced Credit Cards, invoices can be paid automatically, which means you can instantly charge customers or clients every week, month or year depending on your needs. It’s simple and easy recurring billing. 

Adding the feature to your business can really be worth it.  In just one quarter in 2017, Amazon made more than $1.4 billion in subscription-services revenue. In the first three months of 2021, Peloton’s subscription revenue grew 144% compared to last year. Subscribers to Apple’s services for fitness, games, music and podcasts increased by 145 million in the past year. The CBD company Equilibria told Forbes its subscriptions shot up 100% in March of 2020. Nearly every industry you can think of has – or is trying to create – memberships: wine sellers, gyms, hotels, movies, food, car washes, home repair and restaurants.  

Subscriptions soared in popularity during the pandemic when people were afraid to run out of basic goods like food, toilet paper and other staples. The most popular subscriptions at the time were HelloFresh (21%), BarkBox (20%), Blue Apron (19%) and Dollar Shave Club (18%), according to Forbes.

Subscriptions were already on the rise before COVID-19, rising 17% annually for the past five years. Consumers say they’ll spend more on memberships in the future. According to NCR.com, 50% of online consumers already use subscription services. Also:

  • Among consumers 18 to 24 years old, the group with the most active subscriptions at around 2.5 each, 38% plan to increase their active subscriptions this year.
  • Also, 27% of consumers globally plan on spending more on subscriptions in 2021.

Experts forecast the subscriber model will stay strong even after the pandemic. Consumers say they like the special treatment and deals. It hits their reward centers by receiving products and services they want on-demand, and saves them time from not having to repeatedly go shopping. The author of “The Subscription Boom” told the Washington Post that people also like to have a relationship with a brand. 

 “A subscription is a recurring touch point with the customer. It’s that constant reminder that people have a relationship with the brand,” said Adam Levinter.

But are subscription services right for your business? If you’re an e-commerce retailer who wants to explore the idea, Red Maple can let you know which software will help you set up a program quickly, connect you with the right technology and help you create a seamless experience for shoppers.

Here are the best questions to answer before you get started:

  • What do your customers need?
  • How will you price the weekly, monthly or annual plans?
  • How will your plan be better than others out there?
  • How will you keep your customers?

Also, consider which type of membership you want to offer:

  • One with curated products in a monthly box like Blue Apron that sends meals for customers to cook themselves.
  • Mystery boxes like LootCrate, which pioneered the surprise craze.
  • Replenish consumable products at regular intervals like BarkBox does for pet treats and dog food or similar to The Bouqs, a flower service for people who want frequent floral deliveries. 
  • A program that offers consumers exclusive access to products and experiences like BRB. It has travelers pay monthly for three surprise vacations a year. One month before the departure date, BRB reveals the destination, hotel and flight details. 

While subscription services have increased, clothing retail fell 25% last year. But you can’t just jump into offering memberships without a business plan and a great product or service along with an exceptional customer experience. People are saying they’re willing to be loyal to businesses, but only if they get something worthwhile in return.

*The expression “there’s power in numbers” comes from Dr. Martin Luther King, Jr., who in a 1964 speech said, “There is power in unity and there is power in numbers. As long as we keep moving like we are moving, the power structure of Birmingham will have to give in.” 

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Top Industries That Use Stainless Steel

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Top Industries That Use Stainless Steel

Are you curious about what industries use stainless steel? There’s no limit to how helpful stainless steel is in our society.

This malleable metal is so versatile that it’s used across many industries. Look no further than this article to answer your question! Below, we’ve created a list of the top industries that use stainless steel.

Keep reading to learn more about this exciting topic!

Manufacturing Industry

The manufacturing business is among the critical industries that use stainless steel. This is because it is a versatile and durable material that can withstand a lot of wear and tear.

It is also resistant to corrosion and rust, which means you can use it in various applications. Some of the common products made from stainless steel include car parts, kitchen utensils, and medical equipment.

Kitchen and Bathroom Industry

Often used in products such as sinks, faucets, and appliances, stainless steel provides a sleek and modern look that is easy to clean. In addition to its visual appeal.

Stainless steel is also easy to care for, making it a popular choice for home and commercial use. If you want to know how this product is fabricated using stainless steel you may visit swensonwelding.net.

Architecture Industry

Other types of stainless steel are more ductile, making them ideal for use in creating architectural features such as sculptures or fountains.

Still, other types of stainless steel have a high resistance to heat, making them ideal for use in fireplaces or outdoor kitchens. No matter what the specific requirements are, there is a type of stainless steel that can be used to create the desired effect.

Automotive Industry

The automotive industry is one of the top users of stainless steel. Stainless steel is invulnerable to rust and deterioration, making it ideal for use in car manufacturing.

It is also aesthetic to create a sleek, modern look for cars. Additionally, stainless steel is easy to clean and maintain, another critical factor for the automotive industry.

Food & Beverage Industry

The food and beverage industry is a significant user of stainless steel. Stainless steel is used in food processing, storage, and preparation. It is also used in the making of food packaging.

It is also a recyclable material, which is another important consideration for an industry that is increasingly environmentally conscious.

Healthcare Industry

This makes them perfect for use in the healthcare industry, where they can come into contact with all sorts of bodily fluids and still stay sterile. Stainless steel is used in everything from medical instruments to hospital sinks and countertops.

It’s even used in some implants, such as hip replacements. Stainless steel is a critical part of the healthcare industry and helps to keep everyone safe.

It is easy to clean, making it ideal for medical equipment and facilities. It’s non-toxic also and does not harbor bacteria, making it safe for patients and medical staff.

Pharmaceutical Industry

Steel helps contain and distribute medicines, and can be used in the construction of manufacturing plants and storage facilities.

Stainless steel is also used in many medical devices, such as needles and syringes. The properties of steel make it an ideal material for the pharmaceutical industry.

Additionally, it is non-reactive and easy to clean and sterilize. It is also solid, making it suitable for storing and transporting pharmaceutical products.

Construction Industry

Many industries use stainless steel in their applications. Because it is sturdy and long-lasting, stainless steel is the perfect construction material. It is also easy to clean and maintain, which is important in construction.

Besides, it is an alloy of iron, chromium, and nickel. It is often used in construction because it is strong and can withstand for a long time.

Power Industry

Most power plants have at least some stainless steel in them, and many use a great deal. The most common use for stainless steel in the power industry is in the construction of fuel cells.

Fuel cells are devices that use chemical reactions to produce electricity, and they are a major part of many power plants.

Stainless steel is also used in the construction of some types of batteries, and it is sometimes used in the electrical wiring of power plants.

Chemical, Oil, and Gas Industry

It is able to withstand the high pressures and temperatures found in this industry. The chemical industry also uses stainless steel for the same reasons. Stainless steel is an essential material for the safe and efficient operation of this industry.

It is also used in the transportation of oil and gas products. This industry relies on stainless steel to ensure the safety and integrity of its products. It is used in the construction of storage tanks, pipe systems, and reaction vessels.

Transportation Industry

This is because stainless steel is sturdy and invulnerable to decay, making it perfect for use in moving parts in vehicles and other objects exposed to the environment.

It is also easy to clean and maintain, which is vital for busy transportation hubs. This applies to various transportation, from buses and trains to cars and boats.

Pulp and Paper Industry

Stainless steel is used in the pulp and paper industry in a sort way, depending on the type of paper it produced. For example, the pulp and paper industry uses stainless steel to create paper and cardboard.

The packaging industry uses stainless steel to create cans, bottles, and other containers.

Graphic Arts Industry

Each type of stainless steel has its unique set of qualities that make it ideal for specific applications like printing and other graphic arts applications.

Stainless steel is also non-magnetic, which makes it ideal for use in magnets and other applications where magnetism is a concern. The types of stainless steel used in the graphic arts industry are 304 and 316.

Many Benefits of Use Stainless Steel

Overall, stainless steel is a versatile material with a wide range of uses in many industries.

Some of the top industries that use stainless steel include the food and beverage industry, the medical industry, the construction industry, and the automotive industry. Stainless steel is essential in many industries due to its unique properties and benefits.

For more helpful tips and great content, please check out the rest of our blog.

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The Different Types of Limited Liability Companies and Their Benefits

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Types of Limited Liability Companies

LLCs have experienced huge growth in popularity in recent years thanks to the onslaught of carabids across the country. No wonder they’re the most popular business entity chosen by small-business owners. But, not all LLCs are created equal.

There are a few different types of limited liability companies. While there can be variations, it’s generally broken down into two categories: member-managed vs. manager-managed.

When choosing a limited liability company for your business, it’s important to understand the different types and find the one that fits your needs best. Here’s everything you need to know about limited liability companies.

Let’s get started!

What is a Limited Liability Company?

A limited liability company, or LLC, is a type of business entity that offers limited liability protection to its owners.

Forming an LLC is popular among small business owners and entrepreneurs. It’s because they are easy to set up and offer flexibility in how the business is managed.

The Member-Managed LLC

This type of LLC is managed by its members, meaning that each member has a say in how the business is run. This can be a great benefit for businesses that want to maintain a high level of control and make decisions quickly and efficiently. 

The Manager-Managed LLC

There are several different types of limited liability companies (LLCs), including manager-managed LLCs. The benefits of selecting a manager-managed LLC structure include:

Increased Flexibility in Management

Manager-managed LLCs allow for a more flexible management structure, as the management team can be composed of non-owner managers.

Enhanced Decision-Making

With a clear separation of management and ownership, manager-managed LLCs can make decisions more efficiently and effectively.

Reduced Owner Involvement

As the owners of a manager-managed LLC are not actively involved in the day-to-day operations, they can take a more passive role in the business.

Greater Asset Protection

LLCs offer excellent asset protection. In a manager-managed LLC, the asset protection lawyers offer even greater protection as the owners are not actively involved in the business and therefore cannot be held liable for its debts and liabilities.

The Series LLC

A series LLC is a special type of LLC that is authorized in some states. It is designed to provide liability protection to the individual series within the LLC.

Each series is a separate legal entity and has its assets, liabilities, and management structure. The key benefit of a series LLC is that it limits the liability of each series to the assets within that series.

The Single-Memeber LLC

The single-member LLC is one of the most popular, as it offers great liability protection for the owner while still being relatively easy to set up and operate.

This type of LLC is also often used for investment purposes, as it can help limit the amount of personal liability the owner has in the event of a loss.

Learn the Different Types of Limited Liability Companies Starting Today

There are many different types of limited liability companies, each with its unique benefits. LLCs can be a great way to protect your assets from business debts and liabilities.

They can also provide tax benefits and flexibility in how the business is managed. When considering setting up an LLC, it is important to choose the right type for your business and goals.

So, what are you waiting for? Grab a pen and a piece of paper, take note of this important information and make sure it use to your business advantage right away!

Did you find this article helpful? Check out the rest of our blogs!

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Eating on a Budget: What Is the Cheapest Way to Get Food Delivered?

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Get Food Delivered

Eating on a budget is a skill all people ought to have and develop. Sometimes, our financial needs force us to sacrifice quality and variety in favor of affordability. 

The solution to this problem comes in the form of food delivery. Although this may seem like too much money, it is actually one of the most affordable ways to go about getting food. Best of all, you don’t have to sacrifice your appetite or good taste. 

Here below are a few tips on the cheapest way to get food delivered, so read on. 

Be Smart With Your Food Choices 

One way to save money when getting food delivered is to choose your food smart. For example, you can order a less expensive entrée or choose a smaller portion size.

Choose a Store Near You 

Another thing that can make your food delivery expensive is the delivery fee itself. By ordering from a store that is closer, you can save a lot of your total costs. You won’t believe how much difference that can make. 

Collect Coupons, Promo Codes, or Points

Another thing you can do is collect opportunities for discounts, such as those coupons and codes. The best food delivery apps can also ask you to play a game in exchange for points, which translates to discounts on your future orders. 

Plan Your Meal Deliveries 

Planning your meal deliveries allows you to sit down and think of your food choices and how to make them cost-effective. Maybe you can designate only one meal a day to order something you really like.

If you can splurge on a favorite at least once a day, it won’t usually be a problem making compromises on your other meals. 

Take Note of Holidays 

Yet another way you can save money on your deliveries is to take note of holidays during the year when stores are likely to offer discounts. By considering these holidays as you plan your deliveries, you can surely save even more money. 

Be a Regular Customer

Many stores reward their loyal customers with discounts from time to time. So if you find one where you really like the food, order more often and you may just get loyalty discounts, or maybe even a loyalty card. 

When checking out from your app, be sure to adjust the “book your delivery or pickup order here” setting. If you make a mistake with this, the store might ban you. 

Sign Up for a Delivery Subscription

This is probably one of the smartest things you can do when saving food delivery costs. If you plan to order routinely anyway, why not sign up for a delivery subscription?

You may have to pay a one-time fee, but it will be cheaper overall than if you had to book a delivery with every meal.

Find the Cheapest Way to Get Food Delivered

These are some of the best tips you can get on the cheapest way to get food delivered. It’s going to take some practice, especially the meal-planning part. In time, you’ll get used to it and it won’t even feel like you’re trying to save money. 

Want more tips? You got it! Our blog has lots more information you can use to help you save money.

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