Business

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

Published

4 months ago

January 20, 2022

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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.”

Business

5 Incredible Benefits of Hiring a Personal Chef

Published

5 days ago

May 17, 2022

Akshay Sharma

Did you know that studies show Americans eat 5.8 times a day when they’re at home?

There’s nothing wrong with that, but we know that eating healthy requires planning. And that gets complicated when you’re trying to do it all every day.

That’s where a personal chef comes in! It lets you get great food without the hassle of planning so you can enjoy it. Still not convinced?

Then read what’s below, there are tons of benefits of hiring a personal chef.

Table of Contents

1 1. Convenience
2 2. Flexibility
3 3. Customize Meals
4 4. Nutritional Benefits
5 5. Cost-effectiveness
6 Hire A Personal Chef Now!

1. Convenience

Hiring a personal chef is very convenient. Especially for those who are living with a lot of people and those who are always busy.

It is convenient for them as they don’t need to cook or buy food anymore. If you hire a personal chef from cuisinecrafters.net it will be easy for you to eat meals every day.

2. Flexibility

The benefits of having a personal chef don’t only apply to you. It also applies to the personal chefs.

Because their work is very flexible. They have the opportunity to tend to their personal needs. They can also cook comfortably because they are working from home.

This is also a good thing for you. Because, as an employer, you also have to consider employees’ needs.

3. Customize Meals

A personal chef can help you customize your meals to your specific dietary needs and tastes.

They can also help you save time by doing the grocery shopping, cooking, and cleanup for you. Besides, a personal chef can provide an added element of fun and excitement to your meals by trying new recipes and cooking styles.

4. Nutritional Benefits

A personal chef can help you eat healthier. This is beneficial for people who live alone.

Because sometimes after work at dinner time they might not have the energy for home cooking. So they would prefer to eat ready-made food.

Yet, most ready-made foods are not healthy. So, a personal chef can prepare you a healthy meal.

5. Cost-effectiveness

Hiring a personal chef will also be beneficial for your budget. Because the cost of your meal will be related to its effectiveness. The quality of your meal may also relate to your cost-effectiveness.

Your personal chef will be the one in charge of your groceries so they will be part of the cost.

Costs will also differ on how big your meal is. For example, when you have a dinner party. The amount of food that will be cooked will also affect the cost.

Add-ons usually increase the cost of your meal. Yet, the cost of a personal chef is indeed worth it.

Hire A Personal Chef Now!

If you’re looking for a way to improve your quality of life. Hiring a personal chef is a great option. A personal chef can help you save time and money, as well as improve your health and well-being.

Contact the best personal chef today. Learn more about how they can help you live a healthier, happier life!

What are you waiting for? Hire a personal chef now!

To find more great tips on personal chef services. As well as other great homes, finance, travel, and technology articles. Check out our blog page today!

Business

How Do I Choose the Best Junk Removal Company in My Local Area?

Published

4 weeks ago

April 27, 2022

admin

Over 11,000 junk removal companies operate in about 14,000 locations in the United States. The many options make choosing the best junk removal company a daunting task.

Professional junk removal might be an effective way of getting rid of all that excess clutter and saving you time and hassle. Sadly, nothing is more aggravating than dealing with junk removal companies who fail to keep their promises when it comes to moving.

However, the secret here is to choose the best junk removal company in order to get the service you require.

Keep reading to learn the tips for hiring a good junk removal company.

Table of Contents

1 Equipment and Supplies
2 Research
3 Reputation
4 Hire a Junk Removal Company

Equipment and Supplies

Like other professional cleaners, junk removal experts must have the right work equipment. The right junk removal equipment saves both the company and clients time.

Many pieces of junk removal equipment and supplies are costly. So, hiring an equipped junk removal company will save you a lot of cash.

There are several types of junk removal equipment to check out. The first category is transportation equipment. Commercial and residential junk removal companies should have dump trucks and trailers.

Shovels, garbage bags, safety work gloves, and trash buckets are other supplies to consider. Such equipment and supplies also protect the workers from injuries and other safety risks.

Research

Proper due diligence is fundamental when hiring junk removal services. Good research will help you know the status of the company you intend to hire. You will know if the company is reputable and reliable.

There are things you should research about. One of them is the services provided by junk removal companies. The services depend on the types of junk the company removes.

Examples of junk are expired food, damaged furniture/appliances, and miscellaneous scrap. You can hire Stress Free Junk Hauling, a reputable company that can help you get rid of any junk from your place.

Ensure that you also research the company’s expertise. Hire a company with well-trained people who do their jobs safely.

Reputation

You should hire a company you can trust and rely on. Get recommendations from your neighbors or other businesses that have hired the services before. Ask them about the prices charged for junk removal services.

You should also know if the company you’re hiring is environmentally conscious. An environmentally conscious expert will not damage your surrounding environment.

The company’s online reviews will also enlighten you about its reputation. Reputable junk removal companies do not have a trend of negative reviews/testimonials.

Authentic junk removal companies also have legal certifications. Licensing proves that the company has well-trained workers and follows the OSHA guidelines.

Hire a Junk Removal Company

A lot of junk will reduce your residential or commercial house’s curb appeal. Clutter can also reduce your place’s space, causing disorganization. Hiring a reputable junk removal company will help you get rid of waste in an efficient way.

Hopefully, you’ve enjoyed reading this article. Check out the other blogs for more information on business products & services.

Business

Ways to Prepare for Retirement

Published

4 weeks ago

April 23, 2022

admin

It’s always a good idea to start preparing for retirement early. One main part of this process will be to ensure you have your finances in order. It will always be best not to put this off too long and plan well in advance so that you start looking forward to a retirement that will allow you a lifestyle that you can enjoy. Author of the bestselling book Total Money Makeover, Dave Ramsey, lays out for us a financial plan that can help us out when preparing for retirement.

The 7 Baby Steps and financial planning do’s and don’t from Dave Ramsey are set out here below:

Step 1: Set aside $1,000 to start off your emergency fund.

$1,000 is a great amount since it should cover the cost of any emergency. This will help prevent you from falling into debt and ensure you can stay on track with your retirement savings plan.

Step 2: Pay off your debts, aside from your mortgage, using the snowball method. Start off with your smallest debt first and work your way towards paying off your biggest ones.

Step 3: Put away between three and six months worth of expenses in your emergency fund. You’ll want to try and increase your savings to a sufficient level so that if any emergency does come your way that you’ll need to make a payment for, you’ll have the funds to do so.

The reason why it’s good to have three to six months’ worth of expenses saved is that not only will it mean you’ll be well covered in case of an emergency, but it will also return you better on your investment.

Step 4: Invest 15% of your total household income into your fund. It will be within your best interest to start preparing for your retirement as soon as you begin employment. Save into an IRA retirement account and invest in EFTs, mutual funds, and index funds.

Step 5: Invest money into an account and plan for the future of your children’s education. If you have children, start saving for their college funds. Just make sure to plan this well so as not to leave yourself short for your retirement. By balancing them, both you and your children will be well looked after and can enjoy your future plans for life ahead.

Step 6: Finalize your mortgage payments sooner. By making mortgage payments early, you can enjoy financial freedom later. Imagine the flexibility that can come with having more money in your retirement fund for when you finish off your career, while being able to invest more into your children’s college funds too.

Step 7: Watch your funds grow. Now, you can reap the benefits of watching your retirement fund build more quickly while having more savings become available to you.

Final Words

As shown here, preparing for your retirement can come easy by putting a few simple steps in place.

To recap, these are:

Save $1,000 for starting your emergency fund.

Pay off your debts.

Add savings into your emergency fund.

Invest 15% of your household income.

Save for your children’s education.

Pay off your mortgage early.

See your savings grow.

By following Ramsey’s 7 Baby Steps, you can watch your funds grow bigger while planning your finances better for later. That way, you can enjoy your retirement the way you’ve always wanted and can have more flexibility when your time at work has come to an end.