Last week marked the end of NRF 2020, and the conference left us inspired, energized, and as optimistic as ever about the future of recurring revenue-focused retail practices.
We were able to spend time with some of our partners like Shopify Plus, Magento, Salesforce Marketing Cloud, Big Commerce, and SAP and chat with other conference attendees about everything from the importance of collecting the right data to the future of Relationship Commerce. We kept noticing one major theme: maximizing recurring revenue potential is on everyone’s minds.
“Relationship commerce enables brands and retailers to form a closer connection with customers that leads to repeat purchasing,” said Ordergroove CEO Greg Alvo, who led our Big Ideas session based on research from our latest NAPCO survey results. “This year’s study affirms the business model shift we’re seeing across retailers and brands of all sizes and segments. By delivering frictionless and convenient recurring revenue experiences, today’s leading merchants reap benefits on many fronts.”
As Ordergroove sales team member and NRF attendee Jeremy Willus put it, “Whether they sold vitamins, toys, or farm/ranch supplies, every retailer I talked to said they were trying to figure out ways to generate recurring revenue. Running a business solely focused on capturing one-time transactions is getting increasingly more painful.”
Similarly, sales team member Dan Purdum said of his experience: “I heard over and over that if retailers are serious about scaling, they are either doing subscriptions today or are looking at it.”
As retailers dive into a plan for this new year and new decade, they’ll want to keep a strong recurring revenue strategy in place in order to stand out among their competitors and keep customers coming back.