September 19, 2017
Recurring billing is getting more popular and we can see the rapid growth of this so-called subscription economy. It’s a huge chance for merchants and, with the right payment solution, they can turn their customers into valuable, ideal consumers.
A recent Accenture report shows that millennials are expected to spend $1.4 trillion annually by 2020, which will represent 30% of total retail sales. They are a hot target for lots of businesses now and, according to many studies, they are more willing to try subscription-based services than other groups. They seek convenience, so signing up once and receiving goods or services on a regular basis highly meet their needs.
The way how recurring payments work is simple: A consumer clicks the ‘Buy’ button once and gets the product every week or month without any further action.
While previous generations don’t understand the need of using recurring payments that much, millennials are much more willing to use subscription-based services than their older counterparts. They perceive it as ...