Don’t miss another episode of Truth In Data! Click on the red bell in the lower-left of your screen to receive notifications as soon as the episode publishes.
Data for today’s episode is provided by Mercator Advisory Group’s Report: Processing Recurring and Subscription Payments Without Friction: A Key to Unlocking Transactions from a Forecasted $830 Billion Card Market
Median Voluntary Churn Rate by Subscription Industry:
- Voluntary churn occurs when a customer chooses to cancel a service on their own accord.
- The business & professional services subscription industry has a median voluntary churn rate of 2.70%.
- The consumer goods & retail subscription industry has a median voluntary churn rate of 3.50%.
- The digital media & entertainment subscription industry has a median voluntary churn rate of 3.30%.
- The education subscription industry has a median voluntary churn rate of 3.40%.
- The software subscription industry has a median voluntary churn rate of 2.10%.
About Report
Mercator Advisory Group released a report covering the recurring payments and subscription marketplace titled Processing Recurring and Subscription Payments Without Friction: A Key to Unlocking Transactions from a Forecasted $830 Billion Card Market. The research defines and explains the recurring payments market and forecast, discusses the consumer demands in the subscription marketplace, and examines areas of opportunity for merchants and issuers such as churn optimization and lessons from the subscription app marketplace. Furthermore, this research explores last year’s regulatory changes to recurring payments in India.
“Reducing friction is the key to customer generation and retention,” comments Ben Danner, Analyst, at Mercator Advisory Group, and the author of the research report. There are a number of opportunities that exist to develop and refine the recurring payments economy.