Ensuring customers subscribe to virtual content is primarily an all-or-nothing business: paying through a standardized or content-free subscription payment wall, says Trevor Kaufman, CEO of SaaS Piano.io. In this month’s payment organization guide, Kaufman discusses the importance of going beyond this unique technique for everyone to a technique that measures the customer’s interest in whether monthly invoices, part by piece, or other invoices will maximize conversion.
Consumers have come to expect personalization in their shopping experiences, whether using online marketplaces such as Amazon and Etsy or mobile apps such as Gilt or Poshmark.
Product recommendations, informed through your history and payment methods, fit one facet of virtual payment experiences.
However, online content subscription purchase reports are very different from this ideal in practice. Magazines, newspapers, television networks, and other content providers offer more consistent interfaces that may forget your customers’ geography, content, or payment preferences.
The popular conversion technique that has been representative of the virtual content ecosystem, the paywall, may be a thing of the past, according to Trevor Kaufman, CEO of Software-as-a-Service, based in New York. Piano.io, which offers a collection of content control products that support synthetic intelligence (AI) and device learning (ML). Kaufman explained in an interview with PYMNTS how payment and personalization of content can have an effect on the delight of the virtual user of consumers.
Companies prioritize obtaining consumers on e-commerce sites or virtual content platforms to make purchases first, and virtual content platforms have relied on paywall methods to generate conversions. In the end, consumers can’t see site content until they subscribe or pay for additional access.
The challenge of implementing a paywall as a one-time technique for everyone is that not all consumers need or can dedicate themselves to a subscription to get started. This would possibly result in content platforms wasting potential consumers who might not have sought to pay for subscriptions but might have thought of slowly paying to access articles, videos, or other express media. Kaufman said he believed that a more personalized technique for content monetization can also help audiences enjoy greater user delight by providing paid features that tell consumers when, where, and how they should, to help full-fledged buyers.
A data-driven technique for the payment experience
According to Kaufman, content platforms can delight their visitors by offering payment strategies that fit the express preferences of visitors. This means leveraging knowledge research to tailor consumers to the payment strategies they’re likely to use and then providing those payment features and engaging content.
“Certainly, if Ashley pays with an American Express Platinum card and I pay with a prepaid Visa debit card, I have a little more liquidity and [I’m likely to cancel my subscription] than she does; you might have other content preferences.” Kaufman explained.
Knowing which payment method consumers like Ashley prefer in this situation is one of the key data that can be incorporated into AI-based predictive systems so that platforms are out of the way not only if Americans might be interested in secure content, but also the likelihood that they will. purchase or subscribe if secure payment features are offered.
Offering local payment strategies is a component of the preference to offer consumers the payment strategies they prefer. The same knowledge analysis team used to stumble upon consumers’ personal credit card debit tastes can be used to locate their geographic locations and identify the most popular payment features in each. Tools that use AI and ML can safely help and automate the purposes needed to make cross-border transactions comply with local regulations once features are implemented, and can also help merchants which payment gateways could guarantee the highest transaction. Fortune Rates.Array These systems can also be used to selectively demonstrate the content that users are as attractive or attractive to locate.
AI and ML can also help provide paid features that subscribers may not know and may prefer. An example: giving consumers the ability to make purchases with a cell wallet without having to open their own account.
“If Apple Pay is set up on your phone, instead of appearing as a paywall that you need to sign in to [to access] unlimited content [like installing a subscriber], we’ll tell you, “You can buy really well now, you know, [with] Face ID [or] Touch ID, “and you don’t make any new connection [or] create an account,” Kaufman explained.
The time and extra effort that users can save by using a cellular wallet that already activates them to subscribe because the registration procedure is faster and easier. Therefore, it converts consumers who may not have been willing to pursue a full subscription if it required a great deal of time and effort to enter their non-public information.
Personalized content for the Internet
The implications of using this type of data-driven style go far beyond the payment experience. AI and ML teams can also be used to customize the type of content that other users find first. Kaufman compares virtual content customization with custom food purchase reports on online retail sites. The difference is that consumers who browse the sites of their favorite magazines and newspapers can get more articles and videos than tips on clothing or other products.
“[Women] are going to get some recommendations for women’s clothes, and I’ll get recommendations for men’s clothes, and that’s the easiest way to think about it,” Kaufman said.
Readers are exposed to more personalized and less irrelevant content.
Kaufman explained that using AI and ML systems can also mean that two other users would possibly never see the same content, even if they were browsing the same content at the same time.
“If you went to Marketwatch.com, you’d see a different Marketwatch.com than I’d see, because we’re dynamically reconfiguring this website so that Dow Jones would demonstrate content that’s likely to click,” he said. .
User A can simply log in to the site and view home page A, while user B would enter the site to view home page B. User A can simply click on one of the items on home page A and find a paywall, while User B can simply click on the same item and not find any paywall on the same page, and never find a paywall at all.
Algorithmic teams like those leveraging knowledge and predictive analytics can help businesses drive conversion at a time when consumers have access to countless virtual content options. The area remains more competitive and the good luck of virtual content platforms will have its ability to tailor its products, content, facilities and invoices to meet the personal tastes of current and potential customers.
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New PYMNTS report: Manual of strategies to prevent financial crime – July 2020
Call it the big tug-of-war. Scammers come together to shape elaborate networked paints that work in sync to initiate account garnishing. Chris Tremont, executive vice president of Radius Bank, tells PYMNTS that monetary establishments (IFs) can beat those highly organized scammers at their own game. In the July 2020 Financial Crime Prevention Guide, Tremont explains how.
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