Bold Commerce has announced a new integration – ‘Bold Subscriptions’ with Govalo, a leading gifting app for Shopify. Bold Subscriptions with Govalo will enable retailers to offer gift subscriptions to shoppers. The partnership opens up an additional revenue stream for their existing subscription programme. Bold Commerce is an eCommerce technology company that supports checkout and subscription experiences for retailers and DTC brands.
Subscription businesses are growing 6X faster than retail overall. The global subscription market size is expected to reach $904.2 billion by 2026. Consumers’ growing preference for subscriptions has also expanded to subscription gifting, with nearly one-third of consumers receiving a subscription as a gift. Retailers have a growing opportunity to turn one-time gift recipients into long-term subscribers. However, many of them lack the features and flexibility to seamlessly make the transition.
Subscriptions – the gift that keeps giving
The combined Bold Subscriptions and Govalo solution will enable the hundreds of Shopify merchants that already use Bold Subscriptions to support their subscription programmes by creating a complementary gift subscription product with Govalo.
Retailers can customise their subscription gift product–down to the product, image and subscription cycle times. It can be ready for customers to purchase on their eCommerce site, as they would a subscription for themselves. When customers purchase a gift subscription, Govalo automatically sends the subscription directly to the recipient. The recipient can then manage that subscription just like any other subscriber would. Change dates, swap items, and when the gifting period is over, choose to keep the subscription running billed to their credit card.
“Subscriptions are the gifts that keep on giving–for both consumers and brands. They offer shoppers convenience and connection with a brand. They offer brands the opportunity to drive a long-lasting relationship from a single transaction,” said Rhian Beutler, CEO of Govalo. “Our work with Bold Subscriptions helps brands to avoid the friction that typically comes with subscription gifting. To enable customers can easily share the subscriptions they love.”
Bold subscriptions configurable to customers needs
According to Jay Myers, Co-founder, Bold Commerce, “Subscribers can get a product anywhere. But they’ll stay loyal and subscribed for the experience and community that a brand provides. Bold Subscriptions’ integration with Govalo allows subscribers to share their favourite brand experiences with others through subscription gifting. It can grow a brand’s community along the way as gift recipients become subscribers themselves.”
Bold Subscriptions enables brands to configure, customise and tailor their subscription offering exactly to business needs. Unlike other subscription technologies that force brands to adapt their subscription offering to the application. This includes generating custom onboarding, unique rules sets and frequency logic. In addition to giving customers flexibility and control to pause, edit, skip, swap and manage their subscription. Brands can launch subscription programmes with Bold Subscriptions’ out-of-the-box features. Alternatively, use its robust APIs to create and configure any subscription offering imaginable–on any digital channel.
Enterprise Times: What this means for businesses.
A subscription model requires a totally different approach to business. The moment a company sells a subscription, they have to engage with the customer immediately. They must ensure the customer success starts immediately, helping the customer access the gift. This requires a mindset change and planning of the customer lifetime value journey. Analysts expect subscription models to grow rapidly in future years. Moreover, subscription models have extended themselves into virtually every area of retail. From traditional areas such as software and publishing to new fertile areas including groceries, food deliveries and pet food manufacturing. Hence the attractiveness of Bold Subscriptions to Govalo, a company which is reinventing the digital gifting experience for Shopify merchants.
