The rapid rise in popularity of subscription plans offered by third-party ordering apps has set off alarms for payment platforms.
For example, DoorDash offers a $9.99 per month subscription plan called “DashPass” where consumers pay no delivery fees and enjoy reduced service fees. In a letter to shareholders, DoorDash executives attributed record revenue growth in Q2 of 2023 to this subscription plan. The company saw annual demand nearly triple and gross-profit-per-order double following the launch of their subscription plan. Such plans have successfully diverted a significant majority of transactions away from first-party payment platforms in the food and beverage and retail space since they lack competitive offerings needed to entice consumers to make repeat transactions.
Recognizing the urgent need for a solution, the leading fintech platform Orda is helping payment platforms stay competitive with subscription plans for their merchant networks’ consumers. Current solutions are not integrated to the inventory or ordering process, so merchants have to manually create a subscription in a dashboard that is not connected with their ordering workflows. Orda Subscriptions allows platforms to offer their merchants white-label subscriptions fully integrated with their inventory. The subscription plans can be embedded across multiple channels, including branded mobile apps, online ordering, and kiosk ordering. This provides loyal consumers with an easy way to use a subscription plan when visiting their favorite store on a daily basis.
By allowing their merchants to adopt subscription plans, payment platforms can not only reclaim their lost payment volumes but also fortify their relationships with their merchants. Orda Subscriptions helps in this regard by providing a framework that encourages repeat purchases and long-term customer commitment. This, in turn, leads to increased transaction volumes for the platforms.
“Orda Subscriptions is a game-changing solution to the loyalty crisis faced by POS and ordering companies,” said Christine Davis, VP of Operations of Orda. “By enabling platforms to offer a fully customizable, white-label subscription service for their merchants, we are helping to strengthen the relationships between consumers, merchants, and platforms.”
Platforms looking to boost merchant retention through white label subscription plans can request a demo at https://www.getorda.com/subscription-plans.