Monetization Solutions for the Internet of Things
Acquire new customers and improve retention with Vindicia
The Internet of Things (IoT) market is expanding at a breathtaking pace. According to Gartner, the IoT market will grow to an astonishing 20.8 billion interconnected devices by 2020*. Innovative IoT providers are restructuring their monetization models and processes – from marketing to billing to customer support – to make the transition to IoT devices easy for customers. Billing will play an important role in the ongoing success of this burgeoning market.
Subscription billing makes life easy for IoT providers and users
Charging a recurring fee for IoT products and services simplifies things for both providers and consumers. Regular payments ensure the consistent flow of revenue necessary to keep connected devices up and running. In addition to constant Internet access, IoT providers need to monetize their products and services to cover round-the-clock security, upgrades and version releases, bug fixes, storage, and much more. It’s difficult to monetize all of these with a single one-time payment,
Some IoT providers may consider a licensing model as is common among software providers, but subscription billing is far more consumer friendly. Charges from a subscription model are generally less than licensing charges, because providers are able to attract more customers. In addition, licensing fees are usually associated with on-site deployment, not the cloud-based structure inherent in IoT products.
A strategic billing advantage
Vindicia® CashBox® is our enterprise-class, cloud-based subscription billing platform that meets the entire subscription lifecycle needs of IoT businesses. And for IoT providers such as OnStar who already have a robust recurring billing system in place, we offer our Vindicia Select™ solution that works hand-in-hand with existing billing platforms to dramatically improve customer retention.
Our field-proven solutions improve and accelerate customer acquisition and retention for many of the world’s leading consumer-facing brands. We make online subscription payments seamless, secure and simple. Because sound monetization strategies are a key factor in determining success for today’s IoT providers. Our consultative approach and the Network Effect of our of our wealth of subscription transaction "big data" will help drive your success by providing the capabilities and insight that you need to successfully monetize IoT offerings through flexible billing solutions and best practices.