New AI-backed Enterprise Suite Effectively Reduces Payment Failure and Voluntary Churn
SUNNYVALE, Calif., April 14, 2023 (GLOBE NEWSWIRE) — Evergent, the customer management and monetization leader for digital subscription businesses, today announced the launch of its new Evergent Captivate Product Suite, a collection of tools purpose-built for subscriber churn management. Backed by artificial intelligence, the new product suite helps Evergent’s global customer base of digital media, entertainment, and telecommunications companies to analyze, predict and prevent churn among their audiences.
Subscription businesses today must be able to respond to both forms of customer loss: voluntary, or active, churn in which the customer consciously cancels the service and involuntary, or passive, churn, in which the system cancels the service when unable to collect payment. According to recent data from the global research firm, PYMNTS, about 24% of the recurring payments fail due to credit card failures and of that, about 88% of payments are recoverable by retrying the payments at the right time. The Evergent Captivate Product Suite is designed to address both forms of churn. The new offering from Evergent provides companies with precise, easy-to-use solutions to improve customer retention and increase the overall customer lifetime value (LTV).
The Evergent Captivate Product Suite for subscriber churn management includes the following tools:
- Captivate Flow: An end-to-end analytical tool designed to follow customer behavior, deter cancellations, and reduce voluntary churn
- Captivate Smart: An AI-based solution to detect and resolve potential payment failures before they occur, reducing failures by up to 30%
- Captivate Proact: Analytical AI tool to predict churn and lead users to proactive solutions
- Captivate Essential: A collection of essential subscriber management functions, ranging from loyalty points to segmented offers to pause & resume functions
“The economic landscape for global consumers has changed forever, and subscriptions now command a substantial part of the monthly budget,” said Vijay Sajja, founder and CEO of Evergent. “Companies providing subscription services are competing for wallet share, and customer retention is key for long-term survival. Captivate allows these businesses to better understand their customers, helping to predict potential churn and design the right programs and approaches to prevent it.”
ABOUT EVERGENT
Based in Sunnyvale, CA, Evergent delivers customer relationship management tools for global digital media, entertainment and telecommunications providers. With customers in 180+ countries ranging from small businesses to Fortune 500 companies, Evergent creates flexible, user-friendly solutions that enable each customer to streamline their CRM processes and maximize monetization efforts. For more information, visit www.evergent.com.
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