Foyr develops revolutionary interior design software built for individual designers, as well as architectural firms. As the world's first cloud-based interior design software, Foyr takes a holistic approach to help designers get everything done in one place—from 2D and 3D floor plans through rendering—instead of having to rely on multiple heavy legacy systems. Its flagship product, Foyr Neo, helps interior designers render their final output in 5 minutes or less, a turnaround time that's unheard of in the industry.
"Perpetual licensing is dead! With brands like Adobe and Autodesk moving to the subscription business model, we clearly knew that subscription economy is the future," said Prakhar Goyal, Co-founder and Head of Products at Foyr. This global transition towards subscription models, coupled with the fact that today's interior designers want a pay-as-you-go model rather than a bulky archaic solution for their design needs, made Foyr choose the ubiquitous SaaS pricing model for their products.
With offices in the US, Singapore, and India and serving a global clientele, Foyr was looking for a recurring billing tool that could match their speed.
"We were looking for a smart billing solution that could automate our business workflows and provide a flexible API environment for us to play around," Goyal said.
Since the Foyr team was experimenting with a subscription model for the first time, they were looking for a tool that could help them with necessary billing functionalities without having to invest too much time and effort to deploy. After a thorough search, they chose Zoho Subscriptions.
Foyr provides a 14-day trial period when a customer signs up for their product with the help of Zoho Subscriptions' trial management system. After the trial, their customers can choose a paid subscription plan that best fits their needs. Foyr provides three different plans: Basic, Standard, and Premium, and offers different billing frequencies: Monthly, Quarterly, and Yearly. In addition to these plans, they have also created add-ons and coupons.
The Zoho Subscriptions and Stripe integration takes care of their online payment process. When a new subscription is created, Zoho Subscriptions triggers a webhook that can pass the subscription and customer details to Foyr's platform to enable licensing. Similarly, at every step of the subscription lifecycle, their team has set up multiple workflow automation rules to keep their app interface and Zoho Subscriptions in sync. And if a customer decides to cancel their plan, Foyr set up automatic email alerts to notify the concerned team so they can quickly reach out and win that customer back.
Being fully aware that the declined payments can contribute to involuntary churn (which in turn can result in service interruption for their customers), the Foyr team has made best use of Zoho Subscriptions' dunning mechanism to recover failed payments.
"Zoho Subscriptions' dunning management helped us recover 50% of the renewal payments that failed the first time. This greatly reduced our churn rate without manual follow-ups," said Laveena Punjabi, senior product manager at Foyr.
In addition, their team uses the Zoho Subscriptions Android app to quickly check customer subscription details while on the move.
The Foyr team constantly tries little experiments in their app to improve their customer experience. As the back-bone of its operations, it's crucial that their billing ecosystem supports these changes.
Zoho Subscriptions' flexible API library is easy to comprehend and consume. It enables us to run business experiments quickly and stay on top of the game! We highly recommend Zoho Subscriptions for any SaaS business.
Zoho is a software company that ships 45+ products globally. Operating on a subscription pricing model for more than 20 years has given us the opportunity to face and overcome the practical pain points of subscription businesses. Let us solve your subscription billing challenges, together.