The cross channel marketing report implemented by responsys and econsultancy shows that 70% of enterprises believe that acquiring new customers is more expensive than regaining existing customers. There is no doubt that this is one of the reasons why subscription mode is popular in the e-commerce world. Subscription can not only make customers who fight a hard battle automatically repeat purchases, but also create a stable source of repeated income. However, it is not easy to start a successful subscription based business or add subscriptions to an existing store. Careful planning, knowledge of customer needs, will to try new things, and several needs.
If you plan to use the subscription model directly, you need to know and do something to improve the likelihood of long-term success. The reason why recurring revenue is important is that recurring and predictable revenue is ideal for e-commerce stores. In a world where the next sale may be between 10 seconds or 10 days, monthly and annual calculable earnings may be a great help to stability. In my previous post, I explained the ideal reason for higher revenue stores based on subscriptions. Subscription based sales model introduces regularity into this chaotic and unpredictable world. Store owners always know the number of subscriptions running at a given time, the number of subscriptions belonging to each tier, and when the next request cycle occurs.
Through subscription, store owners can rely on a stable and repeated revenue stream. […] Then, with predictable revenue, you can make more informed decisions about how to spend marketing expenses, what technology to invest in, and the next growth area of the store. This stable form of income will not only affect your income, but also affect your investment in improving design, trying new forms of marketing, upgrading trusteeship and other things you can do in the next step. You can hire employees or cooperate with agents with subscription income!
Through the recurring income that can be obtained through the subscription based model, you can put more money in your pocket and complete more work in the store. Let’s look at several factors needed to ensure these benefits and build a successful subscription model. Success begins with powerful backup: as your website expected, the first thing to have is a stable website with e-commerce function or a content management system (CMS) supporting subscription based products. If you are just getting started, we recommend using woocommerce and woocommerce subscription extensions. Woocommerce allows you to start the store for free, subscribe to the extension, provide all actual and digital goods according to the selected schedule, and perform functions and flexibility such as automatic payment and free trial through more than 20 support gateways.
The following is an overview of woocommerce subscriptions and why they were selected: Whether customers purchase a subscription once or for several years to provide customers with a stable and pleasant experience, we suggest: Hosting – this hosting environment not only provides practical support for updates and maintenance, but also provides ideal enhanced security and monitoring for e-commerce environments. Easier payment – whether you accept paypal or choose a payment gateway, the easier it is to pay the subscription fee, the better. Here you can see the gateway that supports automatic payment for woocommerce subscription. Security – read woocommerce store security post to learn the first step you need to take. Let’s talk about the factors that make subscription business or software package can not use software. Start from a financial perspective, including price and payment frequency.
Fair prices and payment schedules are top priorities
One item is the bill amount for each item that is part of the subscription plan. This is easy if subscribers regularly receive a single product in stock every month. However, if the subscription is a monthly \
The smartest way: if you can manage, give shoppers two choices and allow them to switch between payment plans (or delivery frequency if you choose to provide multiple options here). If you are considering offering a subscription in a reasonable repeat delivery store, it may be because you want to automatically convey something to customers every month. But is that \
Consider how practical it is for someone to go out and buy what the local store sells every month or fortnight (or plans to sell). Some products also sound realistic in very specific shoppers or situations. Obviously, some people often buy certain kinds of food and drinks, and certain household products will soon be exhausted. But how often do shoppers actively buy new socks or choose new toys for their children? Sometimes it may not be enough. Are there any delicious products that customers often want or need like freshly baked delicious cookies? This is a good start. Although I have said all this, I still have a way to make the subscription business run on less frequent products. The solution is very simple.
Reduce the frequency to quarterly or monthly and pay quarterly. Shoppers are likely to buy more than one new item at a time, so it is best to include one or more items. (think about socks, not one set, but one bag at a time!) Of course, some products are still not suitable for subscription business. Hammer club this month? Well, we think we’ll get it out. We have hinted at this according to the delivery schedule of customers’ needs, but an important aspect of establishing a successful subscription plan is to find a delivery schedule to meet customers’ needs.
For most programs, it is safest to actively ask customers for feedback from the beginning of monthly delivery. This allows you to determine whether you should expand or collapse, or provide more options. This applies to consumer goods such as food and alcohol, beauty or makeup series, and other distribution varieties that may be \
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