SUBSCRIPTION PRODUCT SETUP
Over the past few years, there has been increased interest in subscription services.
Offering a usage-based or pay-as-you-go subscription allows your business to accommodate a variety of buyers and budgets. Your customers will certainly appreciate the flexibility of your pricing plans and will be compelled to continue their monthly subscription because they feel they are saving money with the array of options you offer.
When you are operating a pay once model, you must constantly attract and convert customers in order to earn revenue. This can be expensive. One poorly performing month could set you back and it can be harder for you to recover the investment you already made toward customer acquisition.
With a subscription-based business model, customers make payments to you on a regular basis. Since the amount of recurring payments is decided on at the time of initial sale, it allows you to predict your revenue each month. This also ensures that you aren’t ordering more supplies or stocking more inventory than you need.
Implementing a subscription model is its ability to reliably predict the revenue that your company will receive. Your customers are now active subscribers of your business, meaning they’re making recurring payments to continue to get your products.
Here are a few points that will show you how beneficial a subscription model is for your Shopifystore
- As a store owner, you would surely be fussing about how to make money regularly. Well, your troubles can finally rest. With subscription model customers can make single or bulk purchase and subscribe for the same product weekly, monthly or yearly as per their requirement. This not only assures the store owner of their payment but also assures the customer of when their product will be delivered.
- Subscription packages will help grab customer attention. If you put an offer or so with your subscription package for a limited time, that will boost the sales.
- Subscription-based products do not always have to be physical ones, they can be virtual or downloadable too. Since it can take many forms, it can also be delivered in many ways.
- Subscriptions can be customized as per customer needs. The pricing levels can be adjusted, the delivery schedule can be managed. This ensures to win the trust of the customers and helps increase the rate of conversion.
NOTE: You will need an app to make this happen and you may need to pay a monthly fee for that.