Among the possibilities that exist when it comes to marketing a product or service, a specific model is gaining special importance: the subscription model. Basically, the thing is that instead of charging your customers individually for each product, what you offer them is a subscription service with a series of monthly possibilities to purchase products, without having to pay for the products themselves.
How do you do this? What kind of models can you choose from?
E-commerce Subscription Services
First of all, hosting a subscription system is not an exclusive condition. That is to say, it doesn’t have to be strictly and exclusively a subscription service for all the articles in the shop, but it can simply be offered as a complement to the usual service, or as something specific for a specific number of products. There are many different options for subscription services that you can implement in an online shop. Subscription prices can be offered for a variety of products, from a single item to a bundle with many consumable or disposable items. Consider the following subscription techniques:
– Offer a subscription service for “everyday items” that appeals to those customers who already buy or use these product regularly. Let them choose how often they want to receive products and promote this option as simple and convenient.
– Monthly or periodic surprises and sample boxes are increasingly popular with online shoppers . From cosmetics to pet food, there are many specific items that customers would like to be able to subscribe to. This method also gives you the opportunity to introduce a wide range of products to customers that otherwise, they might never have tried.
– A third, more targeted subscription option is a membership pricing model which attracts and wins regular customers by offering them exclusive discounts on your products or access to exclusive products. This method will provide regular visitors and drive loyalty to your brand.
Visibility of your Online Store
Positioning and visibility is crucial to the success of an e-commerce and offering a subscription service will boost the visibility of your online store. As long as you do so, this model will also offer you an incredible opportunity to stand out from the competition. The exclusive advantages you offer your customers with the subscription service will help spread the word and improve the reputation of your e-commerce among online shoppers. Discounted prices and exclusive products will attract people. You can turn a subscription to your products or services into something so attractive and tempting that your customers can’t resist! A subscription service is truly a feature that can differentiate your online store from the hundreds of similar online stores you compete with every day. This is one way to stand out.
The supplement to your revenue streams you needed
Another great benefit of offering subscriptions to your customers is that they’ll be able to supplement their other income each month or pay period automatically. In addition to customers who might only visit your online store once or once in a while, subscriptions bring you a steady stream of regular income. Once you have a substantial number of subscribers, they could become your main source of income. Try implementing a subscription model on some of your products and see how it affects your revenue streams. Offering a subscription option can provide you with regular, predictable revenue – music to a marketer’s ears.
Earn Customer Loyalty
Along with the subscription model comes a valuable opportunity to offer a wonderful shopping experience and incredible customer service. To effectively implement this sales technique, you should always keep in mind that your subscribers will regularly interact with your company and your products. While they may be enjoying a discounted price, your customers have also entrusted themselves to your company and your products as subscribers. Your actions as a marketer will either earn your customers’ loyalty or lose it. Be sure to keep your customers happy by continually checking and improving the usefulness of your subscription through the following steps:
– Be sure to take care of essential details such as in-stock availability, ease of payment, and shipping options.
– Offer better subscription options than your competitors.
– Consider user feedback and address any problems or concerns immediately. Let your customers know when they purchase a subscription to your online store that you’ll take care of them.
Want to know more about the subscription payment system? Contact us, we’ve been working on it for a while and we even have a subscription system for Prestashop™ modules.
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