Subscription-based business seems to be flourishing more these days. Customers now prefer services where delivery is not just simply done, but services that make it easier for them to keep track of their money.
To help Woo-commerce stores achieve this need of the customer is why we need a subscription model, which indeed will benefit both store owners and the customers.
A subscription model is a part of Woocommerce subscription. But before we discuss further on that let’s first address the question that needs to be addressed.
What is a Subscription model?
We are all too familiar with Woocommerce subscriptions, a subscription model is where customers can subscribe for single or multiple products for a period of time. This brings recurring revenue to the store owners and the timely delivery satisfaction to customers by providing a subscription service to customers for various products and services.
These subscriptions can be of various duration as offered by the store owner, most commonly, weekly, monthly or annually or customized as per the requirements of the customer. There are many payment methods available in this model, making it very user-friendly for all the customers around the world.
The store owners can also provide the users the privilege to upgrade and downgrade management tasks in the dashboard. With the help of this model, store owners can even track the performance of packages with the reports included.
What are the Benefits of a Subscription Model and Why Do Stores Need It?
Here are a few points that will show you how beneficial a subscription model is for your Woocommerce store and why do stores need them in Woocommerce subscriptions.
- 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 and also there are multiple ways of payment modes available. This ensures to win the trust of the consumer and helps increase the rate of conversion.
How Can Stores Use a Subscription Model for Their Benefit?
Keep the bond strong with long-term subscribers
Many subscribers may be with you for long and that means they love your product. Long-term customers are the ones who visit your website often. Use this opportunity and make ties with them stronger. Offering add-ons, discounts, bonuses and such little perks to these long term customers will make them stick with you longer.
Make use of them wondering what’s new?
Subscribers will always pay full attention to your website for newer updates or upcoming deals. So why not use that as an advantage and strike while the iron is hot. Incentives can be offered as an offer for subscribers-only and sneak peeks can show off what’s new in store.
You can even send them a mail too of a new product that’s been launched or an offer that only they can avail. Who doesn’t love a little surprise right? The happier the customers, the more buzz your products and website creates.
Pay heed to their needs
Think of running out of food or office supplies or cleaning items in the middle of the day, irritating isn’t it? How much of a pain it is to go and buy these products one by one. This is something your customers go through every day. As a store owner, you can save the day and introduce the subscription models as a lifesaver in these crucial times.
Subscriptions models can be targeted for such products that are consumed daily. Customers can subscribe to get all these products monthly or weekly avoiding the trouble to go to stores, thus making their lives easier and raising your income more.
Know your priorities
This subscription model is a hit as a store owner can give the customers the option to create as many packages as they need and also customize their billing schedule as per their requirement. Not just that, a free trial can be offered to customers with minimal fee as they sign up which allows the customers to try the product first before they buy it. This builds trust and makes them feel prioritized.
Build boxes of happiness
Introduce subscription boxes, that contains multiple products. This will make customers want more products. For example, if they’re here for books, introduce a box that will have both books and other goodies like candles, bookmarks or tote bags. This sure will create a luring effect for them to subscribe to that box.
This is a great marketing strategy that boosts your sales and keeps the customer hooked to your website.
Plugins That Can Be Used To Implement Subscription Model in WooCommerce
There are many WooCommerce subscription plugins out there to give you a well-integrated subscription model. The best one out there and what I would suggest is Subscriptions for Woocommerce.
There is a free version and also a premium version of this plugin available. This plugin not only provides you with various features available but also gives you multiple billing period options. The trial period offered by this plugin makes it a win-win situation for the customers and the store, as they can trust the store and also try the products making the actual payment.
It displays subscription product along with other products on the webpage, thus making sure it catches the eye on the customer. Its user-friendliness is displayed by providing options to customers to customize their own subscriptions, track their subscribed package delivery and also make changes in case they change their mind.
The plugin automatically informs the subscriber and the store owner, regarding the status of the product, whether it is in shipping, canceled, expired, renewed, etc. It also allows you to create a discount coupon that can be used multiple times and lastly it also supports multi-lingual websites.
Wrapping up, these were some of the benefits of a subscription model for your WooCommerce store, why you need them and the plugin that makes the experience smooth and easy. Hope this article gives you a better understanding of the subscription model and its advantages.