Capture More Residual Revenue with Subscription Commerce
No matter what your business, repeat or returning shoppers represent a great opportunity for sales. According to Hitwise report, Subscription commerce is one of the fastest growing online segments, and traditional merchants like Starbucks Corp. and Sephora USA Inc. are adding the subscription box models to their repertoire.
“Consumers who came of age in the digital era are accustomed to subscriptions models for online media (Netflix), music (Spotify) and news (New York Times online), but ironically for them subscribing to something in the physical world is exciting and new,” says Hitwise senior analyst John Fetto.
Subscription commerce solutions are the sure shot winners for effective and efficient e-commerce ventures. The perceived success of some high-profile businesses using the subscription commerce model has spurred many people to launch their own services in creative niches and in different countries around the world. When you have a subscription commerce in place, your e-commerce will surely have more order predictability, less retention spend and higher revenues.
Which E-commerce Platform is the Best for Subscription Commerce?
Today, subscription or recurring product lines in ecommerce are more than just a fad. However, choosing a Subscription commerce platform can be difficult as there are many factors to be considered. When you look at your subscription business, your choice becomes easier because there are a few good platforms that support recurring payments.
Some of the popular ones are:
CrateJoy – It is an all-in-one platform for running a subscription box business with a strong range of subscription-focused features, including refer-a-friend campaigns, analytics and shipment management.
Magento – an open source shopping cart system, having very extensive e-commerce functionality. Out of the box, the platform has limited support for subscription billing but some third party providers sell extensions offering extra subscription functionality.
WooCommerce – another open source shopping cart system, based on the WordPress platform.
You can have a subscription commerce website built from scratch using a technology such as Ruby on Rails or PHP. If you are building such website, you can integrate a dedicated recurring billing management system as it will do a lot of the subscription management legwork that would otherwise require extensive custom development work.
Ecommerce-Giants like Magento Enterprise make subscription commerce easy for merchants to implement and manage. Subscription commerce, also known as SubCom is a cross-platform module which helps you turn your regular eCommerce into boxed commerce to drive more revenue. It gives you the flexibility of creating subscription packages aka boxes for your customers to subscribe on regular intervals, which extends Magento abilities further. SubCom is the next-gen eCommerce platform that ensures recurring revenue from your loyal customer base.
With Subscription Commerce, business owners will benefit from:
1. Being in touch with loyal customers
2. Growing goodwill by better serving top customers
3. Earning promotion by word of mouth
4. Having a recurring opportunity to promote additional products
5. Generating recurring revenue with minimal sales efforts
6. Helps you with steady and predictable sales
7. Marketing budgets and sales team are freed to target new prospects
8. Increases your customer’s lifetime value
9. Boosts customer engagement
10. Streamline operations
Admin Features for Subscription Commerce
- You can create subscription plans using flexible settings for product mixes, duration, contractual obligations, cancellations, pausing and frequency among other things.
- You can create subscription plans offering with membership levels like Platinum, Gold Silver etc.
- Your customers will experience a higher level of service, and you will spend less time on admin-side work, which turns into a win-win customer relationship.
- The subscription commerce helps you offer the most flexible solution on the market at the same time as helping your customers to help themselves.
How do customers benefit?
- Customers can add and remove products from their subscriptions and have multiple subscriptions set in their account.
- Customers can cancel and/or pause their subscription online, while following to your implemented policy.
- Customers can monitor their purchasing history and remaining duration of their subscription packages.
- Customers can get rid of the inconvenience of going through the buying process again and again, while saving time from switching to a different store in between regular purchases.
Why Choose us for Subscription Commerce solutions?
At Krish Technolabs, we have an innovative desire to evolve the Magento e-commerce platform. We develop customizable solutions for traditional subscriptions as well as recurring e-commerce functionality with the ability to subscribe via major payment gateways.
The Subscription Commerce solution from Krish Technolabs offers a quick time to market with only a simple installation needed. Whether you’re B2B or B2C, keep your ecommerce business most competitive and innovative. Choosing products and services with a residual need and offering subscription to the customers are merely the next level of building a residual revenue.
Are you ready to go to the next level? For more information on Subscription Commerce, please do not hesitate to contact us @ firstname.lastname@example.org.