Manage your online store with Subscription Management Software for eCommerce
eCommerce subscription software is the new buzz in town. eCommerce refers to the exchange of money for services and goods online. It is an abbreviation for “electronic commerce”. Subscriptions undoubtedly are an increasingly common way to buy products and services online. No one can deny the fact that shoppers are now also turning to subscriptions for consumer goods. According to an estimation 15 percent of online shoppers have subscribed to an e-commerce service over the last year. With that what was figured out, most of the e-commerce subscribers have streaming-media subscriptions as well such as Netflix, YouTube etc. Without a doubt eCommerce and subscription business go hand in hand. A growing number of eCommerce businesses and payment solutions have also opened many opportunities for innovations that make online consumers life easier. As it’s a business advantage for online stores and a new way to monetize their services. This is the point where ecommerce subscription software comes in play its part for eCommerce industry is always in search of tools that can help them monetize their services.
With subscription management software for e-Commerce, customers can save time without having to wait for placing their new orders. Certain consumable products such as health supplements, pet foods etc. and groceries that tend to be reordered often are considered apt for the recurring order functionality.
Subscriptions got very popular in the past few years, which should not appear surprising, as it’s driven by convenience. People can simply order items from the comfort of their own homes and receive things they need or want regularly or on recurring basis. Convenience, in question, is the value proposition of subscriptions which, naturally, leads to higher customer retention rates.
What a better way to offer your customers a convenient service, while generating recurring revenue for your business? eCommerce subscription software platform will allow businesses to capture and automatically create subscription orders with a complete back-end subscription management system. Monthly memberships, and donations, can also be made easy through subscriptions. Below are some of the many features that subscription management software for eCommerce can provide
- Automatically Update Expired & Outdated Card Information on a daily with subscription management software for eCommerce
- The software offers customers with multiple recurring interval options (15 day, 30 day, etc.)
- Generate orders automatically
- Entertain subscriptions with Discounting Incentives (Sign up and Receive a discount
- Optionally lock product prices and shipping rates on recurring orders
- Automatically re-attempt credit card failures at defined intervals
- It also capture subscription orders on mobile devices
- Allow customers to manage credit cards and shipping addresses online
- Automatically notify customers when orders fail due to expired or declined credit cards
- Easily email or run a report on all customers that Have Subscribed to a Product
- Optionally allow customers to temporarily skip or permanently suspend future orders
Recurring card payments give businesses regular sales opportunity and a much predictable cash flow, as sellers already know the number of orders in advance. With that being said, it is much easier to estimate income and plan ahead. Moreover, subscription-based businesses might notice a better customer retention rate. In the subscription-based model, you have an established relationship with customers, so it’s more likely they will stick to your company for a longer time. What’s great about subscriptions is that they are available across a variety of product types and services. This is especially worth implementing for businesses with products or services that people tend to buy regularly. It’s not only about groceries, beauty, or a gym subscription, there are still many niches to fulfill.
eCommerce Subscription Management Software is a great solution for customers, as for many of them, the subscription model is a perfect way to keep financial health — they have control over their monthly expenses for certain items received regularly. Payments are charged automatically, customers receive their orders without any extra effort. So overall it’s a win-win situation.
High Conversion Rate
eCommerce Subscription Management Software also give businesses the opportunity to make cross-sales offers, as happy, long-term customers are more likely to explore new products or services. And as a result, business will observe an overall increase in conversion rate.
Customizable Subscription Checkout flows
Subscription management software for eCommerce can also track visitors’ purchase history. They can leverage this data to present useful and personalized product recommendation to businesses. With that the software also provides businesses with customizable subscription check out flows to make the subscription experience seamlessly hassle free.