has launched its eCommerce subscription engine, solving one of the biggest current challenges for eCommerce businesses. It is a comprehensive suite of software comprising various modules, each aimed at helping companies grow with subscriptions.
Before we learn more about the development, let's understand the market and the current need!
The market of Subscriptions
The world of eCommerce has been evolving with the speed of light, with new trends that force existing players to up their game.
The most recent and one of the most prominent ones is the subscription model, which has taken the industry by a storm. To give you an example,
"As per a report by the Royal Mail, by 2022 alone, The UK subscription box market is expected to grow by 72%"
The market size also resonates with the interest of eCommerce companies as UK residents spend about £2 billion every year on subscription box services.
Amidst all this growth and demand, mid-sized eCommerce retailers are looking for solutions to integrate subscription models with their existing businesses.
Aligned to the current needs, BetterCommerce has completed and launched a robust subscription model. BetterCommerce has been helping major brands take their business to the next level with state-of-the-art technology that powers the business's growth.
Why have a Subscription Model on your Online store?
Subscription models are the present and future for retail businesses
"In fact, as per a study, 75% of DTC businesses will offer subscription-based models in their stores."
Consumers have started expecting and preferring such models because of the linked benefits.
Subscription models offer the perfect revenue boost to businesses and help them build superior certainty in their cash flows compared to other models.
Winning loyal Customers
Various Studies stress on the high conversion rates with past customers compared to new prospects. It is common for businesses to focus on new customers while ignoring the treasure of past customer data, which can be turned into a regular revenue stream with subscription models.
Numerous companies started focusing on subscription models, and with time, their revenue from subscriptions surpassed the income from one-time monthly sales.
How to win with Subscription models?
The complexity involved in integrating and managing subscription models is as high as the rewards you get with successful implementation.
BetterCommerce's platform has made it simple for businesses to integrate subscription models into their online and even offline stores. They have taken care of granular details and have given a lot of power in the hands of companies to customise and market these models.
Here are some of the top ways and features helping brands:
● Build personalised subscriptions
One of the best ways is to allow the customers to pick and choose the products/services that they’d like to subscribe. More flexibility equals lesser friction towards completing the purchase. BetterCommerce's software allows the customers to do just that!
● Offer signup discounts or offer discounts on any month
Offers are key in promoting your offerings. You can select and create specific promotions to lure the customers into choosing the subscription box. This can include promotions like the 1st month free or for that matter any month free, an added gift or others.
You must test the different promotions you use and identify the one that performs the best.
● Attractive Pricing
It is crucial for you to give the customers more than 1 reason to choose the subscription box over buying the products individually. There should be a significant discount associated with choosing a recurring subscription model.
BetterCommerce gives you the complete ecosystem which is built around the most successful subscription models.
● Flexible payment models
Offer complete flexibility in terms of payment models – fixed fee, term based or unit-based pricing – whatever works for your business. Offer one-time payment option or monthly payments to customers as per their preference.
● Capturing and Analysing Data
Every activity associated with your subscription model is stored in BetterCommerce's platform, which you can leverage to your benefit. The software also equips you with resources to capture feedback on unsubscribers, so you can work on addressing the concerns.
You can analyse the data to identify the top-performing offers and A/B test features to increase your conversion rate.
● Offer flexibility in subscription periods
Another method of reducing the friction in subscription models is giving the customers an option to choose the time periods. Most of the brands can easily choose to have 3,6 and 12 months plans.
It is common for people to be receptive to shorter periods before building trust and likings for your products/services. This can be countered by making the 12 months plan lucrative with the best price point.
BetterCommerce is here with a platform that is helping address the most significant need of online stores: running subscription models.
This is sure to give birth to successful subscription models in the UK and abroad.
Are you someone looking to leverage this model for your business and feel limited with your current technology?
Check out BetterCommerce.io
to know how you can leverage their platform for your growth.