Subscriptions are a great way to earn a stable and recurring revenue on your website which makes them a great fit for anyone looking to expand their revenue and reach a bigger audience.
Why you should consider offering subscriptions on your website:
1. Predictable revenue. If you can predict your revenue you can also easily plan out your inventory which is always helpful for any e-commerce website. This will help you prevent shortages in your inventory which will therefore prevent any “out of stock” products.
2. Increases the revenue on customer acquisition cost. Marketing is really expensive nowadays and with that being said it is important to get the maximum out of each and every customer you have. Subscriptions increase your overall revenue per customer which maximises the revenue from every customer!
What you should consider before starting to offer subscriptions on your website:
1. User experience. The user experience is vital in each situation when it comes to e-commerce and offering subscriptions is no different. You should definitely test the user experience and if the ease of the customer journey on your website is still there you should definitely go for it! If the customer journey though is becoming a bit tedious or hard to say the least you should definitely take a look at how you can improve it!
2. Website navigation. Can the customer find about the subscriptions easily? The subscription based method should be easily assessed by the customer and it should all be clear that the end user is getting a subscription not a single product, once. Poor clarification of the subscriptions can result in a lot of refunds and loss of revenue. The way to avoid that would be to always be honest and clear about the subscriptions with your customer and also keep it clean and easily findable!
Subscriptions can be a game changer for your Shopify website. We at Thails can help you implement the subscriptions on your website. If you want to start earning more today from your website, make sure to send me a message!