I don’t buy anymore; instead, I subscribe. From coffee powder to clothing to co-working spaces, there is something for everyone. But that should be a flexible subscription.
Subscription models are rapidly growing as access over ownership becomes the standard. The average subscription billing company is increasing at a rate of 30 to 50 percent every year. In recent years, the subscription economy has risen at a rate of more than 100% per year. There’s a cause for this sudden rise in popularity.
They are, in fact, a core principle of The Modern Revolution. Customers get a more personalised experience as well as a hassle-free, cost-effective way to buy. They also provide you with regular revenue, reliable forecasting, and year-round demand. A simple subscription strategy, on the other hand, will not win your clients’ loyalty.
Subscriptions must be frictionless to grow subscribers, and this leads back to flexibility. I’ve looked at why flexible subscription are the most convenient way to buy – as well as the innovations you’ll need to make them happen.
Customers always expect flexible subscription
Subscriptions, as I mentioned in the introduction, are handy. They can, however, be even better. If 2021 has taught us anything, it is that things change quickly. As a result, people’s needs change, and to make customers’ lives easier, your subscriptions must reflect reality. The best way to achieve this is to be flexible throughout the client experience.
Giving your consumers the option to create personalised packages based on their specific needs is the first step. However, whether it’s for coffee, cosmetics, or everyday items, the flexibility must be maintained for the duration of their subscription.
Customers desire the ability to modify their subscriptions at any time. They also want to be able to do it quickly. From the manner people pay to the services they add or remove, everything is up to them.
That implies changes to orders after they’ve been placed are commonplace, whether they’re moving, altering, changing, or removing them. Allowing customers to modify their subscriptions readily eliminates friction in the customer journey.
For a flexible subscription, there are a few requirements
Flexible subscriptions are difficult to access by. According to studies while 75% of direct-to-consumer businesses will provide subscription services by 2023, only 20% will enhance client retention. This difference is related partly to the fact that most platforms are unable to deliver consistent subscription experiences
A difficulty that is increased for organisations with extensive product portfolios. Finally, the flexibility you want your customer experience to have should be built into your subscription management platform. Here are some features to look for to obtain this desired flexibility:
Flexibility in items
As your relationship with customers grows, the items you offer must continue to satisfy their demands. Providing a simple alternative like trading out customers current subscriptions for something new or different will keep them engaged and prevent churn.
Flexibility in payment/checkout
Offering subscriptions carry the same risks as any other business model: clients become bored with the things they receive rapidly, acquire too much, or are in a financial condition that prevents them from continuing to purchase. Allowing clients to skip a month will enable them to get more use of the product until they require a refresh.
Flexibility in cancelling the subscription
The customers should have the flexibility to cancel their subscriptions whenever they want. There should not be any delay in the cancellation procedure. It should be done as soon as immediately. If any delay occurred it will affect your store’s image.
Best subscription app on Shopify
Here is an app that provides the fundamental flexibility requirements mentioned above for your customers. So there is no hassle and a boring free app that is best suited for your subscription products with all flexibilities.
Subscription models provide a fantastic opportunity to form a bond with your clients. However, to fulfil the needs of your growing digital customer base, your subscriptions must be adaptable.
Check off the elements I’ve highlighted when evaluating any potential subscriber management platform to ensure your subscriptions can change along with your customers.