If you are an avid online shopper, you already know the perks of taking subscriptions from various e-commerce stores. Free delivery to exclusive coupons- the benefits are often too lucrative to resist for the customers. No doubt that it’s one of the business strategies that e-commerce business players have adopted over the years!
Now, the question is- how can your subscription billing model stand out from the crowd to drive more customers towards your e-commerce store?
If you are searching for answers, read on.
What is a Subscription Billing Model?
It’s a billing model which lets the merchants bill their customers automatically on a fixed time schedule for the specific products or services.
The subscription billing is also known as automated billing or recurring billing. Almost all the online businesses such as e-commerce stores, OTT channels, e-learning sites, job or news portals, gaming apps etc. have subscription billing models.
And this gives an idea about how important it is to make your subscription billing model innovative to drive the customers’ attention.
How to Improve Subscription Billing Model for E-commerce Platform- 5 Ways
1. Adopt a Recurring Billing System
A sound recurring billing system will not only lower your workload related to the billing activities, but will take care of the strategic billing solutions too. It includes providing multiple payment gateways support to offering exclusive discounts & promotional offers & much more based on the billing system you are choosing.
2. Keep Your Subscription Model Highly Flexible
Flexibility is often the key to win your customers’ interest to subscribe to your e-commerce store. A flexible subscription billing model implies easy implementation of a variety of subscription plans as per the current trends & demands. For instance, if you want to add more add-ons like coupons, vouchers etc. in the basic subscription plan, the billing model should let you do that smoothly. Or, if you want to modify the subscription plans based on the season on occasions, your billing system must allow you to do it in a hassle-free way!
3. Bring Exclusivity
Every e-commerce platform is investing the best of their efforts and money to attract more subscribers. And in order to draw the customers’ attention, your subscription model should offer exclusive offers or schemes. For instance, if you have an online clothing store and your competitors are giving free delivery to their subscribers, you can think of something more, such as- offering free accessories with every dress or offering a free garment based on the season like summer, winter, spring etc.
4. Utilize Real-Time Data
Analyze the real-time data related to the various metrics such as subscriber acquisition rate, subscriber churn rate, monthly recurring revenue etc. This will give you an idea about how your current subscription model is doing and what improvements are needed. A quality billing system gives you insights on the pricing models, inventory usage, and many more.
5. Promote Your Subscription Plans
No matter how good your subscription billing model is, if your customers are not aware of it, it may fail to serve the purpose. Let your customers know about what the subscription plans have in store for them! You can run messaging campaigns, or simply promote what the subscription plans are offering on the top of the homepage of your website or app, or during the checkout process of the customers to get better results.
Muvi Billing is one of its kind of monetization engine that provides you a subscription billing management solution for your business. It offers you the exclusive feature-rich solutions such as 40+ payment gateways, multi language, multi currency, analytics & insights, and smart record keeping, to name a few.
You can take a 14-day free trial of Muvi Billing without giving any card details!