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How to Get Better ROI Using Subscription Feature in Magento Development?
The online business landscape is getting fiercely competitive. One sure way to succeed is by creating a loyal customer base. If you own an online business then the subscription feature in Magento Development could be all you need to take your business to the next level. It will be best to include the subscription feature with the aids of expert Magento developers. Therefore, hire Magento developers who are highly skilled, talented, and experienced in their domain.
Here’s how you can use the Magento subscription feature to boost your ROI.
Seamless Customer Experience
With the Magento 2 Subscription feature, your customers can easily subscribe to their favorites and enjoy a top-quality buying experience. The purchasing and payment are handled hassle-free. This feature allows website owners to increase customer retention and conversion rate by a significant factor.
More Power to Customers
The customer is always in charge of the Magento subscription feature. Customers can skip, stop, or cancel their subscriptions at their will. They can even skip their next delivery/occurrence in case they are on a holiday or shifting to some other location.
All-inclusive Payment Gateway Support
Magento Subscription Feature supports all major payment gateways. This allows your customers to choose their preferred payment method. The Magento 2 Subscribe Now plugin supports Stripe, Cyber Source, Braintree, Authorize.net, First Data, and a few additional payment gateways.
Easy Subscription Management
Leveraging your buyer’s journey effectively and efficiently is essential for online success. With the Magento subscription feature, you can create a one of its kind buyer’s journey. Magento enables buyers to manage subscriptions for multiple products under a single section. They can also set the subscription start date set renewal period, manage billing address as per their convenience. Buyers can also save their payment details and manage multiple products all from within one single platform with ease.
Buy Everything Under One Roof
The Magento subscription feature is truly a one-stop-all solution that your customers will find hard to resist. The customers need not visit separate sections for one-time purchase products. They can add them to the shopping cart and Magento does all the magic work in the background so that your customer’s shopping experience remains uncompromised.
E-Wallet Integration
Giving more freedom to your customers are e-wallet integrations. Customers can even use the feature to pay installments. All in all, the entire Magento subscription feature is designed to cater to every need of your customers, turning them into repeat buyers and loyal customers.
Magento Development: Subscription Models –
1. Curation
As the name suggests, this subscription offers customers a carefully curated collection of items. This may include a gift hamper, a beauty box, or refreshing beverages, etc.
Again the customers can choose from two categories of curation subscription models–
- Select products
- Surprise products
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Surprise Products
Customers love it when they are made to feel special and cared for. And those who subscribe to the surprise products should expect nothing less. Every month they will be treated with a collection of products and services they have not used previously.
However, a slight downside is that it is not always possible to please everyone. And some customers may be too hard to please, leading to drop-offs and a fall in retention rates.
In the worst case, a long list of unhappy customers can easily snowball into bad publicity, negative feedback on social media, putting your brand’s name at risk.
Customer feedback is a great way to measure customer satisfaction and maintain that perfect balance between customer needs and loyalty. There is always room for improvement and timely feedback helps you to move consistently in the right direction by prioritizing customer expectations, handling complaints efficiently, and improving your offerings.
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Select Products
This subscription service gives customers the flexibility to add their preferred products to their monthly collection of items. In case the customer’s wishlist is empty i.e they choose no products, the surprise product subscription would be assigned by default.
The nicest part about this strategy is that clients may order what they want over and over again without having to look at the other possibilities. This model is ideal for companies with a large number of items.
Customers will be able to choose their chosen products rather than being surprised by them. No surprise that this alternative leads to higher customer retention rates.
The sole disadvantage of this model is that it might be costly and time-consuming for a company to implement. Customers want brands to know which products are the most popular, so they can manage their inventory accordingly.
2. Replenishment
Ease of use and no room for displeasure or complaints, the benefits of the replenishment model make it stand out from others. Customers can choose a product along with the delivery frequency.
This means they can order once and worry no more about timely refills or their favorite products going out of stock or even missing out on added benefits of lower costs, special discounts, and free delivery. It’s a major plus for customers, especially during lockdowns.
This approach is suitable for a whole range of e-commerce sites that sell medicines, as well as stores that sell pet food, ink cartridges, vitamins, and fitness food. This method eliminates the need for product discovery and effectively attracts long-term customers with higher customer retention.
3. Access
Customers that subscribe to the access subscription model receive a membership that grants them access to special benefits, products, and services. Many businesses already have a loyalty program in place. Combining this with a subscription service can boost revenue while providing a unique and exclusive shopping experience for your customers.
Integrating Magento Subscription Functionality
Top Magento development firms recommend online businesses third-party plugins to create the subscription functionality. A third-party extension is a pre-made set of codes for a certain feature.
The plugin is not only easy to implement or integrate, but also cost-effective as well. And in case you have no experience with coding, hiring a Magento developer will serve you well. You can hire a freelance Magento developer or work with a Magento development partner.
It will not only save money but also a time in the building of an eCommerce store from the ground up. On the Magento marketplace, there are a plethora of well-known extensions. We can assist you in designing a custom extension with a unique set of capabilities because we have experience with custom extensions.
Is Magento subscription feature Right for your business?
The online landscape demands continuous improvement in the way customers engage with your products and services. The Magento subscription feature allows you to make your online presence customer-centric. You may reap the benefits of a successful subscription strategy by combining the tremendous features of Magento 2 with a dedicated and skilled Magento Development Company.
The subscription market promises tremendous expansion as it puts customers in charge of what they want and how they want. The market for online merchants who want to integrate subscription services into their company strategy is booming. Brands, on the other hand, must choose a subscription that will enhance sales, revenue, client retention rates, and customer satisfaction.
An expert Magento developer will help you to leverage most of Magento’s capabilities. Therefore, hire Magento developers from a reputed development agency as they will save your time and resources, and you can utilize those resources for performing other business-associated operations that will bring fortune to your organization.