Subscription-based payments are in demand these days. More and more online businesses are shifting their pay-once model to subscription payments because online store owners have understood the myriad of benefits subscription payments can bring along.
Subscription payment is a recurring billing model, which your customers can opt for if they have regular payments to make. This way, they don’t have to go through the hassle of searching for the product over and over again on a website. Instead, they can opt for the subscription payment model, make the payment automatically, and conveniently receive the virtual or physical product. Let your customers shop from you conveniently and receive products that they need.
Now, let’s find what how it works, what its benefits are, and more.
Benefits of Utilising Subscription Payments:
- Subscription Payments make getting access to products convenient. The Subscription Payment mode will let your customers receive their order first, whether weekly or monthly. This plugin comes along with a buy now, pay later offer. Customers will get the option to choose how often they want to receive the order. Moreover, Subscription Payment will let you offer discounts to your loyal subscribers so that they keep shopping from your online store.
- As much as you would like new customers to shop from you, losing old customers can reduce your revenue. You will retain both old and new customers and streamline your income by enabling a subscription model. Encouraging your customers to go for a subscription plan, they will make regular payments for your products and services. This helps in two ways. First, you know you will receive recurring payments, and second, you can predict your revenue every month. The payment gets deducted from the customers’ bank account directly, and they feel less worried about missing out on buying the product/products they need repeatedly.
- If you compare the one-time payment and subscription models, you will realise that one-time payment offers you restricted customer acquisition costs. However, with the subscription model, your return on customer acquisition costs increases. Even though the CAC value will remain the same, you will gain on CLV. However, it will depend on how long your customers will subscribe to your plan. A subscription plan can enable you to lower the customer churn rate, which is something every online store tries to achieve.
- If a customer opts for a subscription model, it means that they are already trusting you with your services and products. This means you can market other similar products to the same customers efficiently. Upsell becomes convenient if someone has subscribed for your products. You can send them emails to highlight similar products they might be interested in buying or upsell them by showing them the products during their checkout process.
WooCommerce Subscription – The Best Subscription plugin for your WooCommerce Online Store
If you are serious about retaining your customers and finding a way to keep them with you, try the WooCommerce Subscription plugin. This plugin will let your customers subscribe to your online or physical products and pay annually, monthly, or weekly. They will have the option to choose a subscription plan based on their budget and requirements. Since you can never predict whether a customer will be back to your online store to buy more products, by offering them relevant subscription plans, customers will feel encouraged to shop from you for their recurring products rather than looking for them somewhere else.
With WooCommerce Subscription, you can easily manage and create recurring products payments, which will increase your revenue and offer you a residual income. In addition, this plugin will let you create multiple subscriptions for both virtual and physical products. Be it a monthly software package subscription, a weekly subscription plan for CBD oil, or more, WooCommerce Subscription lets you do that conveniently.
Few Features of WooCommerce Subscription:
- WooCommerce Subscription offers you a plethora of billing schedules depending on your online store’s needs.
- This plugin has integrated with more than 25 payment gateways, which you can choose from for automatic recurring payments.
- It supports manual renewal payments. Along with that, you can send automatic receipts and invoices.
- It supports both failed subscription payments and rebilling payments.
- With the help of WooCommerce Subscription, you can allow your customers to manage their plan impeccably and let them decide whether they want to stay with the same plan or downgrade and upgrade their subscription plan to enhance customer experience.
- WooCommerce Subscription provides you with a detailed report of each subscription plan that your customer has enrolled for.
- You can offer customers attractive subscription discounts.
- WooCommerce Subscription automatically notifies a customer when a renewal payment is processed.
Integrating Subscription Payments For Your eCommerce Website Selling CBD Oil
Although WooCommerce Subscription works for every online store, for CBD oil, the choices for payment gateway could be limited since there aren’t many payment-friendly gateways for CBD oil and related products. If you are selling CBD oil and want to use the WooCommerce Subscription plugin, the recommended payment gateway to use is Viva Wallet. Finding a payment gateway for products not related to CBD oil won’t be difficult, but for CBD oil, go with Viva Wallet. This European cloud-based payment gateway allows CBD merchants to integrate their payment service.
If you want to use WooCommerce Subscriptions, all you will have to do is visit the WooCommerce Subscription page on WordPress, purchase the plugin, and finally integrate it with payment gateways such as Viva Wallet.