Can you guarantee how much money your store is going to make this month? If you offered subscription-based products, you could do just that.
Not only does the subscription-based business model introduce reliable, recurring revenue that businesses can count on, but it allows businesses to scale as demands change, it is extremely convenient for its customers, it works well to build brand loyalty, since customers are invested in the business on a continuous basis, and it cuts costs, freeing up the budget to focus on other aspects of the business.
Introducing WooCommerce Subscriptions
WooCommerce has developed a premium extension (available through the WooThemes website) that deals specifically with all the complexities of setting up and managing a subscription system on a WordPress site.
Whatever the goal, the feature-rich WooCommerce Subscriptions extension gives any business the power and flexibility needed to establish a successful subscription model and capture that all-important residual revenue.
Why Use WooCommerce Subscriptions?
The WooCommerce Subscription extension allows you to:
- Choose the length of your billing schedules to suit your individual needs.
- Receive manual renewal payments with over 25 payment gateways, along with automatic email invoices and receipts.
- Receive automatic rebilling on failed subscription payments, so you never lose revenue.
- Give subscribers the ability to manage their own plan, including upgrading or downgrading, without needing to wait on you for help.
- Give customers the ability to purchase subscription and non-subscription products during a single checkout.
- Receive built-in renewal notifications and automatic emails that let you – and your customers – know when subscription payments have been processed, so there are never any surprises.
- Receive detailed reports that help you to keep track of recurring revenue, the number of active subscribers and more.
- Charge an initial sign-up fee to account for customer setup costs, or allow customers free trials before they make a purchase.
- Manage your subscriptions through the administration screen where you can suspend or cancel a subscription, change the trial expiration, add items, shipping, fees or taxes to the subscription or modify the recurring total for future payments.
- Synchronise payments with the renewal synchronisation feature that gives you the ability to set payments for certain periods.
- You get flexible options when creating a subscription product. Make a product downloadable, virtual or physical, charge renewal payments weekly, monthly or annually, limit the product to one-per-customer and even charge shipping only on the initial order.
- Offer customers a discount with the WooCommerce recurring discount coupons and sign-up fee coupons.
- Give your customers the flexibility to choose a subscription that suits their needs with variable subscriptions.
- Subscribers can manage their own accounts, allowing them to suspend or cancel a subscription, change the shipping address or payment method for future renewals and upgrade or downgrade their subscription.
- Allow customers to upgrade, downgrade or cross-grade between different subscription products and customise the costs of switching to a new subscription product to suit the needs of your store.
- Your customers can purchase multiple subscriptions in the same transaction and these will be grouped to reduce the payment gateway fees and logistical overhead for their future renewals.
- Automatically notify customers when a subscription renewal payment is processed, a subscription is cancelled or when a subscription has expired with the built-in subscription emails.
Whatever your subscription goal, WooCommerce Subscriptions can take the stress out of capturing that all-important residual revenue your store can count on as you continue to grow.
With the right knowledge, tools, and products, attracting subscribers and creating a steady stream of recurring revenue is well within your reach.
Join our newsletter series where we take you through a step by step guide on how to effectively capture this revenue and establish a successful subscription model.