Tips to Develop Subscription-based Services With WooCommerce Plugins

Entrepreneurs and enterprises alike have found that integrating subscription functionality into their online stores has become essential for staying competitive. Subscription-based business models are undoubtedly a steady revenue stream for eCommerce businesses. Even though WooCommerce does not offer in-built subscription features, you can always purchase and integrate the WooCommerce Subscriptions extension with your online store. WooCommerce Subscriptions are easy to implement and very user-friendly.

Seeking advice from a WooCommerce plugin development expert while setting up your subscription services will save you the extra hassle and equip you with the time and resources to streamline and strategize the process. With the WooCommerce subscription-based business model, your online store can build a long-term relationship with your customers.

 

In this blog, we will learn more about WooCommerce subscriptions, setting up a subscription-based business model, and some effective methods to develop a successful WooCommerce store.

Subscriptions With WooCommerce

Subscription-based pricing models allow customers to access certain products or services in exchange for a recurring subscription fee. They are a steady source of income and present an intelligent opportunity to keep your customers loyal to your business. Depending on your product or service, the subscription fees can be levied weekly, monthly, or yearly.

 

There are different types of subscription models. Let’s take a look at them.

 

• Product Subscriptions
• Membership Subscriptions
• Software as a Service (SaaS) Subscriptions
• Service Subscriptions
• Hybrid Models

 

Choosing a subscription model for your business gives you the advantage of recurring revenue, unlike the individual sales on your website. When your customers decide to subscribe to your services, a long-term relationship begins that leads to higher Customer Lifetime Value. Higher CLV always means more business and revenue. You will have a trusted customer base to whom you can upsell or cross-sell products.

What is the Difference Between WooCommerce Memberships and WooCommerce Subscriptions?

At times, WooCommerce Subscriptions may be confused with WooCommerce Memberships. Let’s understand the difference between them. First, they serve different purposes. WooCommerce Memberships are more about community building and content access control, while WooCommerce Subscriptions focus on recurring billing for products and services.

How to Set Up WooCommerce Subscriptions

Now that you have decided to choose WooCommerce Subscriptions for your online business let’s look at the steps involved in setting up the same. To create a subscription for your products, you should first purchase the WooCommerce Subscriptions extension. Once purchased, the next step is to install and activate the plugin to add it to your website. Now, let’s create a new subscription product.

 

1. Log in to your WordPress admin panel. Navigate to Products and select Add Product from your dashboard. Add product details like name, description, and high-quality images.
2. From the General tab, select the product type. There are two options available: simple and Variable Subscription. A simple subscription is like every other regular subscription mode. You can set a subscription option at a fixed price. A variable subscription allows you to offer multiple subscription options focusing on different features.
3. Configure the pricing to set your subscription price.
4. Set the billing frequency and sign-up fee if needed.
5. Determine how long the subscription will stay active if not terminated manually.
6. From the Advanced tab, limit subscriptions to prevent your customers from duplicating their subscriptions.
7. Choose a payment gateway that supports recurring payments.
8. Configure the inventory settings and shipping options.
9. Click Publish to save the subscription.

 

Once configured, you can always change the subscriptions as and when needed. You can increase the rates or add new products or services. You can edit the subscriptions from your WordPress dashboard.

Best Strategies for Effective WooCommerce Subscriptions

Proper planning is essential for successfully implementing a subscription business model for your WooCommerce store. A clear strategy will help you maximize the business model’s benefits. Let’s look at some of the best tips and techniques for developing subscription-based services with WooCommerce plugins.

1. Enhanced Customer Support for Your Subscribers

The customer is the cornerstone of your business. Offering excellent customer service will always impress them. Always offer quick responses to subscriber queries and ensure omni-channel support. Train your support staff to provide adequate assistance to your customers. Integrating an AI-powered chatbot into your WooCommerce website to provide personalized support experiences will help you win over your customers. This will eventually lead to a long-term relationship. Send emails or push notifications to inform customers about upcoming offers or discounts. This will improve your customer engagement and satisfaction.

2. Analyze Industry Trends

Analyze the industry trends while setting up your subscription plans. Understand the upcoming trends and competitor strategies by conducting in-depth market research and competitor analysis. This will reveal how the market is evolving and equip you with insights into how a successful subscription model would look. Doing this would help you meet your customer needs and give you an edge over your competitors.

As the stage is yours, you can always experiment with different subscription models and pricing strategies and develop an optimal business model to bring out the best for your business and customers. Upselling or cross-selling products or services is yet another strategy you can adopt. Introduce a better subscription package for your customers with more products or services at a higher price. Convince them that the upgraded version offers higher value for their money.

3. Offer Multiple Payment Options

Offering multiple payment options will increase your conversions and reduce cart abandonments. Offer your customers convenient payment options. Integrate popular payment gateways into your WooCommerce website. Offer discounts and incentives for using the preferred payment method. Set up reminders that would be sent out to your customers before their upcoming payment date so that the deduction won’t hit them by surprise, especially when the payment frequency is rather larger.

Conclusion

Following these strategies based on your eCommerce business goals can enhance your business by offering a stable and recurring revenue stream. Subscription-based business models add value and increase long-term customer retention. Always remember that winning your customer over by understanding their preferences is the key. Analyze the market trends and competitor strategies to understand what is winning and losing. Adapt the relevant techniques and build a successful subscription-based business model with WooCommerce plugins that satisfy your customer requirements.