Customer loyalty via product subscription is a measure of enterprise success. Loyalty calls for an efficient system to create and manage catalogues and subscriptions, features that are the USP of Magento Enterprise Edition 2.0. Moreover, let’s be honest, who wouldn’t like a steady flow of revenue?
Subscriptions not only work in the favour of the brand, but also benefit consumers. In order to make customers’ shopping experience easy and hassle free, subscription works well as it not only guarantees better shopping experience but also makes sure your business has a consistent revenue stream and commitment from the consumer. Additionally, an enterprise can also keep track of the most patronized products from their line by the number of subscriptions from their product catalogue, and use this data to improve customer experience through improved product quality, targeted marketing, and hassle-free purchasing.
Magento 2.0 also comes with a rich feature of catalogue management, which is helpful in influencing customers buying decisions. To facilitate this Magento provides 6 types of products categories.
- Simple Products
- Grouped Products
- Bundled Products
- Configurable Products
- Virtual Products
- Downloadable Products
This is where as a part of modernization of e-commerce, Magento EE 2.0 provides subscription capabilities to your web store. Is your business in the market for an easy way to lure customers for a subscription of the product at the regular frequency? Allow Magento developers and managers to take care of this for you, while you put on your creative hat to make your products subscription friendly. Depending on the product type, the subscription mechanism on the platform will work for all the different categories of products with some minute differences as needed for your business agenda.
With the subscription feature enabled, and with a few subscribers in place, customers are not only guaranteeing a steady revenue stream but are also telling you loud and clear which products they approve of. Once a business has the patronage of the buyers, it can customize the shopping experience and even offer slower shipment methods, which is generally less expensive.
On the other hand, a brand may also choose to overlook subscriptions and invest in marketing and analysis based on the current buying patterns. However, the effort and costs of those methodologies are getting higher and their effectiveness vary greatly. These other methods could be a topic of another blog!
For now, we focus on patronage since it has already been established that subscription implementation in the enterprise edition of Magento 2.0 has benefits for both customers and enterprises. With data analysis of the number and nature of the subscription, it offers regular feedback to improve customer experience, and ensures loyalty.
As the enterprise leadership team considers implementation of the subscription, it must make a few business considerations before introducing subscriptions.
- Identify which products should have the subscription feature and which must not
- Select the default schedule wisely
- Have the marketing efforts channelized toward promote discounted pricing to encourage subscriptions
- Define future inventory levels of the products and their priorities
- Choose a payment gateway to ensure a smooth recurring payment experience
SMEs at e-Zest can handle all your Magento services, especially those related to subscriptions. Connect with us today and together let us elevate your e-commerce platform.