For every organization, subscription-based business models have shown a lot of promise compared to traditional revenue-based business models over time. Due to its benefits, subscription is becoming popular among many merchants, particularly in the eCommerce industry.
Customers will be more devoted to merchants who provide subscription services on the internet in 2021 and forthcoming years. Also, they will have more marketing options, better financial forecasting skills, and greater convenience.
According to statistics released by McKinsey, the subscription eCommerce industry has grown at a compound annual growth rate of 100 percent over the previous five years.
The subscription model is still growing and expanding in numerous industries. Let’s take a look at the top sectors where subscription billing management is in high demand.
Top eCommerce Platforms Adopting Subscriptions in 2021
1. WordPress E-Commerce Plugins
Many of the world’s top companies use eCommerce plugins for WordPress, which drives over 30% of all online businesses. When you’ve multi-tier subscriptions, you receive a wider range of options once installed, along with a high degree of customization, quick upgrade, and degradation of customers. There are numerous billing periods available, as well as vehicle-rebilling if a transaction fails the very first time.’
Advantages:
- Subscriptions connect easily and require only a little assistance for setting up and getting started. The add-on enables users to switch between the subscription tiers easily.
- Users can buy multiple memberships with different billing periods and other options.
2. Shopping Websites
Regardless of where you sell your products or services, online shopping has almost limitless potential for the subscription-based billing system.
Several eCommerce businesses are paving the path to success with subscription billing systems. Certain platforms also offer a free trial membership before they decide to purchase or subscribe to a premium plan, which adds to the already extensive list of services offered by eCommerce platforms.
Advantages:
- Subscription-based billing encourages customers to stay with the service for a long period.
- Subscriptions for a variety of items are available on popular shopping sites like Amazon Pantry.
3. Third-Party eCommerce Websites
Many platforms allow third-party businesses to set up stores and sell their products through them. 3DCart is one of the prominent examples which have 25,000+ retailers on board on its hosted website. It also includes subscription billing systems. Subscription-based eCommerce services have grown in popularity because they provide regular revenue. With a robust platform like Sure, businesses can guarantee that all subscriptions are correctly handled, with timely debits from the customer accounts with timely delivery of services and products.
Advantages:
- Subscription billing software integrates with these third-party eCommerce platforms to provide a single subscription bundle for multiple vendors.
4. eCommerce Website Platforms
Magento is a well-known content management system (CMS). Each year, businesses spend more than 18,000 USD to keep their website on the platform. These types of platforms can do a wide range of tasks, but when combined with a subscription and recurring billing system, they provide a one-stop-shop for all payment-related jobs.
Advantages:
- Businesses can add products, establish prices, and develop subscription plans, and the rest of the things can be taken care of by Sure, a subscription billing software.
Conclusion
It’s important to note that selecting the right domain and platform is only half the fight. Placing a high-quality product and developing a suitable subscription acquisition strategy are the other steps, which aren’t as simple as they appear.
There are plenty of methods to improve your subscription billing platform and business once you’ve decided to offer subscriptions for any product, whether a SaaS service, eBook, or anything else that needs a recurring billing system, it’s essential to promote it properly.
