WooCommerce subscriptions are a subscription-based approach that enables you to offer subscriptions for a wide range of items, including real products, services, and even virtual goods.
It focuses on repeat clients, which results in a large number of recurrent payments because billing is done automatically. This allows you to generate more recurring revenue on which you can count.
What Is Its Purpose?
This approach is used in a wide range of businesses, including:
- An internet coaching firm or website that provides coaching services. Subscriptions are utilized to provide coaching trial periods (for example, five days), after which consumers are automatically paid to access more hours of coaching.
- Online journals or newspapers supply material on a daily or weekly basis and charge buyers on a monthly basis.
- Storefronts that distribute products to regular clients at regular intervals may utilize this model to collect ongoing payments. Recurring services, such as internet hosting, may leverage this, as it allows them to target developing their services in a variety of ways.
These are just a few examples of how WooCommerce subscriptions can be used.
The good news is that this model is extremely compatible with WooCommerce, and each of these examples was made using the WooCommerce plugin. This provides you with limitless opportunities for business growth.
How To Install And Configure The WooCommerce Subscriptions Plugin
On CollectiveRay’s website, there is an excellent tutorial (5+ WooCommerce Subscription Plugins: Ultimate Guide (2021)) on how to set up WooCommerce subscriptions and several other choices you may utilize – but we will condense everything here.
In order to set up Subscriptions, you must first have a subscription-based business, which can be easily set up using a free WordPress theme and the WooCommerce plugin. You will also need to open a couple of payment accounts that are Subscriptions compatible, such as PayPal and Amazon Pay.
In order to profit from this automatic subscription model, you must focus on providing high-quality products or services.
Subscriptions are intended to supplement your subscription-based business by assisting you in collecting recurring payments. It leaves you with the responsibility of concentrating on the clients in order to keep them for as long as feasible.
This means you must focus on providing high-quality goods or services while also soliciting customer feedback in order to adjust these solutions for a more long-term client-provider connection.
Subscriptions In WooCommerce
This model has a variety of beneficial features, including:
Table Of Contents:
1. No-cost Trials
Nothing gets a customer more excited than the word “free.” Subscriptions allow you to give your clients free access to your services for a set period of time, or days, before charging them. This feature may help you attract new consumers by allowing them to test the quality of your products and/or services for a set period of time.
2. Subscriptions That Change Over Time
You can establish several subscription packages based on factors such as the quantity of a product or the qualities of a service you offer, providing you and your customer’s flexibility. It can also enable clients to create customized billing schedules, providing them greater flexibility when subscribing.
3. Subscription Administration
Subscriptions provide you with a fully-featured management portal on the back end as the store manager, allowing you to adjust trial durations, cancel subscriptions, add items to the subscription package, and increase subscription fees, among other things. This allows you to easily monitor the business as well as its income levels.
4. Several Subscriptions
In addition, the approach enables your clients to purchase multiple subscription services or items in the same transaction. This combines them together, allowing clients to save money through decreased payment fees for current and future renewals.
5. Subscription Savings
Discounts are an excellent method to show your appreciation for your loyal consumers. Subscriptions allow you to offer monthly discounts to such clients in order to keep a positive relationship with them.
6. Customer E-mail
It is critical to keep clients informed about everything you do, especially when it comes to their money. Subscriptions have a customer emailing tool that alerts your customers when a renewal payment is successfully received, a subscription is terminated, or it has expired.
What Can You Do With It?
This concept can be applied to a wide range of businesses, including:
- A training company or webinar that offers training services online. Subscriptions can be used to provide training trial periods (for example, 5 days), after which clients will be charged automatically to access extra hours of training.
- Online journals or newspapers supply information on a daily or weekly basis and charge clients on a monthly basis.
- Storefronts that distribute things like coffee to regular clients at predetermined intervals could utilize this model to collect recurring payments. Recurring services, such as web hosting, can also benefit from this because it allows them to focus on enhancing their services rather than revenue collecting.
These are just a few examples of how to use WooCommerce subscriptions. The concept is quite compatible with WooCommerce, and all of these examples can be produced using the WooCommerce plugin. This effectively provides you with limitless possibilities for business growth.
Although subscribers offer more than 20 payment methods, they may limit the total number of payment plans and subscriptions per single cart. Also, when migrating your website, some subscriptions may not transfer successfully, resulting in income loss if not recognized and corrected immediately.
WooCommerce subscriptions is a totally paid WordPress extension, and as such, some online store owners may be hesitant to pay for the product. However, with the above advice and features, the benefits of using the extension should be obvious. It is an extremely effective business instrument for long-term revenue growth.