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Subscriptions have exploded over the last few years and for good reason - customers like them.
They’re a very common payment method for a lot of huge brands out there, whether it’s your monthly phone bill, Netflix subscription, or Gousto meal box.
Now obviously it makes sense for those businesses specifically, but there’s no reason your ecommerce business can’t benefit from it as well.
Sell a consumable product? It’ll need to be replenished at regular intervals.
Protein powder & supplements - will need refilling each month.
Razorblades, beard balms & skincare - need to be replenished each month.
You can send a new t-shirt or pair of socks to someone each month, you could even have bedding on an 18-24 month subscription and just ask customers to pick the colours & pattern shortly before the new order.
There are so many options for so many businesses out there.
But it doesn’t even have to be for replacing the product itself.
You could encourage customers to join a monthly membership giving them access to exclusive discounts and events or premium support packages.
Whatever your industry, I’m sure you could build in a subscription element to your business.
You’ll benefit from better customer retention, better revenue forecasting, and better engagement opportunities (pick your meals for next week).
Subscriptions will take pressure off other areas of the business, for example your acquisition team will have more freedom to be creative, knowing they don’t have to convince the same people to come back each month, and your operations team will thank you because they’ll be able to manage stock levels much better.
I would strongly recommend you take a step back, and think about how you could implement a subscription element into your business. For some of you it’ll be easy, for some it’ll require a little bit of creativity.
But the possibilities are there.