In today’s era, eCommerce is one of the fastest-growing industries with a huge customer base. Today’s savvy consumers seek convenience, and online businesses strive to offer that in every way possible. With the emergence of online businesses and a constant need to offer convenience to shop online, subscription-based models have become increasingly popular. According to Forbes, the global subscription eCommerce market is expected to reach $904.2 billion by 2026. The Subscription model allows customers to pay a recurring fee to gain access to a product or service. This approach has been proven to be profitable for both the business and the customer. As a result, eCommerce platforms are now incorporating Subscription and Recurring Payments functionality into their systems.
With that said, the need to add a product subscription functionality to an eCommerce store is clear. If you are looking to add such functionalities to your Magento Store, this blog is for you. In this blog, we will discuss how Magento stores can utilize Membership Subscriptions and Recurring Payments extensions to offer their customers a personalized and convenient shopping experience.
Membership Subscription Extension for Magento Stores
Membership subscription refers to a system where customers can purchase a subscription to gain access to exclusive products or services. The majority of eCommerce companies that offer goods or services that clients frequently require adopt this business model. For example, an organization that sells pet supplies might offer a subscription service where consumers get a box of pet supplies every month or as per their needs.
Now coming to what is Membership Subscription Magento Extension, and how is it beneficial for business owners like you?
MageDelight provides a Magento 2 Membership Subscription extension that enables businesses to offer subscription-based services to their customers. Businesses that wish to boost client loyalty and produce recurring revenue can use this extension.
With the Membership Subscription extension, businesses can set up different subscription plans with varying prices and durations. Customers can select the plan that most closely matches their needs and pay for it via the Magento 2 payment gateway. The extension also allows businesses to offer free trials to customers, giving them a taste of what they can expect from the subscription service.
Another essential feature of the Membership Subscription extension is the ability to manage subscription orders. Business owners can view and manage all subscription orders, including customer information, subscription duration, and payment details. They can also modify subscription plans or cancel them if necessary.
Benefits of Using Magento 2 Membership Subscription extension by MageDelight-
For the eCommerce Business Owners:
- Create as many memberships as you want with their duration, HTML description, and cost.
- Each membership package is assigned an individual or group of products.
- Easily manage membership customers.
- Select whether the membership discounts will be offered on selected products or all.
- After a purchase is saved in the back end, the customer’s membership plan can be easily extended.
- Create a brief description for every product group.
- And many more benefits.
For the Customers:
- Simple registration for memberships through regular product purchases
- Dashboard for customers to control and renew their membership plans
- Customers who own membership packages can view the discounted rates for products.
- Allow members to extend their memberships that are about to expire.
- Email members a few days before their membership is about to end to let them know.
“To download the Membership subscription Magento Extension from Magento Marketplace, click here.”
Now, let us move to the other extension, i.e., Subscriptions & Recurring Payments.
Subscriptions & Recurring Payments Extension for Magento 2:
Subscriptions & Recurring Payments is a popular eCommerce business model that allows customers to sign up for a recurring subscription to receive products or services on a regular basis. This model is used by a variety of businesses, including software companies, subscription boxes, and online retailers.
To implement Subscriptions & Recurring Payments, businesses use specialized software or extensions that integrate with their eCommerce platform. These tools allow businesses to create and manage subscription plans, automate billing, and provide a seamless checkout experience for customers.
In the context of Magento, there are several extensions available that enable businesses to offer subscription-based services to their customers. Subscriptions & Recurring Payments for Magento 2 by MageDelight is a powerful tool that allows businesses to offer subscription-based services to their customers. Businesses can create various subscription-based products and services for their customers. Customers can easily subscribe to these plans from their account dashboard. They can also upgrade or downgrade their plans and pause or cancel their subscriptions anytime.
Benefits of Using Subscriptions & Recurring Payments for Magento 2 by MageDelight
For the eCommerce Business Owners:
- The extension supports simple, configurable, and custom product types.
- Merchants have the flexibility to manage and control product subscriptions.
- Easily manage customer subscriptions from the backend.
- Precisely built analytics and reports that provide quick access to business information.
- Order, shipping, and delivery, as well as update effective two-way communication in subscription settings.
- And many more.
For the Customers:
- Easily manage subscriptions with more flexibility and control.
- With the Magento 2 Subscription Plugin, registered users can subscribe to products.
- A hassle-free shopping experience that works with any checkout method.
- Get alerts for failed transactions.
- Supports Cash on Delivery payment Option.
- And many more.
“To download the Subscriptions & Recurring Payments for Magento 2 Extension from Magento Marketplace, click here.”
Overall, membership subscriptions and recurring payments can provide businesses with a reliable source of income while also providing value and convenience to customers, which can help to improve customer retention and loyalty.
“Click here to know about the Rise of Subscription Based Model in eCommerce.”
Wrapping it up-
In conclusion, membership subscriptions and recurring payments can be highly beneficial for eCommerce businesses. By providing a predictable source of revenue, increasing customer loyalty and retention, reducing customer acquisition costs, improving inventory management, collecting valuable data, and increasing customer engagement, subscription models can help eCommerce businesses to grow and thrive. With the rise of eCommerce, subscription-based services are becoming increasingly popular, and businesses that adopt this model can gain a competitive advantage in the market. Therefore, eCommerce businesses should consider implementing membership subscriptions and recurring payments to enhance their business model and provide value to their customers.
