Grow Your Business With A Shopify Subscription↘
Is your business model based on the idea of selling a product or service to receive recurring monthly or yearly revenue? If the answer is yes, a Shopify subscription could be the perfect route for your business.
Subscription-based business models enable merchants to build predictable revenue streams, whilst nurturing a long-term growth strategy that forms a reliable cycle and future for many businesses.
So, if you’re eager to get up and grow with a dependable and long-term strategy, it’s time to turn to the marvellous ecommerce platform known as Shopify and the variety of subscription apps that are trusted by over two million businesses around the world.
The Best Platform To Start & Build Subscriptions
Sell subscriptions online with a Shopify subscription plan which offers online stores a recurring payment solution.
Created to convert with apps built for the platform’s pre-existing and lightning-fast checkout, Shopify is the commerce platform that is trusted by over 1.7 million businesses around the world and Karmoon’s clients are amongst them.
- Reduced Checkout Friction: Increase sales with the most powerful checkout in the world, featuring a smooth and snappy experience that transforms browsers to buyers.
- Recurring Payments: Secure recurring revenue with a single sale and built-in; analytics, reports, and marketing tools to turn one-time buyers into lifelong customers.
- Customer Offerings: Whether your business offers; subscription boxes, or product replenishments, we’d suggest that you prepare your brand so that it is ready to offer its customers what they want.
- Increase Customer Loyalty: Flexible and customisable offerings make life easier and more exciting for shoppers, so they’ll keep coming back time and time again.
- Higher Lifetime Value: Turn one-time shoppers into lifetime customers with a Shopify subscription strategy that will increase your brand’s retention and enable your business to grow.
- Business Management: With a Shopify subscription-based business model merchants will be able to run their entire enterprise and customer experience from one place. From the first click to order fulfilment, repeat services are made easy with Shopify's subscription apps.
How Does A Shopify Subscription Model Work? 🤔
Let’s take things back to the 1600s when subscription-based business models were first introduced. Yes, that’s right, the whole concept of repeat purchasing isn’t a fabrication of the 21st century. It’s a thing of the past that has evolved into the very foundations of online businesses today.
In its earlier days, subscription-based business models were used by the newsprint and book publishing businesses.
However, in 2022, many companies have moved away from business revenue models (where revenue is made from a one-time purchase) to a subscription-based business model (where revenue is made repeatedly).
Take The Economist for instance. Here is a prime example of how an international weekly newspaper is taking advantage of the subscription-based model set up to reach their readers both digitally and in a printed magazine format.
Readers can opt to purchase an annual or quarterly subscription for the news content in print and digital format or just digital format alone.
Other subscription services include; student subscriptions (where a 50% discount is given), gift subscriptions that can be shared with friends and family and group subscriptions that provide access to a corporate subscription plan.
With such an enticing service offering with payment options applicable for variable budgets, the core principles of lifetime customer value are truly enforced into The Economist’s business model.
If you’re aware of a customer’s lifetime value, you will be able to acquire new subscribers at an initial loss in marketing costs.
Product/ service subscriptions are generally renewed and activated automatically with a pre-authorised credit card or checking account.
The benefit of subscription models for online stores is largely due to the recurring revenue that they provide. In addition, such services have been proven to create a strong brand to customer relationship.
A Subscription-Based Business Model
The easiest subscription model to explain from the 21st century is that of a magazine publication.
Instead of selling a magazine as a standalone product where the customer makes a one-time purchase, magazine companies offer a subscription service for the delivery of a weekly or monthly magazine.
This makes the revenue model of the company stronger because it guarantees itself sales over 12 months as opposed to a single purchase.
With a subscription-based business model, revenue forecasting and business planning are made easy for companies to project their sales further with accuracy.
The Needs of A Shopify Subscription-Based Business 📝
As a platform, Shopify presents every essential aspect of running a subscription-based business on a plate for merchants to utilise with ease.
From the multiple features below to the range of on-hand subscription apps that are available to download via the Shopify App Store, the set-up is made easy by providing:
An Online Store: Build a beautiful shopping experience with over 70+ ready-to-use, customisable themes on Shopify.
A Checkout: Access the most powerful checkout in the world. With over 2.5 billion orders processed, Shopify’s checkout is constantly analysed and optimised for; speed, conversion and customer experience.
A Payment Method: Whether one-time or recurring payments are the strategy of your business, merchants can confidently know that they will be paid quickly, securely and reliably every time.
Insight Access: Easily track subscription revenue and view analytics across key customer touchpoints from one single place.
Product Fulfillment: Save time with a unified inventory that stays accurate across all business channels, accessing simplified shipping tools that scale with your brand in the process.
Setting Up A Shopify Subscription Store
N0.1: Sign Up for Shopify
Start your free 14-day trial with Shopify, there’s no credit card required. So, come on over and try it out for yourself, free of charge.
N0.2: Create an Online Store
Create and customise your storefront with themes that fit your brand and business to a T.
N0.3: Install a Shopify Subscription App
Shopify subscription apps are designed and built to fully integrate with Shopify, so install one of these from the Shopify App Store to get started!
Free Trial 🙌
If your business is ready to start offering subscriptions to its customers, try Shopify's free trial for 14 days to explore all of the tools and services that your brand could utilise.
Ready To Work With A Shopify Agency?
If you’re ready to take the next step or are actively looking to work with a Shopify agency designer or developer to assist you with your business, we’d love to hear from you. Get in touch to get started!