Subscription services are a multi billion dollar and growing market. According to research from McKinsey 15 percent of online shoppers have at least one e-commerce subscription service, with 58 percent of subscription customers purchasing more than one.
Offering subscription products on your e-commerce site can be a great way to earn consistent recurring revenue and turn one time customers into repeat customers. But one-third of subscription service buyers cancel in less than three months so how do you reduce this churn and keep your recurring revenue high?
No matter what type of subscription service you offer, replenishment - automatic purchasing of everyday items, curation - personalized items or boxes, or exclusive access - offering members only perks, one of the top three reasons for subscription cancellation is preferring to purchase products when needed, especially due to not being able to customize order frequency.
Your customers have busy and changing lives and allowing them to easily reschedule their upcoming subscription orders, whether to accommodate an upcoming vacation, or because they have used less product than expected can help with keeping supply and demand in balance and retaining them as a subscription customer.
With Simple Subscriptions for Shopify, this is one click away in the admin portal (Settings > Change Next Billing Date > Enable) and enabled by default for new installations. When the “‘Change Next Billing Date”’ setting is enabled, customers will be able to self manage their subscription deliveries from their customer portal to quickly and easily accommodate their changing needs.
We understand that your needs as a merchant are complex so this feature works seamlessly with anchor date and minimum billing requirements set during subscription plan creation. So if you anchor subscription shipments to a fixed set of dates any customer changes to billing dates will stay in sync. And, if you offer prepaid product subscriptions, your customers can reschedule individual fulfillments without changing their recurring order schedule. If applicable, minimum billing requirements must be reached before orders are eligible to be rescheduled by customers.
Click here for a 30 day free trial of Simple Subscriptions on your Shopify Store.