By 2025, the market for subscription commerce is expected to reach $478 billion. As consumers and businesses alike recognize the numerous advantages of a subscription experience. Merchants must ensure that their strategies are effective in meeting the needs of their customers as subscriptions continue to spread. Fortunately, brands can develop successful subscription strategies that stand out by focusing on competitive differentiation, giving customers control, and providing experiences that surprise and delight customers.
Establish Competitive Differentiation Beyond the Basics
Margin pressure will increase as the number of competitors increases. Brands must come up with innovative ways to add value beyond discounts and free shipping as they launch subscription experiences. For instance, beauty brands frequently “drop” products, giving subscribers early access to limited-edition items. In addition to providing an incentive to subscribe, this helps build anticipation and exclusivity. Additionally, how-to videos are innovative approaches to product promotion. This exclusivity may be achieved through content in other verticals. More specifically, subscribers of nutraceutical companies can access protein powder-based recipes. In a similar vein, coffee brands have the option of publishing blogs detailing the process by which their coffee is sourced.
Give Customers Control
Over the course of the past few years, there has been a significant rise in the demand from customers for more personal shopping experiences and greater convenience. Customers have come to expect control over all aspects of their relationship because they know how much convenience they can get. This starts with simple enrollment, regardless of whether a customer is on the product page or the checkout page. Next, customers must be able to change their order frequency and swap out products through intuitive subscription management.
Customers should and can be proactively reminded by brands when their next order will be delivered. Because of this, their orders are never unexpected. A subscriber might, for instance, want to switch their current subscription for a different flavor of coffee or not place an order for the month. The more convenient the subscription experience as a whole, the more likely they are to sign up and stay with it, which raises their lifetime value.
Foster Surprise & Delight Experiences
Engaging customers with unexpected benefits is an additional strategy for encouraging retention. In general, brands can offer unexpected experiences, like a free gift with a purchase, when customers are most engaged in the lifecycle. These campaigns also depend on a brand’s voice and the particular interests of its primary clientele. This could be a surprise discount for beauty on their enrollment anniversary. This could be a donation made in the name of a customer to a local humane society for pet food brands. Merchants can cultivate and nurture these relationships by providing subscribers with unexpected rewards that keep them on their toes.
Enhance the Subscription Experience to Stand Out
Subscriptions can be a crucial foundation for competitive differentiation, customer convenience, and the overall experience as emerging brands expand. The subscription commerce market, like the competition, will only continue to expand at an exponential rate. The advantages of customer loyalty that come from exceptional experiences will be available to brands that take the necessary steps to optimize their subscriptions right away.
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