Today, who does not know about Amazon, eBay, or Walmart? These eCommerce marketplaces constitute a complete ecosystem where buyers and sellers interact. The supply chains are so interwoven that it is becoming difficult with every passing day to decipher them. Every day, new eStores and buyers become part of the eCommerce business.
The competition is becoming fierce with time to the extent that entrepreneurs and startups are actually worried about their future in the eCommerce business market where giants are already operating. So, here we are, writing this blog to help you know how to survive in the competitive eCommerce subscription business market. Whether you are a startup or an experienced marketer working on the subscription eCommerce model, here are some of the tips that can help your businesses thrive in the market.
In the eCommerce business market, the strategy to offer gift subscriptions can help eCommerce businesses a lot. The trend of gifting subscriptions is not new, but a new trend of gifting subscriptions was set at the time of the covid outbreak. People could not visit their dear ones, yet they wanted to show their love and emotions. So, they sought the option to gift something that does not demand physical contact. So, in the eCommerce business market, there is a trend of gift subscriptions. If you also operate on a subscription eCommerce model, then it is the right time to plan a gift for your customers that can feasibly send to their dear ones. The option of gift subscriptions can boost your sales.
Recently, many subscription businesses started offering gift subscriptions. Especially, at the time of the pandemic outbreak, many boxed subscriptions started, and today they have established businesses. So, if you are running a subscription-based eCommerce platform and you are still thinking out of the box, then it is time to think inside the box. Curate subscription boxes that no one can resist. Find the recurring need of your customers. Offer them complimentary items in a box that they cannot resist, and opt for gift subscription management software to earn profits.
Improvise Pricing Plans
A pricing plan is not something that you decide once and follow forever. It has to be improvised with time. What needs to be done is to opt for a subscription management platform for eCommerce businesses and keep improvising the pricing plans. And to improvise pricing plans rightly, you will have to keep a check on what your competitors charge for their services and products. You will also need to work on the customer value so that you will understand how much the customer base is willing to pay for what you sell.
All eCommerce subscription business companies that you see success in the market are not because they are acquiring thousands of subscribers every day. Rather they are successful because they are retaining their subscribers. So, you need to keep a check on the voluntary and involuntary churn rate so that you can limit the number of customers who leave your platform. Now, some of the customers leave you voluntarily and some are because of technical issues (involuntarily). But you need to limit both types of churn and for that, you will have to craft a failsafe strategy.
No doubt, customer retention is more important than customer acquisition, yet it is important to acquire more and more subscribers. You not only need to hunt new customers who enter the eCommerce subscription business market but those as well who leave the platform of your competitors. In fact, the customers who cancel subscriptions from your competitors will let you know what is more that you can do to satisfy your existing customer base.
It is a fact that the eCommerce subscription business market is saturated. Probably, there is no product for which you think and its subscriptions are not available. Still, there are strategies and ways to make your subscription eCommerce model work. So, follow the tips mentioned in this blog and keep up with your eCommerce subscription business. SubscriptionFlow is one of the leading platforms that is already catering to the needs of many eCommerce subscription-based businesses. If you are thriving to make your place in the market, then onboarding SubscriptionFlow can be the right decision at this point.