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Subscriptions and Recurring Payments for Magento 2 Posts

Main Product Subscription Trends in 2018

Product subscriptions continue to gain momentum. Today, they constitute a sufficient share of the entire e-commerce market.

Main Product Subscription Trends in 2018

In this post, we will discuss the most impactful subscription trends defining the ways of further development in this niche.

E-commerce Subscriptions in Figures

Just to understand the importance of subscriptions, we will walk through the stats:

  • Since 2011, the share of e-commerce subscriptions increased by more than 100%;
  • Additionally, last year, 15% of online customers in the US purchased subscriptions from popular e-retailers;
  • More to it, an average subscriber has at least 2-3 active subscriptions.

The modern e-commerce subscription market can be split into several distinct types. So, what are they?

E-commerce Subscription Types

Currently, one can distinguish three broad subscription types, as follows:  

  • Replenishment subscriptions;
  • Curated subscriptions;
  • Access subscriptions.

Let’s dwell more detailed on each of them.

Best Subscription Box Ideas for Christmas

The subscription model takes online shopping experience to the new level, as it obviates the need to order the same products for several times.

Best Subscription Box Ideas for Christmas

Since the sales model is highly popular among customers it can certainly become a subject of interest for multiple merchants and the current digitals market proves it definitely.

In this article, we will briefly consider the major benefits of subscription programs for online merchants and give some ideas for subscription boxes that can be implemented in this Christmas season.

Subscription Model Benefits

The benefits provided by the subscription sales model for online merchants are just obvious.

Recurring Revenues

Subscribed customers are return clients, which means return profits for a web store. Moreover, subscription programs prevent customers from going through the irksome checkout process every time they need to make a purchase. This convenience, in turn, only enforces their loyalty to a brand, which might result in continuous subscriptions and recurring purchases for store owners.

Forecastable Profits

Having steady recurring revenues, online merchants can forecast the future profit amounts during certain time periods more accurately. Moreover, they can plan their future expenditures and investments reasonably, which means effective finance distribution.

Straightforward Inventory Management

With the regular purchases of subscribed customers, online merchants can also predict their future stock demands. In other words, they will be able to plan the items in stock to be required just soon.

Subscription & Recurring Payments Receives One More Payment Gateway – Adyen

Adyen is a global payment company that enables merchants to accept ecommerce and POS payments.

Subscription & Recurring Payments Receives One More Payment Gateway - Adyen

The provider allows customers to pay with such globally distributed payments as international credit/debit cards or bank transfers, and locally popular payment methods, e.g. Boleto or iDeal.

Adyen also supports recurring and subscription payments, so SARP 1.3 for Magento 2 provides its users with this very opportunity as well. Additionally, the new version of the extension includes the next new features:

  • Split database support (for Magento Commerce);
  • Extension activity logging;
  • General log settings;
  • Automatically suspended subscriptions if payments fail;
  • Guest checkout management improvements.

New Subscription and Recurring Payments for Magento 2: Guaranteed Two-way Benefits

Throughout the last decade subscriptions have been very popular and now this sales model is widely used either as a foothold for the entire business or as an additional form of customer service.

New Subscription and Recurring Payments for Magento 2: Guaranteed Two-way Benefits

The benefits of subscriptions are numerous both for online merchants and customers. Using subscriptions merchants are more confident about sales volumes and cash flows; they have much better chances for customers retention and lifetime sales value increase. Customers, meanwhile, are certain about in-time product deliveries and do not worry about payments.

Subscription and Recurring Payments for Magento 2Subscription and Recurring Payments for Magento 2

Advanced subscription functionality is able to convert almost any products or services into subscriptions and offer customers versatile suitable options for their purchasing. The Subscription and Recurring Payments extension for Magento 2 is just that mutually beneficial solution able to provide customers with the required shopping convenience and simultaneously allow Magento merchants to sell the subscriptions perfectly matching their business goals.