According to Gartner, 75% of retailers will offer subscriptions and recurring payment services by 2023.
So, what makes this business model so appealing? How to jump on the bandwagon of the subscription model? What is the Subscribe Now extension for Magento 2 store? Let us answer these, and some other commonly asked questions around this…
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What is a subscription-based business model?
A subscription-based business model enables businesses to render their products or services on a recurring payment basis. These recurring charges can be monthly, quarterly, or annually. This model gives the customers a sense of convenience and flexibility while providing the owners stability in the revenue. Businesses are now adopting this model from entertainment to health to beauty products.
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What are the benefits of a subscription-based eCommerce business?
Subscription-based eCommerce business model is great for customer retention and gives greater predictability of future subscriptions and revenues to the businesses. A consistent revenue flow also enhances customer satisfaction and loyalty to the brands.
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How to start a subscription-based business on Magento?
If you are starting your eCommerce business from scratch, you may consider customized Magento 2 store development. But if you already own a Magento 2 store, you need the Advance Subscriptions & Recurring Payments for Magento 2.
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What is a Subscribe Now Pro?
The Subscribe Now Pro is an advanced Magento extension that supports subscription-based models to increase recurring revenue in the store. In addition, it supports all major payment gateways and comes with an embedded recurring payment option.
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What are the top features of Subscribe Now Pro?
The feature-loaded Magento 2 extension for the subscription business model by MageDelight offers the admins and the customers a plethora of features. Some of them are tracking and managing subscriptions from the Magento store, regulating the start and end dates of subscriptions, and pausing, resuming, skipping, and canceling subscriptions by customers to offer flexibility and better CX. In addition, the admin can enable and disable subscriptions for a specific consumer group. And a dashboard for admins for detailed reports and graph generation, among many more.
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How can you implement the Subscribe Now Pro extension to your Magento 2 store?
Please read our detailed tutorial to configure the Subscribe Now Pro Magento 2 extension on your Magento 2 store after the purchase.
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What are the Magento editions supported by Subscribe Now Pro?
All Magento editions, including open source, commerce on-premises, and commerce on the cloud, are supported by the Subscribe Now Pro.
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What are the payment methods supported by Subscribe Now Pro?
Customers can pay through multiple payment methods. Subscribe Now Pro supports credit cards, debit cards, and even cash-on-delivery payment methods on Magento 2 stores.
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What are the major payment gateways supported by Subscribe Now Pro?
The Subscribe Now Pro supports all major payment gateways, including Magento Vault, PayPal through Braintree, Payflow, Stripe payment method, CyberSource, Authorize.net, Adyen, and Moneris, among 100+ other payment gateways.
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How can Subscribe Now Pro predict future purchases and subscriptions?
The Subscribe Now Pro Magento 2 extension generates a detailed report of the total number of subscriptions, purchased products, their quantities, and the prescribed time period. This report gives the admins actionable insights about future inventory requirements, logistics requisites, and other resources, avoiding losses due to traffic surges or under-purchases.
Also, you can refer this Advanced Subscriptions & Recurring Payments Extension FAQ Page for most common question and it’s answers.
