More and more companies are offering subscription services and it is working. Especially due to the current COVID pandemic, customers are more than ever looking for consistency and predictability on the products they rely on without the need to think about it. Retailers are also seeing this benefit because they have a better visibility in future demands.
In a subscription model, consumers only make the decision to buy once. And as a result, future orders are automatically scheduled and can be easily adjusted by the customer. From just that single buying decision, revenue increases, the number of brand impressions grow, and customer loyalty goes up. Furthermore, it even establishes a more predictable revenue stream and the subscription data can be used to improve inventory forecasts.
Having a reliable and flexible subscription order management module is essential for producing these results. And YANTRA Subscription can provide just that. YANTRA Subscription is a module that integrates with your existing order management system and lets you manage customer subscription orders to increase revenue and brand loyalty.
Types of Subscription Orders
There are different types of subscription orders that can be implemented depending on the services and products you provide to your customers. Below are some of the types that YANTRA Subscription supports.
Absolute Replenishment Orders
- Defined as “Product of the Month” type orders where each customer will receive the same item or items at the same time.
Relative Subscription Programs
- Provides customers a series of products in a sequenced order. In this case, the customer will always get the first product in the series regardless of when they subscribed.
- Characterized as customer defined subscriptions. The customer has the option to create a subscription order for an individual product, or for all products in an order.
- A single buying decision results in multiple orders
- Increase customer loyalty
- Additional consumer insights can be used to improve inventory forecasts
- Predictable and recurring revenue
- Implementation in as little as 4 weeks
- Allow customers to choose the time interval between orders
- Provide the option for customers to delay an order or give a “don’t deliver before” date
- Allow customers to define “no change after date” where they cannot make changes to their order after this selected date
- Provide the customer the option to cancel the subscription
- Allow flexible subscription duration and expiration date options
- Ability to send notifications if customer’s payment method is expiring soon
- Can adjust the frequency of notifications
- Provide the capability of configuring notifications
- Can present a variety of payment plan options customers can choose from