In this article, we are going to overview if it is possible to create a subscription-based store on WordPress.
The world around us is changing continuously. As these changes occur, we are also adjusting our lives according to this technological changing environment. In this era, the role of IT in business has skyrocketed. This technological revolution made our lives easier. So, today we will talk about IT and how it can help your retail business grow.
Our discussion is about “is it possible to create a subscription-based store on WordPress?”. To get the answer and also some brief information about it, please, scroll down.
What is a subscription-based store?
A subscription-based store is a website that is designed to give you revenue each month or each year by selling any service or product according to your ideas. It mostly focuses on customer retention rather than the purchasing process. A subscription-based eCommerce store drives stable and predictable revenue by allowing one customer to pay for a good or service multiple times over an intended period, instead of paying a large upfront fee.
There are between 400 and 600 distinct types of subscription stores in the United States and even more – worldwide. There are several subscription packages available, making them more accessible to users from various socioeconomic backgrounds. The majority of subscription businesses have prices ranging from $10 to $100.
Can we create a subscription-based store on WordPress?
Yeah, it is possible to build this subscription-based store on WordPress. Aside from that, WordPress subscriptions allow you to sell both real and virtual goods and services. Subscriptions to a product, service, or software can be set up on a monthly, weekly, or yearly basis. Other options include providing free trials, collecting a sign-up charge, or imposing a time limit. Feel free to check the best free WordPress themes.
Which plugin should we use?
There are bundles of plugins available in the software industry for developing a subscription store. But let me tell you that the greatest and the most user-friendly plugin is “WooCommerce.”
WooCommerce is a WordPress plugin that converts a WordPress site into a subscription eCommerce store quickly and effortlessly. Just a few clicks – and you have your own store! In essence, it’s built upon the WordPress functionality which adds eCommerce functionalities for your site. Moreover, by using it, WordPress allows you to sell anything on your website.
So, now it’s time to look at how this plugin and its features work and how they can help you to build the store. Let’s start.
How to build and to set up a subscription-based store on WordPress?—salient features
Create subscription-based product
It is your first responsibility to assign a simple product to a subscription product label by simply checking a box. After this procedure, your chosen product will show as a WooCommerce subscription simple product. Keep in mind that the website will not offer any particular subscription-based products.
Set a suitable payment method
There are many methods for WooCommerce to choose from, such as:
- WooCommerce PayPal standard;
- WooCommerce PayPal Checkout Payment Gateway;
- WooCommerce Stripe Payment Gateway.
Choose one of them. With the help of different version updates, there are possibilities to add more payment methods in the future. If you find any difficulty with the payment method you can contact me.
Set subscription frequency option
You may also choose how frequently your users’ memberships will be renewed. Admins are in charge of managing subscription-based products and services’ recurring payments on a daily, weekly, monthly, annual, or mega plus basis. The frequency of the free trials may also be set by the administrator.
Plan expiration date configuration
The next is to set the time of expiry for subscription plans. This is a way to describe a product’s or service’s expiration date. Furthermore, frequency programs and recurring payments are developed in tandem. You can renew your subscription plan to extend your subscription.
Set initial signup fee
You will gain a lot by taking this step. Furthermore, you have the freedom to charge an initial registration fee. Stripe integration for WooCommerce is provided through the free WooCommerce Subscriptions plugin. The combination of the two works flawlessly. You might obtain additional charges for the initial sign-up this way.
Give a free trial period
This plugin gives you a great opportunity to serve a free first trial to your subscription users. This trial set is managed by the admin. Admin offers them a free trial of the company’s services for a limited period without charge. When the trial period expires, the user will be charged for using the product or the service.
Option to cancel your membership
With this plugin subscription, there is a way to stop it. Administrators and users have the option to terminate the subscription at any time. The canceling procedure is simple and easy to follow. In addition, the cancellation prohibits any future recurring payments.
Subscriber report for admin
WooCommerce provides a detailed report on every user’s subscription plan. It also displays details of the activated and deactivated subscriptions for WooCommerce. Furthermore, this analysis includes details such as subscription-based product names, WooCommerce subscription expiration dates, and the frequency of recurring payments.
Why are subscription stores vital for eCommerce?
Because subscription-based stores build a loyal client base and provide predictable revenue. You know what your fixed revenue is; you can improve the overall stability of your firm and better manage your cash flow with it. Furthermore, because you know what your fixed revenue is, you may enhance connections with your clients. You should employ eCommerce designers to assist you in providing the greatest possible user experience. This not only improves your chances of acquiring funding but also helps you appear to be a trustworthy organization. You’ll notice that you’ll have fewer complaints on your end, which will relieve the pressure on customer support.
Hopefully, this article answered most of your questions about subscription-based stores on WordPress. I will close the discussion by saying that, in theory, subscriber-based stores sound wonderful, and they are. Nevertheless, establishing a business based on this model can be challenging at first since your customers need to trust you with their money. It is therefore important to focus more on user experience than the subscription model. Then, if you’re comfortable with it, you could work with an eCommerce web development company to make the site subscription-based. Have a nice day!