One of the ways for an ecommerce merchant to run a cost-effective business is using techniques for retaining existing clients. Following this strategy requires building long-term relations with customers, which can be achieved by various methods. One of the solutions for gaining customer loyalty is the implementation of subscriptions and recurring payments on an online store. With this approach, a store owner provides online shoppers with an option to buy goods and services repeatedly with periodical payments charged automatically. The recurring payment functionality is especially beneficial for businesses which sell products that often run out, like water, pet food, and others, or goods that are sold on a subscription basis, like newspapers and magazines.
Default Magento 2 doesn’t provide the possibility to utilize the subscription and recurring payments functionality. If you run your store on the default platform and want to accept payments on a recurring basis, you should consider installing an appropriate third-party module. One of such robust solutions is offered by Amasty – the Subscriptions & Recurring Payments extension for Magento 2. With the module, you can allow customers to buy all or particular products on subscription and receive regular recurring payments. This way, you improve the customer shopping experience on your web store by simplifying the ordering process for repetitive purchases. As a store owner, you get a convenient way for accepting recurring payments and save costs on acquiring new customers.
Below, we describe the main features of the Magento 2 subscription and recurring payments module.
- Subscription products and regular products in the same cart;
- Flexible fees management;
- Initial subscription fee;
- Free trial on subscription;
- Automatic email notification system;
- Option to offer a discount for subscription;
- Automatic invoices generation for recurring payments;
- Separate grid for subscriptions management;
- Fees configuration per product;
- Subscriptions section in the customer account area.
Subscriptions & Recurring Payments by Amasty enables online merchants to create flexible subscription models for the products and services they sell. The module’s functionality allows selling products on a recurring basis along with regular goods so that customers can decide whether to add a single item, a subscription, or both of them at once to the cart. If a customer purchases regular and subscription products simultaneously, they will be charged once for the whole order, and then – on a recurring basis for each subscription. This way, you motivate your clients to make repeat purchases, which leads to a stable increase in profits.
As a store owner, you can configure fee settings in line with your sales strategy. For instance, you can set an initial subscription fee that will be charged one time automatically and removed from subsequent invoices. This feature is especially useful if you offer a trial period for some of your goods or services and want to provide a special price during this time. In the Magento backend, you can specify a value for the initial fee and define its type as a fixed amount or percentage from an item’s price. Besides, you can offer a free trial for subscription products to add incentives for their purchase. You can specify a time interval for the free trial duration after the end of which a regular subscription price will be applied automatically.
The Magento 2 subscription and recurring payments module also allows sending automatic email alerts on various events related to customer subscriptions. For example, you can send notifications on the subscription product purchase, end of the trial period, as well as subscription pause or cancellation.
The Amasty extension helps to keep customers loyal to your web store by offering discounts for purchasing items on subscription. Magento admins can set the amount of discount, specify its type, and set the number of payments with a reduced price.
Another advantage you get after installing the module is automatic invoicing for recurring payments. A billing cycle is created automatically after a subscription is purchased. This way, you can save admin time on generating new invoices on each payment, since everything is done automatically in the Magento admin as well as customer account area. You can decide whether to set strict billing terms or allow customers to select a convenient payment frequency.
As for the backend management of subscriptions, the Amasty extension provides admins with some other useful features. Magento admins can view all essential details on each subscription in a dedicated grid. Moreover, you can define which of your products will be available only on a subscription basis or as a regular purchase, as well as assign both options. It is also possible to manage subscription fees for each item individually. This way, you can set trial prices, initial fees, and discounts per product.
As for the improved user experience on the storefront, your registered customers get the ability to view and manage their subscriptions in personal accounts. Frontend users can check details of their subscription plans and pause or cancel selected subscriptions whenever required.
Subscriptions & Recurring Payments by Amasty extends the default Magento 2 functionality by allowing online merchants to offer their products and services on a subscription basis. The extension provides users with a flexible configuration so that they can fine-tune all required options according to specific business strategy. The Magento 2 module significantly enhances the shopping experience on a web store, which builds trust to a brand and helps to engage customers. Thus, by installing the Amasty extension, you get an excellent opportunity to build stronger relations with your clients and boost your revenue by turning one-time sales into repetitive orders.
The Magento 2 module is currently in development but will be released soon. If you don’t want to miss the latest news about the extension’s release, follow the official product page by the link below:'