Did you know that the ecommerce subscription market is booming? It's expected to grow by a whopping 71% over the next five years. In today’s market, simply offering a subscription option isn’t enough. With the rising competition and consumer subscription fatigue, personalization is the key to standing out.
How to Personalize Your Subscriptions
As 2024 approaches, the need for personalization in subscription offerings becomes even more critical due to intense competition and rising consumer fatigue with generic subscription services. Here’s how businesses can innovate and personalize:
1. Dynamic Pricing: For subscription-based ecommerce, dynamic pricing offers a way to keep the subscription offerings competitive and appealing. Subscribers could receive personalized pricing based on how long they have been customers, how frequently they order, and what products they are most interested in. For example:
👉Seasonal Promotions: During slower months, subscribers could get discounts that are not available to regular customers, keeping the subscription attractive year-round.
👉Volume Discounts: Offer reduced pricing on higher-tier plans or when customers add more items to their subscription, encouraging them to increase their subscription value.
👉Tiered Pricing Models: Introduce pricing tiers that offer greater benefits, customization options, or exclusive products as customers choose higher-value plans.
2. Customized Subscription Plans: Craft subscription plans that reflect the unique preferences and habits of your customers. By analyzing past purchases and browsing data, you can offer subscriptions that let customers choose their product types and delivery frequencies, thus enhancing satisfaction and loyalty.
Take the brand Blue Apron for instance. They allow customers to customize their meal subscription plans based on dietary preferences and the number of people in their household.
Subscribers can choose the type of meals they prefer (vegetarian, low-calorie, etc.), the number of recipes per week, and the number of servings per recipe. This flexibility enhances customer satisfaction by aligning with individual dietary needs and lifestyle choices.
3. Personalized Messaging and Marketing Campaigns
Using omnichannel marketing, ecommerce businesses can create a seamless and unified customer experience across all touchpoints—be it through websites, mobile apps, social media, email, or SMS. This approach ensures that messaging is consistent and personalized, enhancing customer engagement and loyalty.
👉Segmentation and Automated Flows: Segmentation involves dividing your customer base into smaller groups based on specific criteria such as shopping behavior, purchase history, or demographic information. This allows for more targeted and relevant communication. Automated marketing flows can then be utilized to send personalized messages at the most effective times based on customer actions or milestones, such as:
Welcome emails when a new user subscribes.
Follow-up messages post-purchase.
Reminders for replenishment based on previous purchase intervals.
Special occasion messages, like birthdays or anniversaries, with personalized offers.
Staying in touch with your subscribers and offering them value through marketing channels like email and SMS can help you keep them engaged and stop your subscribers from churning.
By integrating these personalized strategies, ecommerce subscription businesses can significantly enhance customer experiences, leading to increased satisfaction, loyalty, and ultimately, a healthier bottom line in the competitive subscription market.