The different types of subscription management software handle the processes involved with the different ways customers can subscribe to your product line. The subscription models that a subscription management platform can manage include the following:
Software as a Service (SaaS): Software development organizations can use this model to bill users through various payment plans while also managing billing cycles and transactions.
Subscription Boxes: The subscription box market is expected to grow to $65 billion by 2027 due to its popularity due to its focus on delighting and surprising customers with new items or highly personalized experiences in a subscription box.
Replenishment/Consumables: This subscription type makes it easier for customers to make regular purchases of the same product after a few days, weeks, months, or years; this model provides recurring deliveries of consumable products without them making the same purchase over and over again.
Discount Club: Online shoppers buying products under this model will pay a monthly fee to gain access to bargain prices or members-only access to deals, discounts, and various perks.
Premium/VIP Access: This involves offering access to your products for a basic fee, but you’re also charging them additional fees to access the premium content, such as exclusive deals, discounts, or first access to limited edition items.
Pay-As-You-Go: Here, the customer pays for products as and when they use them, also known as the convenience model; it’s commonly used as an add-on for businesses that offer services along with products.
Freemium: In this model, businesses can offer something for free to encourage customers to give them their contact information; this can be a product that you provide on a regular basis to learn more about your customers.