Prepaid Products: The Future of Online Shopping

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Subscription products have become increasingly popular in recent years, providing consumers with a convenient and cost-effective way to receive goods and services on a regular basis. But what exactly is a subscription product? In this article, we’ll explore the different types of subscription products available, their benefits, and how to effectively manage your subscription product with Strikingly.

What is a prepaid product?
Subscription products are goods or services that are delivered to customers on a regular basis, usually monthly or quarterly. Customers subscribe to these products by paying a fee upfront or on an ongoing basis, depending on the type of subscription. There are many different types of subscription products available today , from meal delivery to beauty boxes and even software subscriptions. And there are many reasons for their growing popularity.

Subscription product types
Recurring payments. This is the most common type. Customers pay a recurring fee to continue using a product or service, usually monthly or annually. Examples include Netflix, Amazon Prime, Spotify, etc.
Usage-based pricing model. Customers pay based on how much they use the product or service. For example, cloud storage services like AWS and Azure charge by storage and bandwidth. Some SaaS products charge by the number of users or customers.
Tiered pricing. There are different subscription levels with different features and prices. For example, Slack has Free, Standard, and Plus tiers. Customers can move up or down between tiers.
Bundle pricing. Multiple products or services are bundled into a single subscription fee. For example, Amazon Prime includes free shipping, Prime Video, Prime Music, etc. Microsoft 365 includes Office apps, OneDrive storage, Skype, etc.
Metered pricing. Customers pay a base rate and additional charges based on usage above a certain limit. For example, cell phone data plans often have a fixed base data limit and fees for excess data.
Freemium. A free basic tier and one or more premium paid tiers. The goal is to convert free users into paying subscribers. Examples include Dropbox, Evernote, MailChimp , etc.
Add-on pricing. Additional features and add-ons that customers can purchase to enhance their subscription. For example, additional storage, users, modules, integrations, etc.
Non-recurring. One-time subscription purchases for a fixed period, such as one month, six months, or one year. Common for streaming media, dating sites, etc. After the period expires, customers can renew for additional fees.
Now that you know the basics of subscription products, you'll understand why they're so popular today, and they can be your guide to a successful business.

1. Comfort
Subscription products offer a convenient way to buy items you need on a regular basis. With automatic deliveries, you can set it and forget it, ensuring you always have the products you need without having to worry about reordering them. This is especially useful for busy individuals who don’t have time to constantly restock household essentials.

Another benefit of subscription products is personalized recommendations. Companies can suggest new products vietnam phone number data you might be interested in by analyzing your past purchases and preferences. This saves time and introduces customers to new and exciting products they might not otherwise discover.

Flexibility in subscription plans is also important. Customers should be able to easily manage their subscription products, change delivery frequency, or pause shipments altogether if needed. Offering different types of subscription products , such as monthly or quarterly plans, also allows customers to choose what works best for them.

Strikingly’s payment integration makes it easy to manage your product subscriptions. With options like PayPal and Stripe, customers can securely pay for their subscriptions without having to worry about entering payment information with each checkout.

Automatic deliveries save time.
Personalized recommendations bring new products to customers.
Flexibility in subscription plans allows customers to choose what suits them best.
Strikingly's payment integration makes managing subscriptions easy.
Surprisingly, product subscription payment integration
Image taken from Strikingly

Cost-effectiveness
Cost efficiency is a key consideration when managing your subscription product. Offering products on a subscription basis can help businesses save money, and customers can benefit from lower prices and value packages.

Package deals
One way to make subscription products more cost-effective is to offer bundled deals. Customers can save money by purchasing multiple products at once, and businesses can increase their revenue by selling multiple items in a single transaction.