Ride the ecommerce Q4 high into 2024 with repeat purchases > Dec. 22

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Happy holiday season! 🎉

This holiday season is special, because there’s a big consumer trend you can jump on to ride the Q4 mass sales wave into 2024.

PYMNTS are calling this trend the “replenish economy.”

1 in 4 millennials rely mainly on subscriptions for their everyday products, as do 31% of Gen Z. The ecommerce subscription market was set to double in size this year to $38BN.

Shopify is rolling out a subscriptions app that will allow you to build and manage subscriptions right within your admin.

Imagine if you signed up the masses of new and current customers buying from you right now to keep buying in 2024 and beyond…

In today’s Deep Dive, we show you the steps and considerations to build a solid subscription model in a jiffy, so you can be a first-mover in the “replenish economy” and watch your customer LTV soar, even if you don’t sell frequently-used products.

Let’s dive in!

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Continue Q4 Peak Season into 2024 with Subscriptions

If done well, subscriptions create repeat customers who spend 67%+ more than new customers who don’t subscribe for repeat orders.

The compound effect of customers continually buying dramatically scales your revenue.

Don’t worry if you don’t sell regularly-used products. Almost twice as many customers sign up to subscriptions for enjoyment over cost.

And the best way to take advantage of this gratifying shopper habit is to allow your customers to relive the thrill of buying again and again.

Addictive Subscription Boxes 📦

Entire businesses have been built on this model, like HelloFresh, Birchbox, and Blue Apron.

The idea is to bundle 3-5 lightweight products into a box… products that complement each other and follow a theme.

Subscription boxes work best for apparel, beauty or food products. But they can work in other niches.

The goal is to make your customer feel like it’s their birthday every month. With a gift they choose (the best gift of all!)

Handwritten Letters Double Customer LTV ✍️

A 2022 study found that handwritten “Thank you” notes doubled customer LTV.

Make your subscription bundles a personal gift from your brand to your customer and they’ll be loyal to you!

An easy way to give “thank you” notes is through an app like PostPilot (no affiliation.)

For sellers of frequently used products, the subscription model is a natural fit for your individual products. Simply offer a discount for subscriptions.

But to get either of these models right, it’s important to understand consumer sentiment about subscriptions.

Subscription Customers Want 2 Things ✌️

The modern-day consumer expects payment flexibility.

PYMNTS reports that 2.9% of consumers are inclined to stop signing up for a subscription if buy now, pay later isn’t an option. And 2.4% if there’s no digital wallet option.

These percentages might sound small, but 3% out of 100 customers is 3 customers. 3 customers with a LTV of $1,000 is $3,000.

You can take this flexibility a step further.

45% of millennials prefer a multi-model subscription, so why not offer regular and subscription boxes!?

Consumers also want control over their subscriptions.

They expect:

• Clear communication of any changes in subscription terms

• Adjustable subscription frequencies

• Customer approval before renewals

Having these three at the core of your subscription model greatly increases customer satisfaction and retention.

The same PYMNTS report found that out of the top-performing retail companies that do subscriptions, 100% give guarantees or refunds. And 93% allow for product changes.

Control and flexibility.

Oh, and don’t forget fun!

With these three elements in your subscription model, you’re set to take first-mover advantage in the replenish economy boom!

🎊 Happy Holidays from The Early Checkout Team!

We hope you found today’s Deep Dive helpful!

From The Early Checkout team, we’d like to wish you a happy holiday period.

We’ll be back next week with 2024 predictions in the world of ecommerce from the leading brands and experts, so you can be ready to make 2024 YOUR YEAR.

See you then!

The Early Checkout Team

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