Consistent Revenue with Recurring Payments
Everyone has had a subscription of some type in their lives. Whether that be for their favorite magazine, wine club, cigar club, weekly gardening or season passes for sporting events. Subscriptionz by Sky allows businesses to utilize regularly spaced payments, such as monthly or weekly, directly from their Dashboard that sync with their Cloud POS. This is a great way to utilize storing a customer’s card on file, guaranteeing consistent payments and forecasting revenues.
With adults having less and less time available, subscriptions have become the new craze in commerce while the COVID-19 pandemic is limiting travel and shopping opportunities, and big businesses like Amazon are offering subscription services. If you don't find a way to utilize subscription services at your business, you are losing revenue.
Revenue from subscription services is growing five times faster than U.S. retail sales. Globally, 70% of adults have one or more subscription services currently.
Let’s look at ways your business can utilize subscription services.
There are three main types of subscription services your business can utilize: Curation, Subscriptionz, and access. Each type of subscription is vastly different, but can create enormous revenue potential for your business if planned and executed correctly.
This type of subscription could be described as the ‘surprise me’ subscription. Popular examples of these subscriptions are health and beauty supplies, coffee clubs, wine clubs, cigar clubs or monthly wardrobes. Customers typically provide some information about clothing size, wine type preference, type of beauty regimen they have and the business selects new items to send each month.
This can be an extremely popular subscription service for retail stores in the hospitality industry, specifically around food or clothing. Another interesting idea could be a hair salon having a subscription service for hair or skin care products that enhance the in-store experience.
This service is a recurring order of goods or supplies, likely the most familiar type of subscription service. For example: groceries, pet supplies, office supplies, or toiletries. These deliveries occur as little or as often as you like. These services are becoming more and more popular as it frees up significant amounts of time from having to shop for essentials. Amazon’s Subscribe & Save, Butcher Box or Boxed AutoSave subscriptions are extremely popular which means your business, if in this space, must also enter the field to remain competitive.
This type of subscription could be used by auto mechanics for monthly maintenance checks, gardening or yard maintenance services for the weekly mow & trim, hair salons for monthly dye touch-ups.
This type of subscription service guarantees customers access to premium content or services. Netflix, Hulu, and Disney+ are perfect examples because they provide access to premium video content like movies and television shows. Amazon Prime offers free two-day shipping. Best Buy Total Tech boasts free shipping and extended warranty services. DashPass gets DoorDash subscribers free delivery.
This type of subscription could be utilized by many types of companies ranging from pre-show access or skipping the line at a concert, special pricing or items at the concession stand for a high school sporting event or could enhance a gym membership with exercise training videos. Anything your business can put behind a paywall can be an access subscription.
As you have seen, there are countless ways you can creatively include subscription services into your business. Some of the key strategies to identify a subscription plan for your business are to find a way to enhance a product or service, identify common items that are frequently purchased, free delivery services or your one-of-a-kind content that you can put behind a paywall. If you aren’t sure, Pro Servicez by Sky offers a hands-on experience with our ‘in-house doctor’ of marketing. Whether it’s marketing or big picture strategy, we can help you identify ways to optimize your business.
So, if you’re a medium-sized business looking for a way to utilize subscription service to increase revenue, look no further than Subscriptionz by SKY Systemz. Our Operationz & Business Management Suites of software is versatile and can handle all of your products, services, inventory, and merchant preferences. Not only do we provide the most versatile software available on the market, but we also offer “Pass the Fee" built right into your dashboard. Passing the fee allows your customers to pay credit card processing fees, instead of cutting into your bottom line. While this is optional, almost half of Sky merchants utilize this feature. If passing the fee is not for you, we still offer the lowest rates in the industry. If you process at least $20k a month, we are willing to negotiate custom pricing.
And at Sky, we like to offer a 30 day challenge. Sign up for free with no contracts or commitments. If after 30 days you aren’t satisfied with our software, services or rates, you can simply let us know you’d like to discontinue services. No hard feelings, but we don’t think you’ll want to switch back! To get started, please fill out the request form below and a member of our team will contact you within the next 24 hours!