A seller subscription module of comparable caliber can shift your ecommerce marketplace’s economic equation. Hang on! The history of ecommerce is interspersed with scenarios where big wigs witnessed unexpected and un-envisioned downfalls. Quite clearly, lack of seller subscription module was one of the concomitant reasons that led to the undoing of businesses. Let me run some sagacious sentences on “Seller subscription module for Marketplace software.” With a head full of business ideas and ecommerce jargon, my intention is to ignite your minds about “Seller subscription module.”
Understanding Subscription Module:
In the context of newspapers and magazines, the world ‘subscription’ is closely entwined. More often than not, we all hear people saying that they have subscribed to dailies and weeklies. The word ‘subscription’ in the ecommerce context signifies the same. However, instead of newspapers, newsletters prod into action. Instead of an offline operational space, online space becomes operational. Needless to say, subscription depends on the category of online retail.
Note: A unique affiliate revenue model for eCommerce marketplace sites.
Understanding Seller Subscription Module:
Seller subscription is one of important revenue channels that let marketplace script owners chase the almighty dollar. Marketplace platform owners can make some easy money by charging some commission on the sales of the sellers. Marketplace platform owners and sellers reach a consensus on the amount to be paid as commission. However, there are certain disadvantages associated with this model. If the sales aren’t high, the much touted commission and ensuing prosperity do not materialize. Sometimes, especially during festivities, the demand for goods may skyrocket. While at times, especially during inflation and other economic crises, the demand may be abysmally low. In such extreme situations, inventory management becomes arduous. Sellers can do away with such awful scenarios by adopting Seller subscription module.
Sellers have to subscribe for the available subscription plans that the marketplace vendors have at their disposal. Whenever a seller subscribes to one of the subscription plans, he is cognizant of the number of customers. As a consequence, the seller can manufacture goods for that fixed number of customers. Thus, inventory management becomes relatively easier and the chances of inventory getting wasted are reduced to zero. Also, marketplace owners have an idea of the amount they are going to get at the end of every month. It is thus a win-win situation for both sellers and marketplace platform owners.
Understanding the various seller subscription plans: To give you an idea – the below mentioned structure is for example purpose. You can define your subscription model based on your niche and preferences to the sellers.
Silver subscription plan:
- If a seller opts for Silver subscription plan, he can avail the following features:
- Upload a maximum of 20 items under the available categories of products.
- Limited access to seller’s dashboard.
- Access to 20 themes.
- Limited access to inventory tracker (can avail this feature only twice a month)
- Limited access to commission tracker.
- A three-time one-one chat sessions with customers.
- Access to a few add-ons.
- Support to a few languages.
- Fixed layouts
Sellers who have subscribed to silver subscription plan cannot avail advance features such as product promotion on community forums, banner ads in products search, life-time access to inventory tracker, life-time access to commission tracker, multiple one-one chat sessions with customers etc.
Gold subscription plan:
- If a seller opts for Gold subscription plan, he can avail the following features:
- Upload innumerable items under all the available categories of products.
- Complete access to seller’s dashboard
- Access to 100+ themes
- Complete access to inventory tracker.
- Complete access to commission tracker
- Multiple one-one chat sessions with customers
- Access to all plug-ins and add-ons.
- Free professional installation of additional modules
- Automatic updates
- Support to all languages.
- Banner ads in product search
- Multi-level affiliate system etc.
- Flexible layout designs
- Support for 5 years
- Targeted exposure
Platinum subscription plan:
If a seller opts for Platinum subscription plan, he can avail all the features of Gold subscription plan and the following:
- Buyer seller discussion board
- Powerful email management system where newsletters can be sent to all customers
- Mass mailing to all customers
- Layout management features
- Advanced smart search with dynamic filters
- Lifetime support
- Detailed metrics
The sellers who have subscribed to gold and platinum subscription plans have constant access to latest technical updates. For instance, latest updates will be automatically configured. However, sellers who have subscribed to silver subscription plan have to pay premium to get their dashboards configured.
Benefits of Subscription Revenue Model:
Convenience: For customers, the greatest advantage with the seller subscription module is undoubtedly ‘convenience.’ Customers who have placed their one-time orders need not re-order every month. Thus, the hassles of visiting websites or stores are eliminated.
Customer loyalty: Customers are likely to stay loyal to your brand. Whenever products are delivered on time with minimum delay, a significant level of trust is built. Sellers and customers can share a good rapport with each other. As a result, your marketplace platform becomes a hub of ecommerce business activities.
Consistency in delivery: Consistency in delivery is always in store. If your customers order for 1000 copies, 1000 copies can be delivered without any delay. Whenever the requirements of customers change, the sellers are informed well in advance. Sellers can cater to the requirements.
Consistency in revenue: Customer satisfaction eventually results in consistency in revenue. Resources can be planned and revenue can be predicted. This is on the part of the sellers. As owners already have an idea of the number of sellers and the plans to which they had subscribed, owners too can conveniently predict the revenue. A subscription model positively impacts customers, sellers and owners.
Also read: 10 Revenue channels for eCommerce marketplace sites.