Ongoing has launched a new reporting system so merchants can see how many subscriptions they have by subscription products.
Now merchants can view the following:
- # of active subscriptions by product
- # of canceled subscriptions by product
- # of expired subscriptions by product
- # of failed subscriptions by product
- #Total # of subscriptions by product
Which subscription products are your most popular?
This new reporting system on Ongoing subscriptions is great for knowing how many active subscriptions you have on your store, so you can know which subscription products are your best performing.
For high-grossing subscription products, you might want to consider:
- Marketing that product in an email campaign
- If you have “ad spend” you can funnel it toward your popular subscription products
- Spend time optimizing the product page to make it even better
- Dedicate some time to increasing your Google ranking with an app like Get Clicked SEO
Which subscription products have the highest cancellation rate?
Having a low retention is crucial for running a subscription business because you want to make sure subscribers stay subscribed, so you can maintain/grow your recurring revenue.
For subscription products that customers are leaving, you might want to consider the following:
- Reviewing the shipping rate for that product to see if it is too expensive
- Look at the quality of the product and pay close attention to any negative feedback received by customers for ways to improve the product
- Review the subscription frequencies offered, are there enough choices for flexibility?
Expired subscriptions refer to gift subscriptions or subscription plans with an expiration date (for example: ends after 3 months).
Failed subscriptions refer to subscriptions with at least 3 billing attempts in which the card was declined so many times, it gets set to “Failed”.