Vendor subscription plans is another feature in version 4.4.1 worthy of mention. Did you know it got 325 votes on our UserVoice?
Previously, we were offering this feature as an early access add-on that you could download from your Help Desk. Now the Vendor Plans add-on is built into Multi-Vendor 4.4.1.
Why You Need a Subscription Model for Your Vendors
Owning a multi-vendor-based marketplace, you’re allowing other entrepreneurs to sell their products on your territory. You offer them your service. So you have two options when it comes to bringing in revenue: to charge by service or to apply a subscription model.
Here are 5 reasons why you should move from the old billing model to the new subscription model:
- Predictability. Your vendors pay a flat fee for the subscription: they always know how much they will pay you next month and thus can budget more accurately. You, as a marketplace owner, benefit from subscriptions in the same way—you have an accurate picture of incoming revenue.
- Simplified pricing. With subscription plans, your vendors always know how much they pay and what they get. Subscriptions organize pricing and make it more transparent.
- Customer retention. With the subscription model, your clients (vendors) are more likely to stay with you and increase their lifetime value.
- Marketing base. Email marketing is known as the most effective advertising method. With the subscription model, you can easily collect the email addresses of your target audience. Having a base of subscribers, you can market to them and to their friends through them to attract more vendors to your marketplace.
- Flexibility. You can configure subscription plans to find the best combinations of the price a vendor pays and the features he gets. A vendor can easily move to another plan with no investment loss.
We’ve prepared a video guide on how to manage vendor subscription plans, where you can learn about all the setting and the workflow:
Do you find vendor subscription plans useful? Let us know in the comments!
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