A purchase process seems like an easy procedure for any e-commerce business to deploy. All that’s needed is a clickable button to purchase and a way for customers to provide a method of payment, right? Wrong! There’s actually much more to it than people may think. Here, we’ll go over all the necessary pieces to develop a checkout process that is simple for customers to flow through and ultimately drive them to hit COMPLETE PURCHASE.
As a SaaS company, we work closely with our clients to deliver a premium VOD experience for their customers. We offer our OTT platform for businesses and brands to monetize their high-quality video content through a subscription model, which is why we developed an easy-to-follow purchase flow for our clients’ customers to buy a monthly or annual subscription plan through.
A successful SVOD purchase flow must:
- Establish the goods and services included with a subscription.
- Create a role for the customer to access and modify their subscription.
- Allow the customer to purchase with their preferred method of payment.
- Present an easy step-by-step process for the customer to complete their purchase.
- Send a communication to the customer to confirm the purchase.
In particular, the subscription business model is shifting the way people do online shopping. Unlike one-off transactions, monthly and annual subscriptions are allowing customers to automatically purchase goods and services. This purchase model is taking over the e-commerce space. Mostly because it’s easy for customers to set it & forget it.
Subscriptions come in many forms these days (e.g. streaming video packages, clothing stylists and boxes of goods). It’s important for these businesses to have an easy flowing purchase process and strategy in place, so they’re not losing out on conversions and valuable data.
3 Key Purchase Flow Steps for SVOD Services
1. Pick a Plan
Define the goods and services included in each plan/price. For example, a monthly subscription to your VOD service may include a package of fitness equipment and 24/7 streaming access to all workouts. Whatever it may include, be sure to make each plan transparent for the customer so they know exactly what they’re receiving. This step should display each price point available, so a customer can easily compare and pick their desired plan.
2. Create an Account
After the customer has added a subscription plan to their shopping cart, have them create their own account with their name, email address and password. This completed step is a huge win for SVOD services because this is an opportunity to capture emails for future communications.
Some customers will abandon their purchase with a subscription plan in their shopping cart. It’s vital to have an automated email campaign set up for these shoppers to remind them to complete their purchase. Learn more about abandoned cart email campaigns here!
3. Enter Billing Information
The final step of the purchase flow is when a customer provides a credit card to keep on file with the account they created. This allows them to continue paying with the payment information they have on file—making it super simple for them to purchase from you.
Right after the subscriber clicks COMPLETE PURCHASE, send them an automated email confirmation to show what was purchased and when they should expect their credit card on file to get charged again.
Capture Data From Each Step
Data. Data. Data. It’s all about data! Don’t forget to set up all your analytics to capture data from each step of your subscription purchase flow. Know which steps your customers are completing and dropping off from. You’ll be surprised to learn what your subscribers are doing when they are initiating a purchase. Capture the data and plan out a strategy to convert the shoppers who are dropping off.