Subscription management software is a must-have for any business that offers subscriptions. It allows you to manage and automate all aspects of your subscriptions, from sign-ups and payments to renewals and cancellations. The right subscription management software can save you time and money, and help you grow your business.
What is a subscription management software
A subscription management software is a software that helps businesses manage their subscription services.
It helps businesses keep track of their subscribers, manage their payments, and provides other features to help businesses run their subscription services smoothly.
Is subscription management software expensive
The market is expected to grow from USD 1.45 billion in 2020 to USD 3.31 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 17.8% during the forecast period.
The major drivers of the market include the need for a centralized platform to manage the end-to-end subscription lifecycle and the increased adoption of cloud-based solutions.
The average sales price of subscription management software
The average sales price of subscription management software:
Hence, average sales price of subscription management software ranges from $5 to $10 per user per month.
However, the price can vary depending on the features and functionality of the software.
Statistics of businesses using subscription management software
According to a recent study, subscription-based businesses are growing nearly five times faster than the S&P 500. In addition, it was found that businesses that use subscription models have a customer retention rate that is 9% higher than businesses that don’t use subscription models.
What type of business is using subscription management software
Subscription management software is used by businesses of all types and sizes.
However, it is most commonly used by businesses that offer subscription-based products or services, such as magazines, newspapers, software-as-a-service (SaaS) applications, and online content.
Is subscription management software expensive
The price of subscription management software can vary depending on the features and functionality of the software.
Though, the average price ranges from $5 to $10 per user per month.
What are the features of subscription management software
Some common features of subscription management software include:
1.Subscriber management: This helps businesses keep track of their subscribers, including contact information, subscription status, and payment history.
2.Payment processing: This helps businesses process payments from subscribers, including recurring payments.
3.Service management: This helps businesses manage their subscription services, including setting up subscription plans, managing content, and providing customer support.
5 benefits of subscription management software
There are many benefits of using subscription management software, including:
1.Improved efficiency: This software can help businesses automate many tasks related to managing their subscription services, which can save a lot of time and improve efficiency.
2.Reduced costs: This software can help businesses save money by automating tasks and reducing the need for manual labor.
3. Increased flexibility: This software provides businesses with a lot of flexibility in terms of how they manage their subscription services.
4.Improved customer satisfaction: This software can help businesses provide a better experience for their subscribers by making it easy to manage their subscription services and providing more features.
5.Increased revenue: This software can help businesses increase their revenue by making it easy to start and manage subscription services.
10 top subscription management software
There are many subscription management software options available on the market, but some of the top options include:
1.Chargify
2.Recurly
3.Zuora
4.Fusebill
5.Paywhirl
6.Subbly
7.Chargebee
8.Paddle
9.FastSpring
10.2Checkout
Statistics of businesses using subscription management software
A 2018 study by Chargify found that:
1. 78% of subscription businesses use subscription management software.
2.The average subscription business has 9 different subscription plans.
3.The average subscription business has 13 different subscription products.
4.The average subscription business has 21 different subscription pricing options.
Pros and cons of subscription management software
There are both pros and cons of using subscription management software.
Some of the pros include:
1.Helps businesses automate tasks and save time
2.Helps businesses save money
3.Provides businesses with a lot of flexibility
4.Can help businesses improve customer satisfaction
5.Can help businesses increase their revenue
Some of the cons include:
1.Can be expensive
2.Requires a learning curve
3.Can be complex for businesses with simple subscription services
Conclusion
The software market is constantly changing, and new subscription management software is always being released.
However, the 10 subscription management software options we’ve shared in this blog post are some of the best available for small businesses in 2022.
Each software has its own unique set of features and benefits, so make sure to choose the one that best fits your business needs.
We hope this blog post has helped you in your search for the best subscription management software for your business.
If you have any questions, feel free to reach out to us and we’ll be happy to help.