For some years the subscription business market has shown growth in all dimensions. Businesses in this industry are progressing every day. And Subscriptions or recurring billing software have played a significant role in the success of this market.
You would have also heard that many new businesses are opting for the subscription billing business. In this blog, we are going to enlist various industries where recurring billing system are used and those industries are outperforming.
Top 10 Industries Where A Recurring Billing Software
1. SaaS Industry
The SaaS business industry is at the top of the list when it comes to the usage of SaaS recurring billing management systems. SaaS companies offer services and for such services offering one-time purchases is not a feasible billing model. So, they need a billing model that can bring satisfactory revenue. The recurring billing model is the solution for such SaaS businesses.
2. Pharma Industry
Many people need to take certain medicines on regular basis. The Pharma industry is one such industry. People who need insulin shots need their medicine after regular intervals. Pharma companies or pharmacists offer subscriptions for the medicines that patients need on regular basis. And to manage these subscriptions, the best recurring billing platforms are needed.
3. Educations & E-Learning
The business model on which all colleges, universities, and schools have been operating for various years is the subscription business model. Recurring billing software have streamlined the operations of all those educational institutes that charge their students recurrently. Even students are promoted to the next grade, and sometimes students change courses which is just like usual proration in the subscription business. Therefore, many educational institutes have already opted for recurring billing software to perform and beat the competition in the market.
4. Food Industry
You will find the implementation of the recurring billing business model where ever the recurring needs of people are to be billed. The food industry is one such industry. There are many eStores that offer subscriptions for food products. And to run these businesses recurring billing and recurring payment software are onboarded.
5. eCommerce Industry
Today, online shopping and selling have become a trend. Many eSores are operating day and night. Supply chains are becoming complex with every passing day. The subscription management software for eCommerce businesses are used to run such complex businesses and supply chains smoothly.
6. Magazines & Newspapers
Almost all magazines and newspapers are doing online versions. They offer eMagazines and eNewspapers to their readers to facilitate them. Subscriptions are offered for these magazines and newspapers. Today, there is a new rend that subscriptions for the specified number of articles and columns are offered. People can get their subscriptions for the articles of their favorite authors and writers.
7. OTT Platforms
Over the Top (OTT) platforms cannot run without subscription management software. They offer entertainment programs to their subscribers. And to manage the subscriptions for these entertainment programs, SaaS recurring billing management software are needed.
8. Gaming
Many gaming platforms also offer subscriptions. Just like OTT platforms, people love gaming, and to manage subscriptions for gaming, they need a recurring billing platform. Subscriptions are offered in a way that subscription plans are crafted and offered to gamers to access certain levels of games. When a gamer proceeds, add-ons are also offered in the form of gift subscritpions etc. And to manage subscription plans and such add-ons, subscription management platforms are used.
9. Gyms & Fitness Clubs
Many gyms and fitness clubs have also shifted to subscription billing. They have divided their services in specific subscription plans. Even the customers can change their plans as per their needs and requirements. All subscription management activities are handled through the recurring billing software.
10. Sports Coaching Services
In gyms and sports clubs people not only need tools and equipment but they also need experts who can teach them how to play games. Also, people join sports clubs when they consider sports an important activity. It is not just a pass-time activity rather they get motivation from the sports activities in which they participate. So, coaching is offered in the sports clubs for various sports. And to manage the subscription for these coaching services, recurring billing software is onboarded.
Other than the above-mentioned subscription-based businesses, there are many businesses where recurring billing software are employed. There are such businesses that one cannot even think about that they can operate on subscriptions. However, the subscription billing business model is one of the leading business models that businesses are opting for. And they implement this model through a robust recurring billing platform.
