WooCommerce Subscriptions is a popular plugin for creating and managing recurring payment plans for digital or physical products on a WooCommerce store. It allows store owners to offer their customers the convenience of automatic billing and the flexibility to change their subscription plan at any time.
However, changing the pricing on a WooCommerce Subscription plan can have a significant impact on both the store owner and the customers. In this article, we will discuss the different scenarios that can occur when you change the pricing on a WooCommerce Subscription plan.
Impact on existing subscribers
When you change the pricing on a WooCommerce Subscription plan, it will only affect new subscribers who sign up after the change. Existing subscribers will continue to pay the original price they agreed to when they signed up. However, you can offer existing subscribers the option to switch to the new pricing if they wish.
Impact on new subscribers
New subscribers who sign up after the pricing change will be charged the new price. They will be made aware of the new price before they complete the subscription sign-up process.
Impact on store revenue
The impact of changing the pricing on a WooCommerce Subscription plan on store revenue depends on the direction of the change. If you increase the pricing, it will result in higher revenue per subscriber. On the other hand, if you decrease the pricing, it will result in lower revenue per subscriber but could attract more subscribers to sign up.
Changing the billing cycle
In addition to changing the pricing, store owners can also change the billing cycle of a WooCommerce Subscription plan. For example, you can change the billing cycle from monthly to annually, or vice versa. When changing the billing cycle, it’s important to consider the impact on existing subscribers and to clearly communicate the change to them.
Changing the pricing on a WooCommerce Subscription plan can have a significant impact on store revenue and customer satisfaction. Store owners should carefully consider the impact of the change and communicate clearly with their customers to avoid any confusion or dissatisfaction.
In general, it’s best to give existing subscribers the option to switch to the new pricing or to grandfather them in at the original price for a certain period of time. This can help ensure customer satisfaction and maintain a positive relationship with your subscribers.