Is a subscription model right for every brand?
There’s a subscription service for everything these days – or at least, that’s how it seems.
How can companies prepare for subscription fatigue? Here are five ways
Of the business models that have thrived on the internet, arguably none has been as successful as the subscription business model. Thanks to this, seemingly every type of product or service, from movies to clothing, can now be purchased through subscription services and there is little doubt that the model is here to stay.
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Though it might be less well-known, Turkey’s leading ecommerce site Trendyol has been similarly innovative in understanding the fashion needs of consumers.
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Six things that make a good subscription service
In my right hand I have a mug of Brazilian coffee (Fruit and Nut Espresso).
The coffee was delivered through my letter box yesterday, courtesy of Pact Coffee, one of many coffee subscription services.
However, Pact doesn’t like to think of itself as a subscription service. Its founder, Stephen Rapoport, believes many subscription services work for the business but not for the customer.
So, if the model is often abused, just what makes a good subscription service?
The subscription ecommerce opportunity
For years people have subscribed to newspapers and magazines, but now consumers can subscribe to receive a wide range of basic products, from fashion to fresh vegetables.
As consumer buying habits are trending towards simpler, hassle-free shopping experiences, companies like Pact Coffee, Graze and Glossybox are invading the subscription space and seeing incredible growth.
While subscription selling may not be a new model of retail, it has the potential to up-end traditional shopping patterns.
Just this month, music streaming subscription services like Spotify were included in the UK basket of goods and services used to calculate inflation.
The pros and cons of subscription ecommerce models
We’ve seen quite a few ecommerce sites built around subscription models in the past few years.
Netflix and LoveFilm are the obvious examples, while MyGlassesClub and PeriodBox are two we’ve covered recently. Kopi and Graze have also become well established.
So what are the advanatages and disadvantages of this business model?