Wouldn’t it be great if the customers you acquire kept coming back to buy from your business over and over again?
That’s the lure of the subscription business model and the reason why the subscription economy has been booming in the last few years.
Data from McKinsey shows the subscription eCommerce market has been doubling year over year for the last 5 years. It goes on to demonstrate that nearly half (49%) of all online shoppers are members of different types of subscription services, with media subscriptions like Netflix being the most common. Active subscribers hold a median of 2 subscriptions.
Subscription businesses come in various shapes and sizes. Of course, we’re familiar with media streaming services like Netflix, Hulu, and Spotify. But there are also product subscriptions like JustFab or Blue Apron that have made a sea change in the way consumers shop online and offline.
However, these are just the tip of the
iceberg. The most common subscription services can be categorized as:
Subscription boxesMembershi… Read More