The subscription business model has grown in tremendous ways in the past decade. Even brick-and-mortar stores are finding creative ways to offer subscription packages, such as hair salons that offer blowout subscriptions. Let's look at tips on how to run a successful subscription business.
, to continue subscribing, consumers expect personalized subscriptions to become more tailored over time. And recommendations, including word of mouth and positive online reviews, are a key trigger for consumers to sign up with a subscription service in the first place.
Consumers who sign up for product subscription services like the element of surprise and feel they are getting good value for their money. In contrast, access subscribers, which includes paying a monthly fee to obtain lower prices or members-only perks, place importance on convenience and personalization as a reason to subscribe. Replenishment subscribers, which include people who subscribe for items such as razors and diapers, seek greater convenience, as well as greater value.
By extension, an inferior experience leads to canceled subscriptions. Inferior experiences include the feeling of being ripped off, poor assortments or quality, and lack of personalization. In fact, the McKinsey study found that nearlyhave canceled their subscriptions. And more than one-third of consumers who sign up for a subscription service cancel in less than three months, and over half cancel within six months.
In the case of subscription e-commerce providers, one of the biggest challenges is matching supply and demand; consumers are generally more likely to cancel or freeze subscriptions when products pile up, or when order volumes can’t be customized, such as when they are going on vacation and need less product in a given time period. This is why companies need to frequently solicit consumer insights and find out exactly what the consumer is looking for.
As the subscription e-commerce market continues to grow, novice entrepreneurs that are looking to get their piece of the pie need to be well aware of how to deliver on the experience that consumers are seeking. Subscription products or boxes offer a personalized, convenient, and often lower-cost way for consumers to buy what they desire and need.
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