Subscription services are no longer some new, trendy topic for new age businesses catering to the millennial generation and younger. Today you can find subscriptions for everything from food and clothing to movies and even cars.
The explosive success this industry has had is related to the fact that it helps people save time, money and make decisions that benefit them.
With the market for cloud billing (which includes subscription billing services) predicted to reach $16.59B by 2021, now’s the time for businesses to get in the game.
Here’s why subscription services are here to stay and why your business should seriously consider offering the option.
Personalized
Personalization comes in very close second when talking about the ways for companies to succeed today. In line with innovation, this tactic is one of the best ways to gain customer loyalty, show customers you care about their needs and increase the likelihood of a sale.
Subscription services cater exclusively to this need. Most people who sign-up of are considering the service are already in need of it. Consider a clothing subscription service that delivers outfits to match criteria preset by each customer. Items shipped to them are sent in the right size, color and perfect for a specific occasion.
Personalization for your target market is just one of the many ways a subscription service can instantly boost business.
Efficient
The thing that many subscribers are coming to realize about subscription services is that they end up saving money in the long run. Cost savings easily add up and are a major buying factor for most consumers. Subscribing to a service for delivery of toiletries on a monthly or as-need basis, for example, can come with price discounts and more importantly means cutting out the cost and time spent driving around to shop at a brick and mortar grocer. If there’s one thing everyone is short on today – it’s time. This convenience alone is a great selling point for those looking promote subscription services to the market.
Subscription DNA’s enterprise subscription billing software platform automates recurring billing, can set one-time or future billing, and can even support complex payment scenarios. We also offer paywall authentication options to protect or allow access to premium content, media, software, and more. Get in touch today to learn more!