5 years ago – a toilet paper subscription service seemed absurd. Now, not so much. In the new age of consumer demand, you can find almost any product or service offered in a subscription model, from toothbrushes to tennis balls, almost any item can be offered to the consumer on a subscription model. “You have a 60-70% chance of selling to an existing customer, versus a 5-20% chance of selling to a new prospect.” As consumer demand for fast, easy, and reliable product delivery that requires little to no effort on their behalf continues to grow – so does the subscription model market.
“The latest projections suggest that by 2025 the global eCommerce subscription market will be worth $246.6 billion.”
“Of the 15% of consumers who receive subscription products, 35% subscribe to three or more services. Diving deeper within this group, 18% of men and 7% of women have six or more subscriptions.”
This week, Leo and Waldo dive deep into the statistics from a recent Shopify article to uncover why a subscription model is the future of eCommerce.
Topics covered this week include;
If you have been considering implementing the subscription model to your business here are a few places to start to ensure it is right for you. Keep in mind that subscription allows you to obtain a passive income that shouldn’t fluctuate too much, which will make planning and budgeting for the future a lot simpler.
So, are you considering offering a subscription service to your customer?
As Shopify Experts, the team at Zyber know a thing or two about successful subscription models. Get in touch with one of our Digital Strategists today t0 find out how a subscription model can increase your revenue in 2021.