What makes subscription ecommerce so enticing?
Subscription commerce (subcom) services have entered almost every home in the U.S. What magazines created has evolved into a full-blown industry, manifesting in many forms. Digital streaming services like Netflix and Hulu, monthly deliveries of your favorite magazine, or fresh new packages of clothes to try on; the number of different subscription boxes available is endless, and it seems like everyone has signed up for one.
The Importance of Personalized Subscription Based Services
As subscription models have evolved, one thing has stayed consistent: personalization. Just like lifestyle-aligned magazines, including Sports Illustrated, People, Food & Wine, Cosmo, and Travel + Leisure, the most successful box subscription services have been able to hold onto existing consumers, and attract new ones, by their levels of personalized subscription boxes. Consumers want to feel like brands are worth their loyalty, and businesses prove this by offering them services that relate to their interests. How do these companies gather and understand the interests of their consumers? Simple—by capturing data.
The Value of Consumer Data for Subscription Business Models
While an increasing number of companies in other industries are using data to capture and understand their target audiences, very few have successfully captured the information needed to create highly tailored experiences for their consumers to keep them long-term. Subscription business models excel at this. Marketers need to capitalize on the popularity of subcom services and the mentality behind their growth by constantly using data to create a personalized experience for consumers.
Subscription Box Market Analysis for Retailers
Whether it’s using this data to advertise to specific demographics, or to provide an enjoyable experience, businesses can benefit greatly by looking at popular subcom services and the mentality behind their success.
Understanding the Subscription Box Industry
To learn more about subcom models, statistics on demographics and how to use consumer data to capture consumers like they have, download Sign Me Up: Why Subscription-Based Models are on the Rise.