The subscription model isn't new, but the pandemic saw a new wave of ecommerce success stories in this field. Hear from our panel of retail experts on the key success factors in setting up an ecommerce subscription model, and how brands can use this to create unique customer experiences and greater consumer loyalty.
How subscriptions are growing fast
Why you can treat your subscriptions customers like members
The value of subscriptions
Why a subscription model makes sense over traditional retail
The subscription model revolution - driving growth from customer loyalty.
The subscription model is a market that saw huge growth in the pandemic and doesn’t seem to show any signs of slowing. “We are seeing brands in every vertical frantically scramble to try and implement subscriptions,” said Jay Myers, Co-founder and VP of Growth at Bold Commerce. He said the model was a win for both brands and customers.
Scott Hoiland, Co-founder at KetoKrate, said he’d launched the business as a subscription business for five reasons: more predictable revenue, an easy-to-build community, avoiding competing against Amazon, offering better value to the brands and allowing customers to trial products.
The community aspect is particularly powerful, said the panel. Hoiland said that his community also comprises a significant influencer marketing movement.
Tad Frost, COO of golf apparel subscription business Short Par 4 said his company offers a variety of box options to customers. “It’s a love and passion and it’s a community,” he said.
Discussing lessons learnt, Frost said he was still learning. Having originally outsourced fulfillment he said the company had since brought it in house to enable greater control. “The way we need to look at our business is customer experience. If you run a business based on the mindset of customer experience the rest will take care of itself,” he said.