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Looking Beyond Subscription Boxes for Success

Looking Beyond Subscription Boxes for Success

Subscription boxes like FabFitFun, Birchbox, and Glossybox have taken over e-commerce in the last ten years. In point of fact, the popularity of subscription boxes has made them synonymous with subscriptions as a whole.

This is unfortunate because retailers do not need to launch a subscription box in order to reap the benefits of subscriptions. Instead, they might let people subscribe to their products.

Understanding Subscriptions

There are a variety of subscription experiences to choose from. One popular type of subscription experience is subscription boxes, which aim to delight and surprise customers with product samples. A “subscribe and save” experience is another successful type. Customers can get regular product replenishment thanks to this. For instance, a coffee connoisseur would sign up for a coffee subscription to their preferred retailers to receive their preferred brew every two weeks. Customers adore “subscribe and save” experiences because they are more convenient, less expensive than one-time purchases, and guarantee that they will always receive their preferred products without having to worry about reordering them once they have run out.

Offering a “subscribe and save” experience can be a powerful way for businesses that sell consumable goods like makeup, skincare, supplements, groceries, beverages, toiletries, healthcare, and homecare to help customers get the products they need and help a brand’s business grow. Subscriptions can provide a number of unique advantages, regardless of whether a business launches a subscription box or a “subscribe and save” experience.

Reliable & Recurring Revenue

The fact that subscriptions generate dependable, recurring revenue is their greatest strength. Merchants are better able to maintain a profit margin and accurately predict their cash flow because customers consistently purchase products. Merchants can also return money to shareholders thanks to a predictable cash flow, which encourages new investors to invest in the company.

Foster Customer Loyalty

Because they provide customers with convenience and cost savings, subscriptions encourage customer loyalty. Subscriptions are less expensive than one-time purchases over the long term. Businesses frequently offer discounts of ten percent, fifteen percent, or twenty percent on subscription-based products. This is in addition to other advantages like free or reduced shipping. In addition, subscriptions give customers back time and mental space by removing the need for them to look for products in physical stores or remember when to restock. They are able to concentrate on other experiences while shopping simply takes place in the background.

Improve Customer Acquisition to Customer Lifetime Value

Increased online competition is primarily to blame for the rise in customer acquisition costs (CAC). ProfitWell says that CAC is up by a whopping 60% across the board. Businesses must prioritize retaining customers in order to offset CAC order to survive. By increasing ROI and extending customer lifetime value (CLV), subscriptions contribute to this objective. To put it another way, brands can attract customers who will make multiple purchases rather than just one.

Generate Better Customer Insights

Merchants are able to quickly generate customer insights and take immediate action based on findings because subscriptions are delivered on an ongoing basis. Brands are able to gather subscriber information and incrementally enhance their buying experience as a result of this, thereby expanding their CLV.

Subscription Commerce is Diverse

One of the best ways for a business to expand quickly is through subscriptions. It’s a great experience to receive a subscription box, but businesses that sell consumable goods should think about letting customers subscribe to their products. Recurring revenue, customer lifetime value (CLV), customer loyalty, and improved customer insights are all fueled by subscription boxes and “subscribe and save” experiences. By providing these two experiences, some brands, like Peet’s Coffee, have achieved success.

Looking Beyond Subscription Boxes for Success
Looking Beyond Subscription Boxes for Success

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