A oportunidade em celular
The playing field for the subscription industry has been changing drastically over the past few years. A segment that primarily started with subscriptions to physical newspapers and milk has evolved to offer mobile-based subscriptions for learning from audiobooks, watching movies, wearing designer wear on rent, and extending subscription plans for using cars as against owning them!
With the Internet penetrating the mainstream lifestyle and excellent supporting platforms simplifying the collection and management of payments from subscribers, subscription merchants have started leveraging the ease in offering their customers compelling mobile-based subscriptions. Amidst the benefits enjoyed, the key ones are harvesting a steady, recurring income and benefiting from the chance to cross borders and expand quickly. Simultaneously, the consumers are gaining too. Mobile-based subscription plans unlock convenient access to the best products and services at affordable prices with auto-replenishment facilities, literally inside their pockets!
Specifically, when examining the last few years in the subscription space, there’s a significant rise in the relevance of mobile-based subscriptions - both in the B2B and B2C marketplace. As per research projections, mobile apps are expected to generate over $935 billion in revenue by 2023. Primarily, app revenue comes from 3 sources – advertisements, paid downloads and mobile-based subscription plans. This presents a compelling number for growth and product marketers from the subscription industry to re-examine their offerings.
**The Inflexion Point Led by Mobile in The Subscription Industry
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The Internet and the mobile phone have brought in a notable shift in the subscription space. While the Internet has simplified connectivity, the smartphone has ensured that convenience is accessible within the palm of a consumer’s hand.
This behavioural data presents a compelling opportunity for growth and product marketers in Internet-driven businesses to explore the prospects of introducing mobile-based subscriptions and tap customers exactly where they choose to be.
Acceleration In Mobile-based Subscriptions Led by the Pandemic
The COVID-19 pandemic had compelled people to isolate themselves and spend their days in the confines of their homes. As a result, they were bound to turn to e-commerce to tend to every need – from accessing essential to discretionary products and services. Even with the distancing relaxations coming in post-vaccination, this habit of wanting everything online has now solidified as a part of the new consumer lifestyle.
Statistically speaking, there’s been a meteoric rise in the usage of mobile apps, and downloads have soared during the period.
Today, apps cater to almost every consumer need – from entertainment, education, and fitness to work productivity.
Subscription industry merchants who are able to tap into this vast quantum of mobile-based subscription possibilities can emerge as key players in their segment.
Key Advantages of Offering Mobile-Based Subscriptions for Merchants
For businesses that have been sitting on the fence and thinking about whether to launch a mobile-based subscription model or not, the time is still ripe as the benefits are here to stay.
- Mobile-based subscriptions unfold the following advantages for merchants -
- Ultimate chance to serve customers promptly, where they want to be served
- Opportunity to secure recurring, stable revenue that can be managed efficiently
- Ability to maintain an edge over the competition
- Access to data-driven analytics and know what exactly keeps a customer coming back
- Option to expand geographically
Subscription merchants that identify the needs of the changing markets and ride this tide are likely to emerge as the ones that will survive and thrive.
**Uma palavra de cautela…
** While the benefits of offering mobile-based subscriptions are an exciting and compelling proposition for merchants to explore, the arena is not bulletproof for those failing to provide end-to-end excellence.
For mobile-based subscription providers, it’s essential that their offering, pricing, position and incentives are well-aligned, and there’s regular engaging interaction with customers.
In this world of intense competition, staying relevant and providing a stellar customer experience is critical to ensuring customer retention. After all, dissatisfaction is a sure shot road to customer churn, and possible with simply a few clicks on mobile!
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