We live in a world where convenience is prized above all else. The growing popularity of subscription services is a testament to this trend.
But what’s so special about the subscription ecommerce model and is now a good time to get on board? Let’s take a closer look.
According to a recent study, Millennials are far more likely to sign up to a subscription service than any other generation. Whether it’s meal kits, beauty boxes or wine clubs, it seems as though millennials can’t get enough of the convenience afforded by ecommerce subscription services.
You only have to go online to see how huge the market for subscription box has become. It seems as though there is a subscription service for almost anything. From hand-picked clothes to period boxes and even pet-friendly subscriptions, there really is a subscription service for virtually any need you can think of.
An ecommerce subscription service is (usually) a monthly service that customers sign up for in advance for a set fee. Popular examples include Birchbox, the monthly beauty box that delivers five or six hand-selected makeup and beauty products, and Netflix, which offers virtually unlimited streaming of thousands of TV shows and films.
In the study, performed across the pond in America by Fluent, researchers found that, on average, millennials were 16% more likely to have a meal kit subscription than any other age group, 25% more likely to have a shave club subscription, and 22% more likely to have a beauty box subscription.
But why are millennials more likely to sign up to subscription services? The answer could lie in technology. Millennials are seen to be faster to adopt and trial new ecommerce services, whilst different generations may approach with more caution initially.
However, with more and more retailers wanting ‘in’ on the subscription box act, it seems likely that pretty soon other generations will be equally smitten with the convenience and potential savings offered by the subscription model.
So with the popularity of ecommerce subscription boxes going from strength to strength, is now the time to get involved and begin a subscription service of your own?
Let’s take a look at the pros and cons for businesses:
Are you interested in starting up your own subscription ecommerce service? Whether you’re an established brand looking to expand your services or a small start-up with a unique idea, Fluid Digital can help you create and build the perfect website to promote your budding business.