There are a vast amount of options under the umbrella term “subscription services”. It could refer to curated subscriptions that are tailored to a specific user’s needs. Replenishment services also count as well, which are designed to be reordered once they have been used in a designated time frame. Groceries and office supplies are popular products offered under this type of model. Lexmark and Dollar Shave Club have helped replenishment subscriptions expand to include toner and razors as well. Membership/access subscriptions are the final type, which give subscribers special discounts and perks.
Regardless of what type of subscription is being discussed, they are becoming more and more prevalent around the world. Within the United States alone, there are 225 million subscriptions on the market, with the average person sustaining 3.7 subscriptions at a time. COVID-19, the growing access to smartphone technology, and the developing financial influence of Millenials and Gen Z have all led to a sustained growth for subscriptions that is already overtaking most companies within the S&P 500.
As subscription models gain popularity, they are being used more and more in creative product and service offerings. Examples include customized houseplant subscriptions, print subscriptions that save toner expenses, and science-themed subscriptions that give users access to the most cutting-edge gadgets. Some replenishment services have incorporated usage-based subscriptions that charge users exactly for what they have consumed. The increase in subscriptions is changing the business market and providing a preview of an exciting and revolutionary future for consumers.
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