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Brands: How to prep for the subscription economy
Shoppers around the globe are signing up for new subscription services - everything from food to monthly beauty regimens. An expert with Digital River identifies how brands can prepare their products or services for the subscription economy.
Understand what 'online selling' is really about
"[Retailers must] make a shift from monetizing products themselves to monetizing relationships and experiences. Relationships between brands and consumers don't end with the sale anymore, they begin in earnest after the first transaction. Building that experience and monetizing the process is key, said James Gagliardi, Digital River. "Companies must consider how your product can support a service or become a service and vice versa. Being able to adapt and be creative about products and services is crucial, as the experience-driven service model for everything from televisions to razor blades disrupt and transform the world of ecommerce around us."
Remember to make subscriptions simple
"Simplicity is key," said Gagliardi. "Subscriptions are supposed to not only provide experiences and establish fruitful relationships between brands and consumers but also make life easier. The consumer of today values time and freedom above all else. To be successful, the subscription needs to offer enjoyable and consistent ongoing value to the end user. Additionally, access to the product or service needs to be seamless, with simplicity in packaging and delivery."
Continue to fine-tune the system for recurring charges
"Be ready to fine tune your macro infrastructure as recurring transactions begin to dominate the marketplace. The back-end technologies and processes required to manage recurring transactions are not to be underestimated. Failing to put in place the right infrastructure can result in a slow death as renewals stagnate and profits drop," said Gagliardi.
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