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Beyond Products: Why Subscriptions Offer a Better Customer Experience and Business Advantage

The subscription economy is thriving, thanks to companies like Netflix, Adobe, and Dollar Shave Club. Subscriptions offer many benefits to companies, including more predictable cash flow, better customer relationships, and the ability to cater to customer needs. These advantages are so apparent that subscriptions have outgrown traditional industries like SAAS and e-commerce.

Surprisingly, subscriptions are now available in industries such as airlines, automobiles, and banking, thanks to explosive growth during the pandemic. Subscriptions have become a significant part of our spending habits. To stay on top of the subscription industry, here are ten statistics to consider.

In addition to these benefits, subscriptions also provide a better customer experience. Companies can tailor their offerings to meet customer needs and preferences, resulting in happier customers.

Here 5 things to know about subscription economy

  • In The Next Decade Subscription Economy Will Grow to 1.3 trillion

  • 78% of international adults currently have subscription services.

  • Subscription businesses have consistently grown 5-8x faster than traditional businesses.

  • 64% of respondents say that they feel more connected to companies with whom they have a direct subscription experience versus companies whose products they simply purchase as one-off transactions.

  • 70% of business leaders say subscription business models will be key to their prospects in the years ahead.

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