Over the past decade, subscription services have reshaped many of our habits and behaviours, providing us convenience and practicality. For instance, when looking for entertainment options, consumers can now access an endless variety of films and series from the comfort of their own sofas. According to Euromonitor’s Voice of the Consumer: Lifestyles Survey, fielded January to February 2024, more than half of online Millennial and Gen X consumers currently use streaming services.
For business across various industries, like automotive, books, hygiene products or toys, this model offers the potential for consistent revenue growth. As the availability of subscription options expands globally, so does consumer demand for top-notch services or products. Thus, what strategies are essential for attracting more subscribers?
First of all, investing in product development is key to developing higher-level customer experience to foster loyalty. Providing quality, fast delivery and customer support all relates to customer satisfaction, leading to retention and growth. Moreover, continuous innovation and improvement keeps your brand ahead of the competition, while connecting more with your target audience. It’s highly relevant to leverage customer data and get insights on preferences, demographics and purchase behaviour. For example, although baby boomers are the least inclined to use streaming services, this is changing. In 2023, over one third of baby boomers reported not using any subscriptions but this dropped to just one quarter in 2024, according to Euromonitor's Voice of the Consumer: Lifestyles survey, fielded January to February, 2024.
In the long term, customer data helps to develop business models and product personalisation, leading to more loyal consumers and a larger subscription base.
Read our article, Personalised Shopping Experiences: How Pharmacies and E-Commerce are Winning Sales from Direct Sellers in Latin America, for more analysis on retail channels in the beauty and personal care space. Check out the report, Top Five Digital Consumer Trends in 2024, to gather insights on impactful digital trends in 2024.