The Covid-19 pandemic has changed consumer behaviour in many ways and altered the way we purchase and consume a range of products and services. This last year has also seen an acceleration in the growth of subscription services and this is now a preferred business model for many industry sectors. We are all familiar with subscription business models for digital services such as Sky TV, broadband, mobile phones, music, and films etc., but the subscription model is now proving popular for industries you might not expect.
Before the pandemic started in the early months of 2020, subscription services were already steadily on the rise in the UK, as in most corners of the globe. Subscription based purchasing is a consumer trend, driven by demand, and has been growing in popularity for many years.
But when the Covid-19 outbreak hit and businesses were forced to rethink their working arrangements and to work remotely, consumers also started to re-think their lifestyle habits such as exercise, travel, hospitality, and shopping activities. Most digital subscription-based businesses saw a surge in revenues amid the huge demand for these services. Many of them services suddenly became household names such as the likes of Zoom, Salesforce, and Microsoft Teams, joining companies like Netflix in our digital subscription consciousness. These digital companies have benefited massively from this impact of our behavioural changes but there are many other industries that are capitalising on the subscription trend and providing a much-needed alternative business model to supply consumer demand.
In addition to the sectors that are well-known for their subscription-based models, there is a less visible subscription economy rapidly emerging in the UK which cuts across a variety of industries, many of which you may not expect. You can now buy cars, razor blades, your daily coffee, and even a monthly subscription of global beers and wines can be delivered directly to your door. And believe it or not, you can now also buy Bamboo Toilet Rolls and Bamboo Kitchen paper on subscription too, from Tiboo Bamboo of course! The benefit for consumers and businesses is cost-efficiency and convenience, as well as, in many cases, access to a much broader range of products and services that you might otherwise not come across in mainstream shopping centres or supermarkets.
A recent industry report concluded that “three quarters (74%) of consumers believe people will subscribe to more services and own fewer physical goods in the future”. As we all become busier and time becoming more valuable, it is a great weight off our minds to know that products and services we extensively use can be purchased just once with an uninterrupted supply, as opposed to regularly having to make a repeat purchasing decision and transaction.
Join the Subscription Revolution today here at Tiboo Bamboo, help the environment and remove one more thing to think about from your busy schedule!