In recent years, major companies such as Amazon and Walmart have shifted some of their services to a subscription model format. In fact, this prominence has swept up most of the nation with a growth rate of 3.7 times faster than that of companies in the S&P 500. Whether consumers shop for physical products on a monthly basis or memberships like Amazon Prime, over 61 million have already enrolled in subscription services. Across the country, states like Virginia and Illinois prefer video subscription services while states like Alabama and Maine prefer subscriptions for beauty products. Whatever the reason, the numerous subscriptions cater to just about everyone.
But subscriptions are more than simply a customer product, but they are beneficial to business as well. Around 32% of the subscription service market is replenishment subscriptions, which include things like office supplies and toiletries. With companies like Lexmark, you can even have printer supplies such as toner and ink sent on a customizable basis. In addition to having supplies only when you need it, this subscription can help to reduce toner costs. Ultimately, whether the service is for corporations or consumers, subscription models are incredibly beneficial. With the convenience and benefits offered, it’s likely subscription services will stay for the near future.
