In this episode of Add To Cart, we are joined by Carolyn Breeze from GoCardless.
As the trend for consumption over ownership has grown, so has the subscription economy. Carolyn breaks down the ways in which a business can embrace subscription models, increase customer loyalty and generate more predictable revenue. A passionate advocate for smart and democratic solutions to assist our busy lives, Carolyn also shares her vision of a world where micropayments seamlessly support and enhance everyday experiences and goes retro with a story about Reebok Pumps and just how far the online shopping experience has come.
We’re busier these days….we’re multitasking constantly,what can you take off my plate and automate and deliver to me to make my life easier?Carolyn Breeze
Questions answered in this episode include…
- What’s driving the recent popularity of subscription models?
- What makes a good subscription service?
- How do businesses get started with offering subscriptions?
- What are the potential pitfalls for subscription models compared to a traditional retail model?
- What will subscription models look like in the future?
The Subscription Model Test
Make an export of customers who have shopped with you at least three times over the last 12 months. Now, understand the frequency and types of products.
How can you create a service to automate this for them? Even better if you can tie it to added value such as exclusive range, first release or additional content. Try to steer away from discounting at the beginning.