These days, ‘Subscription Service’ is becoming a trend in the retail industry. There were subscription services in the past, but the scope has expanded. Initially, subscriptions referred to regularly receiving books, newspapers, magazines, etc. However, the concept has been expanded in recent years to any goods or services used regularly for weekly, monthly, or annual fees. It promises long-term relationships between consumers and businesses.
Why is this service becoming so popular? The biggest reason is that Generation Z has become concerned with the smallest details. They expect a variety of options and need to choose according to their taste. So, rather than ‘owning’ just one, they prefer a ‘subscription’ to owns several simultaneously. Another reason is the non-face-to-face environment. After COVID-19, most people prefer online shopping.
Convenience is one of the advantages of subscription services. Content platforms curate and show only the information that attracts consumers. Affordable prices are another advantage and consumers are guaranteed a month’s service at a lower price than fully owning something. Also, when consumers want to subscribe or unsubscribe, they can do so immediately.
Here are some examples. The most commonly used services are subscriptions to various content such as Netflix, TVING, etc. Recently, laundry subscription companies clean clothes for people who can’t do so because they are busy or bored. Electric vehicle subscription products are also available. S Traffic announced that it would launch “Lucky Pass,ˮ an electric vehicle subscription product. You can use it at a discounted price with a regular subscription whenever you use a charging station. Various subscription-type products are emerging, and many people are using them to improve their quality of life.