During the COVID-19 pandemic, many turned away from going to stores and turned to online subscriptions. In fact, subscriptions grew by 11.6% during the pandemic whereas non-subscriptions shrunk by 1.6%. This alternative means purchasing goods outlasted the pandemic and continues to have a growth rate 3.7 times faster than the S&P 500. But what benefits are driving the demand for subscription services?
Many consumers have praised the cost-effectiveness and convenience of subscription services. Many subscription services have the option to customize the frequency of deliveries. With this, you can not only budget for subscriptions, but this ease allows for multiple subscription goods to be efficiently managed. Companies like Lexmark even allow printer toner and ink to be on a recurring subscription. With the ability to get toner sent based on usage, it allows easy management of printer supplies. A subscription for printer supplies even saves up to 50% of toner costs and can even be paid as you go.
Ultimately, subscription services, whether for businesses or consumers, have proven to be incredibly fruitful. The convenience, affordability, and ease of use of subscription services makes it an invaluable option to whomever may want it. Consequently, it’s likely that subscription models are here to stay for the near future.
