In the modern age of business, going virtual has become a necessity to thrive. One major product of the virtual era of business is subscription models, which have exploded in popularity. Due to the social climate of the COVID-19 pandemic, subscription services have become a preferable alternative to normal channels of purchasing a product. This specific environment has resulted in 225 million subscriptions averaging at around 3.7 subscriptions per person.
Subscription services are offered in a range of products and services that seem to be ever-increasing. Some of the most common services included replenishment of groceries and office supplies as well as membership perks with services like Amazon Prime. While preferences for services range based on geographic location, around 14% agree that subscriptions are cost-effective and might even help you save money, while another 22.7% agree that they have chosen specific subscriptions for their convenience.
While consumer products are the most popular, subscription models can also prove viable for commercial applications. Subscriptions to companies like Lexmark can provide toner and ink based on the usage in the office. Furthermore, these types of subscriptions can provide significant savings on toner costs and flexibility with payment options. Ultimately, the flexibility and merits of subscription services are hard to deny. With the customizable subscription that caters to both consumer and commercial audiences alike, subscription services will likely be here to stay.