The Importance of Subscriptions in Business Model Change

The Subscription Economy: The idea is to turn customers into subscribers. As the world moves from experiences to access and transformations over ownership and deliverables, customization, not standardization, and constant improvement, not planned obsolescence, will be the new normal. McKinsey reports that the subscription ecommerce market has grown by more than 100% a year for the past 5 years. Subscription-based companies are currently growing eight times faster than the S&P 500 (17.6% vs. 2.2%), and five times more than US retail sales (17.6% vs. 3.6%). Join Ed and Ron as they discuss this new business model and its implications for organizations across industries, including professional firms.