Have you ever wondered why subscription businesses like HelloFresh and Netflix are so successful and why should you consider having a subscription model for your ecommerce business?

Tune in to this episode of the eCommerce Podcast as Chris George from Subsummit uncovers the secrets of businesses that have nailed customer satisfaction through subscription models and how you can use subscriptions to take your ecommerce business to the next level!

ABOUT CHRIS:

Chris George, the unstoppable serial entrepreneur who has successfully launched and managed seven businesses and sold two is the mastermind behind the wildly popular Gentleman's Box and hosts The Subscription Podcast - available on all podcasts channel. Chris regularly supports emerging brands by investing in and mentoring individuals and companies that lead with purpose over profit. Also the co-founder + CEO on Subsummit.

Here’s a summary of the great stuff that we cover in this show:

• Subscriptions are becoming increasingly popular because they provide convenience and allow customers to use things as they want, which is what the next generation is looking for in a shopping experience. This trend is causing more and more e-commerce brands to adopt subscription models.
• To differentiate from companies like Amazon, e-commerce businesses should consider providing an exclusive product or building a relationship with the consumer through subscriptions that consistently provide value and result in predictable income and higher valuations.
• Subscriptions have a high upfront cost for customer acquisition, but the lifetime value of a subscriber can be significant if they stay on for an average amount of time. Brands with successful subscription models aim to build a habit within their consumer, and those that do can see customers staying on for years.
• Target the right customers and understand their profile to offer something of value in a crowded subscription market. Despite competition from big names like Netflix, marketers can provide more value by targeting individuals' passions and needs.
• Chris believes that a beauty company starting today should prioritize building a subscription model first as it offers a low-cost marketing tool and higher customer value compared to one-off purchases. Subscription can work alongside traditional e-commerce, but Chris recommends being subscription-only.
• Subsummit is the world's largest event for all consumer subscriptions, focusing on helping entrepreneurs and subscription-based businesses build better subscription-based companies, with a huge expo hall, multiple track rooms, and speakers ranging from NBA to Time Magazine. The event covers everything from how to start and grow a subscription business to retaining customers and international expansion.

For complete show notes, transcript and links to our guest, check out our website: www.ecommerce-podcast.com.