LONDON, UK – Retail subscription is evolving into a passive way of replenishing goods. In 2019, 50% of global consumers used a subscription service as a way of saving time, while 27% of them used it to save money, according to global market research company Euromonitor International.
In a new webinar launched today ‘Shopping Reinvented: Growth of Subscription, Rental, and Resale Business Models’, Euromonitor International explores the relationship between brands and consumers through three retail business models – subscription, rental and resale, and examines the economic and technological shifts that are changing consumer purchase behaviour.
Not purely a developed-market phenomenon, subscription services have the highest usage in emerging markets including large economies such as China and India with 41% of Indian consumers in 2019 using subscription services. Leveraging from subscription-based services, brands such as US-based Chewy, which specialises in pet products, received 70% of its sales from automated subscriptions.
“As replenishment-focused transactions increasingly take place in the background, marketers will need to find new strategies for reaching consumers much earlier in the purchasing process, as subscriptions are likely to increase brand loyalty,” concludes Ricardo Sfeir analyst at Euromonitor International.
To download the webinar for free, please click here.
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For further information, please contact:
Communications Associate - Euromonitor International
Tel: +44(0)2072518024 EXT 5887
About Euromonitor International
Euromonitor International is the world’s leading provider for global business intelligence and strategic market analysis. We have more than 40 years of experience publishing international market reports, business reference books and online databases on consumer markets.